Why is my house purchase taking so long?

One of the most common questions we hear from clients is:

“I’ve had an offer accepted. Why is it taking so long to buy my house?”

It is a fair question. When you’re buying a car, you can often agree a price, sign some paperwork and drive away the same day. Buying a property is very different.

Whilst every transaction is different, most purchases take around 12 to 16 weeks from instruction to completion, and sometimes longer where there is a chain, a leasehold property or more complex legal issues.

What does a conveyancer do?

A lot of the work involved in conveyancing happens behind the scenes.

Checking Your Identity and Funds

Conveyancers are legally required to verify who you are and where your purchase money has come from.

This often involves reviewing bank statements, payslips, savings accounts and gifted deposit evidence. If funds have moved between several accounts, or there are multiple sources of funding, these checks can take longer.

Reviewing the Property Title

Before you buy a property, a conveyancer will need to make sure there are no legal issues which could affect your ownership.

Sometimes title documents are straightforward. Other times they include historical conveyancing documents, dating back many decades. In some cases, the team may need to review deeds that are over 100 years old!

Checking Searches

Searches help to identify issues that may not be obvious when you viewed the property. These usually include:

• Local Authority Search
• Water and Drainage Search
• Environmental Search

The results can reveal matters such as planning issues, flood risk, unadopted roads or sewers within your property’s boundaries, all of which need to be reviewed carefully.

Raising Enquiries

It is common for us to raise enquiries with the seller’s solicitor after reviewing the paperwork and searches.

These enquiries might relate to building works, guarantees, boundary issues, planning permissions or anything else which requires clarification before you commit to the purchase.

Reviewing Your Mortgage Offer

If you are buying with a mortgage, we also act for your lender. This means we must ensure all of the lender’s requirements have been met before completion can take place.

What causes delays when buying a house?

Waiting for Information

One of the biggest causes of delay is simply waiting for replies.

We can chase the seller’s solicitor, but we cannot guarantee that they will be able to respond quickly. Often, they are waiting for information from their client or a third party before they can answer our enquiries.

Property Chains

If your purchase is part of a chain, everyone needs to be ready before contracts can be exchanged. Unfortunately, a delay affecting one property can affect every transaction in the chain.

Leasehold Properties

Leasehold transactions usually require additional information from landlords, management companies or managing agents.

Obtaining management packs can take several weeks, but the information is important because it tells buyers about the ongoing costs and obligations attached to the property.

Searches

Search turnaround times vary between local authorities. Some are returned quickly, whilst others can take several weeks.

Missing Documents

Delays can also arise if documents relating to alterations or repairs cannot be located. Examples include building regulation approvals, planning permissions or guarantees. Additional enquiries may then be needed before the transaction can proceed, or we might need to report it to your mortgage lender.

How Can You Help Keep Things Moving?

A few simple steps can help avoid unnecessary delays:

• Return paperwork as soon as possible.
• Complete ID and source of funds checks promptly.
• Tell us about any gifted deposits at the outset.
• Submit your mortgage application early.
• Respond quickly to requests for information.
• Sign and return documents when received.

Why taking time can be a good thing

Buying a property is likely to be one of the largest financial commitments you will ever make.

Whilst delays can be frustrating, the conveyancing process is designed to uncover issues before you become legally committed. What may feel like a hold-up is often your solicitor carrying out investigations that could save you significant time, stress and expense in the future.

The aim is not simply to get you into your new home quickly. It is to make sure you can move in knowing the necessary checks have been carried out and there are no unwelcome surprises waiting for you afterwards.

Contact our Conveyancing Team

If you are thinking about buying or selling a property and would like a no obligation quote contact our Residential Conveyancing team on 01912329547.