If you’re selling a property and want to move quickly, you will likely want to understand how to speed up the conveyancing process. Fortunately there are many practical steps you can take which we have outlined in this article.
Choose the right conveyancer
The starting point when thinking about speed of transaction is to choose the right conveyancer. Like every industry the service level between conveyancers varies widely. It’s well worth taking the time to carefully select the right firm to act on your behalf. A good conveyancer will be able to;
Speed up your transaction by being proactive rather than reactive
Reduce the chance of a sale falling through
Minimise stress by keeping you informed and carrying out the work efficiently & accurately
Solicitors and licenced conveyancers both offer conveyancing services, but there is a difference. Licenced conveyancers specialise in property but are typically not qualified lawyers. This means they will not be able to deal with any complex legal issues that arise throughout the process. If they have to outsource these issues this could again cause delays.
When choosing a conveyancer there are some common factors you should consider;
Does the firm specialise in conveyancing or have a dedicate conveyancing department?
Will you be provided with the name and direct contact details of the person dealing with your case?
How often does the firm intend to update you throughout the process?
How much are they going to charge? Do they work on a fixed fee basis or a no completion, no legal fee basis?
Are they experienced in dealing with the type of property you’re selling? Leaseholds, HMO’s & Land sales can all add complexity.
Are they on your mortgage lenders approved panel of conveyancers?
Some practical steps for finding a good conveyancer include checking reviews and getting recommendations from family or friends who have had a good experience. You should also consult your Estate Agent as they work with a wide range of firms on a daily basis and may be able to point you to a firm that is currently providing a quick service – note Estate Agents will typically receive a referral fee for recommending a solicitor firm, but it’s ultimately not in their interests to recommend a slow firm.
Instruct your conveyancer and complete the seller’s paperwork early
If you are looking to speed up the conveyancing process you should consider all the steps you can carry-out before a sale has been agreed on your property.
Instructing your conveyancer and completing the seller’s paperwork when you first put your property on the market are both proactive steps you can take. This is so that when you accept an offer, your conveyancer will already be in possession of all the information they need to swiftly send out the draft contract to your buyers conveyancer.
Not only does this eliminate any time delay, but also helps to secure the buyer by putting them in a position to proceed immediately. Setting a good starting pace will also indicate to the buyers side that you are motivated to transact quickly.
Pick the right buyer
The highest offer is not always necessarily the best offer, especially if conveyancing speed is a consideration.
Chain-free buyers
A chain-free buyerwill typically be able to get to exchange of contracts faster than a buyer who is dependant on the sale of another property in order to proceed. The longer the chain the greater the risk of delays or even a potential chain collapse. Examples of chain-free buyers include;
First-time buyers
Buy-to-let investors
Second property purchasers
Cash buyers
A cash buyer will typically be able to get to exchange of contracts faster than a mortgage buyer. Mortgage buyers have to go through the additional application, survey and mortgage offer phases of a transaction to meet their lenders additional due diligence. Each of these phases can cause delays and increase the potential risk of a fall through. For example, if your buyer has a change in circumstance during their mortgage application, they may no longer be eligible for the product they have applied for. This could cause a delay if they have to change lender or wait until their change in circumstance has been resolved.
Check in with your conveyancer regularly for updates
The more you communicate with your conveyancer the faster your transaction is likely to be. Delays can start to creep into transactions when enquiries are not answered quickly, paperwork is left or communication is slow between conveyancers.
Outlining your preferred method of communication with your conveyancer is important so they know how they can get hold of you when they need to. There are certain aspects of the transaction that cannot happen without your direct input. For example, a conveyancer will not exchange contracts on your sale unless they have your direct authority. Communication is the key!
Instruct a Proactive Estate Agent
Estate agents form a crucial point of contact during a sales transaction. They are only party in the transaction that have direct contact with;
You the seller
Your buyer
Both sets of conveyancers
Any other estate agents in the chain
This means your estate agent is very well placed to be able to assist you with sales progression and they can usually help to accelerate the speed of a transaction.
When instructing an estate agent you should ask if they have a dedicated sales progressor and what their strategy is to help progress your sale through to a successful completion.
Sell your property at auction
Selling your property at auction is a sure-fire way to speed up your conveyancing process.
Using the traditional method of auction, you and your buyer will exchange contracts immediately and then have 28 days to complete the sale.
Using the modern method of auction, your buyer will pay a non-refundable reservation fee when their bid is accepted. Both sides then have 56 days to complete, which is still quicker than the typical conveyancing timeline. If you are interested in property auction speak to our team here.
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James has lived in the Poole & Bournemouth area for over 25 years and has an extensive knowledge of the conurbation. He started his career in the property industry in 2015 following his graduation from the University of Kent, Canterbury and has worked in a variety of different roles in this time. Formerly a Sales Manager, he brings an in-depth understanding of the industry to his current role as Marketing Manager at Martin & Co.
