How to speed up a house purchase: 10 essential tips for homebuyers

Conveyancing is the legal process of transferring property ownership. For a freehold property, this typically takes 6-8 weeks, while for a leasehold property, it can take 8-12 weeks.

However, this timeline can vary significantly due to both parties' responsiveness, transaction complexities, and specific legal requirements. Let's explore effective strategies to expedite this process.

Top tips to speed up your conveyancing

While some delays in conveyancing are beyond your and your solicitor's control, many can be mitigated with proper preparation and timely action. Here are ten tips to help you speed up the conveyancing process:

1. Instruct your conveyancer early

Engage a conveyancing solicitor before making an offer on a property. Conveyancers must complete anti-money laundering (AML) checks before starting legal work. You can get ahead by instructing your solicitor early and providing the necessary identification documents.

With increasing government and mortgage provider requirements for ID and AML checks, early instruction ensures you're prepared.

These requirements include a photo ID and address ID dated within the last three months. In many cases, you are not able to use a driver's license as both address and photo ID unless it was issued to you within the last three months.

2. Secure your mortgage promptly

Research and choose your mortgage type and lender before you start house hunting. Obtaining a mortgage agreement in principle demonstrates your credibility as a buyer. An agreement in principle (AIP) is a preliminary statement from a lender indicating they are willing to lend you a certain amount based on an initial assessment of your finances and creditworthiness.

Once your offer is accepted, you can swiftly complete the full mortgage application, saving valuable time. A mortgage broker can also speed things up by guiding you through the process and securing a suitable mortgage efficiently.

3. Consider using a bridging loan for your property purchase

Consider using a bridging loan if you need to complete a property transaction quickly. Bridging loans are short-term finance solutions designed to "bridge" the gap between selling one property and purchasing another. They can provide quick access to funds, helping you complete the purchase without waiting for your existing property to sell. Bridging loans are also popular for auction purchases, where the transaction must be completed within a tight timeframe.

These loans can be particularly useful in competitive markets where delays might cause you to lose out on a desired property. Once you have secured the property with a bridging loan, you can then refinance with a traditional mortgage to pay off the bridging loan. 

However, it's important to note that bridging loans typically come with higher interest rates and fees, so they should be used with caution and as a temporary measure. It is crucial to consult with a financial advisor and a specialist solicitor to understand the implications and ensure it's the right solution for your situation.

4. Notify your solicitor about a gifted deposit

Gifted deposits are becoming more common for first-time buyers due to rising property prices, tighter mortgage lending criteria, and young buyers' challenges in saving enough for a deposit. This makes financial support from family and friends increasingly necessary.

Gifted deposits can hold up the conveyancing process as additional checks and documentation are required to verify the source of the funds and ensure compliance with anti-money laundering regulations. Inform your conveyancing solicitor immediately if part of your deposit is a gift. Your solicitor must prepare a 'gifted deposit' declaration for your lender. Learn more about buying a property with a gifted deposit.

Your conveyancing solicitor will also require the donor to provide the ID mentioned above and the source and origin of the funds. For example, if the funds that are being gifted came from the sale of a house, your conveyancer will require a completion statement from the sale and a bank statement showing these funds entering the account.

5. Inform your solicitor if buying through a limited company

If you're purchasing property through a limited company, you should notify your solicitor at the outset of the transaction. If you decide partway through that you're buying through a limited company rather than as an individual, it can slow down the conveyancing process.

Buying property through a company requires additional legal and financial checks, adjustments to the mortgage application, and potential tax implications that need to be addressed. This increasingly popular option for buy-to-let investments involves additional legal requirements, including a loan agreement.

6. Arrange your property survey quickly

To avoid delays, schedule a property survey promptly after your offer is accepted. It is highly recommended that you undertake a survey when purchasing a property. A surveyor will conduct a detailed inspection of the property's condition, identifying any structural issues, defects, or necessary repairs. You should discuss the survey results with your conveyancing solicitor and decide on the next steps, such as renegotiating the price or addressing issues.

7. Prepare for building insurance

When buying a new home, you must be prepared with building insurance to avoid last-minute complications. Mortgage lenders typically require building insurance from the date of exchange of contracts. This insurance covers the cost of repairing or rebuilding your home in case of damage. For freehold properties, you are responsible for arranging this insurance, while for leasehold properties, the freeholder usually arranges it and charges you for your share as part of the service charges.

8. Stay organised and make a note of key dates

Ensure you have all your finances and documentation in order throughout the process. As you can see, buying a property involves a lot of paperwork and digital documents, including proof of funds, your mortgage agreement in principle, and identification documents. 

Keep all your important documents in one place, and be mindful of important dates, such as the expiration date of your mortgage offer, to avoid any delays in the conveyancing process. If you need to reapply for the mortgage or ask for an extension from your lender, be aware that both processes can take extra time and may necessitate updated financial information and assessments.

9. Choose an experienced and CQS-accredited law firm

Opt for a conveyancing law firm with significant experience and Conveyancing Quality Scheme (CQS) accreditation. The cheapest option might not always be the best.

Conveyancing can often present unexpected challenges, and using experts minimises delays and ensures the process runs smoothly. An experienced, accredited conveyancer is well-equipped to handle complexities efficiently, reducing the likelihood of complications.

10. Don't be afraid to ask your solicitor questions

Make sure to stay proactive by asking for regular updates from your conveyancer and estate agent. Remember, no question is too silly. Taking a proactive approach can help keep your case moving forward and ensure that your conveyancer and estate agent are not waiting for your information.

Schedule regular check-ins and don't hesitate to ask questions to fully understand the process. You can also explore our quick guides to learn more about the conveyancing process.

Contact our conveyancing solicitors

By following these tips, you can expedite the conveyancing process and move into your new home more swiftly. Our expert conveyancing solicitors are here to provide assistance whenever you need it.

We're proud to have earned Conveyancing Quality Scheme (CQS) accreditation. Established by the Law Society, this standard sets a benchmark for excellence in residential conveyancing services.

We have offices in London, Brighton, East Sussex and Cumbria, assisting homebuyers nationwide.