The time it takes to complete a conveyancing transaction can vary greatly. The average transaction will take 6-8 weeks from the date the sale is agreed with the estate agent. This is provided there are no complications.
The process can be delayed for a number of reasons, such as, obtaining title deeds, resolving title, planning and taxation issues, obtaining mortgage approval and issuing of the mortgage funds. There can also be delays if one the parties is hoping to buy or sell another property on the same day.
It is therefore important not to be too reliant on the closing date initially agreed between the parties. Always be flexible with your plans and try to avoid booking any independent contractors until the transaction is finalised.
Furthermore, in their initial correspondence the estate agent will often insert a date by which Contracts must be signed. It is important to note that this is just a guideline and the timeframe does not have to be strictly adhered to as there is no binding agreement in place at this point.
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