How long will my property purchase take?
At MG Legal, our team will always work towards the time scales that you wish. There are, however, a number of considerations to have in mind when transferring a property. These include the following:
The involvement of a mortgage lender: Where there is a lender, and their requirements, to consider, we must also be alert to the time scales at which they work to. The matter cannot proceed to completion without the consent of any mortgage lender and, as such, our team would always recommend contacting your mortgage lender before commencement of the transfer. This is to ensure that they are agreeable to the transfer itself, but also in order that any conditions or requirements they may have can be dealt with early, to avoid any unnecessary delay.
The involvement of the parties: Whilst, when acting on your behalf, our team will always aim to expedite the matter as soon as you wish, in some cases, we are in the hands of other parties. We can draft, and forward, the deed to the relevant parties for signing, however, we do not have any hand in how quickly they execute and return the same. Usually, however, the intentions of all parties are clear and agreed, therefore, there should be no need for any delay in attending to the execution and return of the deed.
HM Land Registry: Upon execution and completion of the transfer, the work does not stop there. Your conveyancing solicitor will submit the deed to the Land Registry in order that the change in ownership can be adequately noted on the title to the property, and the records HM Land Registry hold. HM Land Registry do, of course, work to their own time scales which, unless there is a sufficient reasoning to expedite, we have no hand in. Our team do, of course, keep clients updated in this regard in order that they are kept fully up to date.
As you can see, there are a number of factors to consider when discussing potential time scales. At the point of instruction, we would ask that you advise our team of your requirements in this respect, and we can do our utmost to ensure the same are met.