Conveyancing is the legal process that everyone must go through when buying or selling a property. It is a complex endeavour in which a conveyancing solicitor or conveyancer undertakes multiple checks, orders searches and coordinates with other professionals such as mortgage companies and council representatives to safeguard their client’s investment and ensure that they are fully aware of what they are buying and will be responsible for once contracts are exchanged.
Freehold
Freehold properties are those properties where the property itself and the ground it is built on will be sold as a package. The buyer assumes full responsibility for everything to do with the property after completion.
Leasehold
Leasehold properties are more complicated as the buyer may be buying the property, but not the ground it is built upon or the building it is situated within. Typically, flats and apartments are leasehold properties as there are multiple homes situated within one building. However, with increasing regularity, many new-build houses are being sold as leasehold properties, whereby the developer retains ownership of the ground that the property is built upon.
Because leasehold properties involve multiple parties and additional checks and costs, the conveyancing process usually takes longer than it does for a freehold property transaction.
Conveyancing timescales
There are many factors that influence conveyancing timescales and whether the property is leasehold or freehold is just one of these. Other factors include the length of the chain, any complications arising from surveys and searches, difficulties in contacting the other party or their legal representative, complications securing a suitable mortgage and many more besides.
When seeking freehold conveyancing quotes it is important to check the availability of your chosen conveyancer and to ask them for an indication of how long the process will take. Freehold transactions can usually be completed in between 12 and 20 weeks while a leasehold transaction will usually take at least 16 weeks and possibly up to 24 weeks if complications arise.
Online conveyancers such as https://www.samconveyancing.co.uk/conveyancing-quote can often complete in shorter timescales than a conveyancing solicitor as they are fully focused on conveyancing work, have access to modern tools and technologies to streamline their processes and can be contacted out of hours to resolve any issues or queries that arise during the process.
In conclusion
It is normal for a freehold property transaction to complete more quickly than a leasehold one, but by selecting an appropriate conveyancer and communicating effectively with them throughout the process, it is possible to accelerate timescales and achieve a successful outcome.