How long does it take to sell a house with no chain?
Are you looking to sell your home and you’re wondering how quickly the entire process can be done? Well, luckily we know the answer.
At GD Property Solicitors, we’ve helped thousands of people sell property all over the UK, with our highly qualified solicitors completing the process swiftly and smoothly.
A property chain can be such a stressful situation as you’re eagerly awaiting other steps that are completely out of your control before you can move home. It can be especially difficult when you’re in a rush to sell.
So, how long does conveyancing take with no chain? Continue reading our guide to find out how quickly the conveyancing process can be completed with a chain-free property transaction.
What is a property chain?
A property chain refers to a series of house buyers and sellers who are connected because each of their property transactions depend on each other.
For instance, one buyer cannot purchase a house until the homeowner can buy their new home, which may be dependent on the homeowner of that house moving into their new house, and so on.
If there is a delay at any point of the chain, it will slow down the entire process for each link – making property chains particularly stressful at times.
How long does the conveyancing process take with no property chains?
If everything goes to plan and all parties involved respond promptly, a conveyancing solicitor will take just four weeks to complete a house sale without a property chain.
However, the average time taken to complete the conveyancing process with no property chain is around 12 weeks, which is a quick turnaround.
For cash buyers, this process can be even quicker because there is no potential delay caused by a mortgage lender. As the money is available from day one of the transaction, it can speed up the entire process, bringing about the completion date much earlier.
A chain-free house sale is often the most stress-free process.
How long do property sales take with a chain involved?
It’s difficult to say how long conveyancing takes with a chain involved because there are so many different factors involved.
With a property chain involved, any delay can prolong the process and push the point where you exchange contracts to around 24 weeks.
This makes it vitally important to respond to your solicitor quickly any time they request information.
What’s involved in the conveyancing process?
The conveyancing process involves several important steps that should be left to a professional conveyancing solicitor.
While it is possible to complete this process yourself, it’s not advised considering how integral it is to the completion of the property transaction.
Here’s what a conveyancing solicitor will handle during the entire process:
Providing legal guidance
Review the offer from the mortgage lender
Handle local authority searches
Handle property searches and surveys
Handling the exchange of contracts
Dealing with the Land Registry
Handling the final transfer of money
Arranging Stamp Duty Land Tax
Breakdown of the no-chain conveyancing process
Property chains can slow the conveyancing process down but if you’re lucky enough to be involved in a property transaction without one, you’re in luck.
The conveyancing process begins with initial local searches, enquiries and a look into the mortgage offer and application. This takes place between weeks one and four but, of course, can be done quicker without a property chain in place.
The next step, between weeks three and six, is where the contracts are drawn up and exchanged. Both parties involved will review the contents of the contracts and negotiate any changes.
From weeks seven to 12, the funds for the property sale are transferred, the keys can then be released and the property can be registered in the new ownership’s name on the Land Registry.
Hire reliable conveyancing solicitors
If you’re in the process of selling property and you need a trustworthy conveyancing solicitor in Manchester and beyond, come to GD Property Solicitors.
We boast a team of highly qualified residential conveyancing solicitors who have helped thousands of people all over the UK.
Whether you have a property chain or not, we can efficiently process property sales without hiccups. If this sounds like a service you’re interested in, contact us today.
Oh, and don’t forget to request a FREE quote from our website.