Without going through the conveyancing process, you cannot make a sale or purchase of a property. The conveyancing process is a legitimate way of transferring the ownership of the property to the buyer. It involves both parties; seller and buyer. However, a question that comes up in many people’s minds is how long does it take?
Solely the conveyancing process takes up to 10 – 12 weeks. The process starts by making an offer and ends with the transfer of title of ownership. Each stage of the process has its particular time bandwidth and can vary from case to case. But, the standard time each conveyancing process stage takes which carried by professionals like Conveyancing Mount Gravatt are as follows:
Pre-contract Work
Pre-contract work is a period when you appoint a conveyancer to start looking for offers on your behalf. This stage generally takes two weeks approx. The conveyancer will find the property/buyer and offer/accept a quotation for the property. He/she will also provide you legal advice on your trade, and obtain and review all the legal documents. They will have a conversation with other buyers and seller conveyancers for the draft contract. Then, the conveyancer will start local searches that take approximately ten days to get a report of the property’s condition. Usually, local authorities miss the deadline of 10 days. The survey report is supposed to come in two to three days of survey, but the system is quite slow and can take up to ten days or a month depending upon the local surveyors.
Mortgage
The mortgage is a long process that takes about one month. Firstly, you need to make an offer on the property you own. Before getting a mortgage offer, you need to check if the Mortgage Agreement is intact. Once your mortgage lender accepts your offer, then the process of transforming that into a final mortgage offer starts. It roughly takes about a month, or in some cases two, from filling the mortgage application to acceptance of mortgage offer.
Contract drafting
When you have already sent the mortgage application to your lender, no need to wait for the offer to get accepted, start working on drafting the contract. That is what a professional conveyancer such as conveyancing Mt Gravatt will do for you. Drafting of the contract means putting together all the information related to the property, including land registry, local surveys, and other required documents. If there is any issue raised regarding the searches and surveys, then those need to be resolved. In this case, drafting can take from two weeks to 10 weeks, depending on the issue.
Exchange of contracts
When your home loan offer is set up, your pre-contract requests have been replied, and the study and searches have been sifted through, you are prepared to trade contracts. Now, a finish date ought to be set. It’s typically multi-week among trade and finishing, however, it tends to be whatever date works for the two parties involved and the process. This is not a long process, it only takes up to one to two weeks.
On the day of contact exchange and contract fulfillment, you will trade keys and own your new home. On the day, both conveyancers will sort out for all the assets to be moved. The dealer, as a rule, needs to empty the property by the agreed time with the purchaser getting the keys once the amount of cash has been gotten by the seller’s conveyancer.
In Final Words
On average, conveyancing takes 8 to 12 weeks. Often, there are significant delays. These delays can modify the speed of this process for sales that involve big or complex chains. Therefore, hiring a professional like Conveyancing Upper Mount Gravatt can streamline your conveyancing process.
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