Property transactions are reliant on a number of different factors and not everything in the transaction is within our control. At present property transactions are facing unavoidable delays and can take longer to complete. There are a number of factors which are affected such as property and mortgage valuations, obtaining mortgage offers, obtaining EWS1 forms, obtaining some search results, increase in enquiries being raised by the other side or sudden changes in client circumstances. This is on top of delays caused by all parties connected to the transaction such as mortgage providers and suppliers having staff working from home.
We will of course progress your transaction as quickly as possible and will do everything we can to ensure that the process is as smooth as possible. However, it is not possible for us to be able to guarantee that completion will occur by a certain date.
There are 2 key stages in a conveyancing transaction: the first is exchanging contracts and the second is completion when you will be able to complete your sale and/or move into your new home.
On a purchase, before we are able to exchange contracts we must have:
Satisfactory contract documentation, including Property Information Form, a Fixtures and Contents Form and replies to leasehold enquiries if applicable
The results of all the appropriate searches we have carried out
Mortgage instructions or confirmation that your funding is in place
Replies to all our enquiries
To complete this stage usually takes between 6 – 10 weeks, depending on the length of the chain and the solicitors involved.
Once we have exchanged contracts, completion usually takes place within 1 – 4 weeks, again depending on the people and solicitors involved in the chain.
You should note that whilst we appreciate that you may have a target completion date in mind, this does need to be agreed with the other parties in the chain you are involved in. You must therefore be aware that any completion dates cannot be guaranteed until the solicitors acting for all parties in the chain have both confirmed the completion date, and indicated that they are ready to proceed. Only once you have exchanged contracts will the completion date be legally binding on all parties. Please therefore do not make any completion arrangements, such as booking removal vans, booking time off work, or committing to alternative accommodation until we have received such confirmation from the chain.
If you are just selling a property we estimate that this can also take between 8 – 12 weeks but this is dependent on the number of people in the chain and their circumstances.