Many people assume that conveyancing will be a quick process, allowing them to move into their new property as quickly as possible. However, conveyancing is a legal process and involves conducting property searches, verifying ownership, reviewing contracts, organising finances, and completing all necessary paperwork. This can take time, especially if there’s a property chain involved.
If you’re buying a home with a mortgage, the mortgage application and approval process can significantly impact your conveyancing timeline. Mortgage applications require the lender to conduct numerous checks to ensure that the property you are purchasing is free from any restrictions or liabilities. This can be delayed by a variety of factors, such as the lender requesting additional documentation or if there are issues with the property valuation.
Once the mortgage offer is in place and your pre-contract enquiries have been answered, you can proceed to exchange contracts. Your solicitor will check the draft contract pack, speak to the seller’s conveyancer for the draft contract and request the relevant searches. Once you’re happy with the report, a completion date can be agreed and contracts formally exchanged. For Gloucester Conveyancing, visit www.montpellier.legal/conveyancing-solicitor/gloucester-conveyancing
On completion day, your solicitor will prepare a final settlement statement and send this to your lender for transfer of funds. They’ll also send a copy to you so that you can begin preparing for your move (for example, arranging removals and informing utility companies of your change of address). Your deposit will be transferred to your conveyancer on completion day, along with the remainder of your mortgage loan, Stamp Duty Land Tax, Land Registry fees and search costs.