Buy to let conveyancing: How to speed it up

The sheer amount of time that conveyancing usually takes must be one the most frustrating aspect of buying property in England and Wales. (They do it better in Scotland).

According to Rightmove research, it took an average of 150 days (5 months!) for a property purchase to complete in England in 2022, and things haven’t improved much since then. It can be even longer for landlords buying through a limited company due to the additional paperwork. Buying a leasehold property adds another layer of complexity from a legal perspective, and will usually take longer than buying a freehold property.

When I last bought a buy to let in July 2023, I was ready to exchange within 5 weeks of my offer. This isn’t the first time, and I’ve had a lot of people ask me how I manage to speed up the conveyancing process. What are my secrets?

I worked as a business lawyer for 25 years. Although I never specialised in property, I’ve been through the buying and selling process numerous times, and also understand how law firms operate. That said, no-one can promise miracles, as the speed of the process is limited by the weakest link. Although I was ready in five weeks, the seller’s sellers were not. But you can take simple steps to make sure you’re not the one slowing things down.

A July 2024 poll conducted by SpareRoom showed that only 19% of the 1,300 landlords surveyed were feeling confident in the rental market. Add this to concerns about possible changes to capital gains tax, on top of high interest rates and the old chestnut, Section 24, it is no wonder that many landlords are looking to sell up.

Conversely, if you’re a Warren Buffet style value investor, it might be a good time to look out for good value investments.

Here are 10 practical tips I’ve picked up over the years that have helped my sales and purchases go relatively smoothly. Whether you’re buying or selling, these tips should ensure your solicitor does their bit to speed up the conveyancing process for you.

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Tip 1: Hire good solicitors and get them primed

It’s a false economy to use bargain basement conveyancers. As with most things, you really do get what you pay for with legal advice. You need someone who is efficient and responsive, delivers what they promise, is a good negotiator and has a common sense approach, grounded in solid experience.

You’re not going to get high service levels if you pay commodity prices. Given how much you’re investing in the property, it’s worth having someone good pushing the conveyancing forward for you.

Unfortunately the chain will only move as fast as the slowest solicitors (and lenders), but at least if you have a good solicitor, they can chivvy the others along.

You can get off to a good start by ensuring your’re ready for the first stage of the conveyancing process, ie the sending of the memorandum of sale by the estate agent to the buyer and seller, and their respective solicitors. You will need to have instructed a law firm for this to happen.

Consequently, the quicker you formally instruct solicitors after the offer has been accepted, the quicker the ball will start rolling. I give my solicitor a heads up when I make an offer when I’m buying, and confirm my instructions if it’s accepted. When I’m selling, I let them know in advance and have the pack ready to go to the buyer’s solicitors.

Tip 2: Be ready with the relevant documents if selling

If you’re selling a property, it will considerably speed up the process if your solicitor is able to send the pack to the buyer’s solicitors straight away.

When I sold a flat in March 2022, before even putting it on the market, I had given all of the relevant documents to my solicitor. This includes completing the property information form, the management pack from the managing agents, and the report on title that another firm of solicitors had prepared when we bought the property. I also sent the lease, details of our share of the freehold, statements on the service charge, and answers to anticipated questions. As part of this, I sent the most recent gas safety certificate, details of the last boiler service and the EICR.

This meant that my solicitor was able to send the pack to the buyers within one working day of receiving the memorandum of sale. We completed less than 6 weeks later, to someone buying with a mortgage, when there were still Covid backlogs.

Tip 3: Complete your solicitor’s client due diligence checks speedily

Your solicitors won’t be able to start work until they’ve completed their money laundering checks. The quicker they do these, the quicker they can begin.

There are two key parts of anti-money laundering:

1. Anti-money laundering identity checks

For limited companies, your solicitors will need evidence of identity and address for at least two directors (or the sole director if there is only one), and a list of the names and addresses of all shareholders.

It’s simpler for an individual purchaser, as they only need evidence of that person’s identity and address. If you have used the law firm before, you’e unlikely to need to prove identity to them again if you are an individual.

2. Anti-money laundering source of funds verification

Another part of the money laundering compliance is to check the source of your funds. Therefore, they’ll ask for details of the source of funds for your deposit, and the rest of the purchase price if you’re not borrowing from a bank. This is often six months of statements if the deposit comes from a savings account, or proof of ownership of shares if you’re going to sell shares. By getting this ready, you’ll be one step ahead. Having a decision in principle for a mortgage is also helpful.

Many law firms do this electronically, which speeds up the start of the conveyancing process.

Your estate agents will also need proof of funds and ID before they can issue the memorandum of sale.

Tip 4: Crack on with any buy to let mortgage process if buying

The mortgage application process for landlords can be time-consuming. As the mortgage approval process often delays matters, it’s important to give it priority and get it started promptly.

If buying through a company, there will be even more forms, especially if you need director’s guarantees. Lenders will require you to get legal advice on the guarantee from an independent solicitor not involved in the purchase. If so, this will need organising. Your usual solicitor will be able to let you know what you need to do. Some lenders have a panel of solicitors.

Having a good mortgage broker to shepherd the process can make a real difference.

Tip 5: Ask your solicitor to expedite searches and enquiries if buying

If you’re buying, confirm with your solicitor which searches you (and your lender) should carry out, and encourage them to submit the searches as soon as possible. They’ll need to have funds on account to do this, so again, the quicker you transfer the funds, the quicker you’ll get the results.

If you have any particular concerns, eg suspected subsidence or flooding, ask your solicitor to raise a specific question in the “Pre-contract Enquiries” early on.

Searches normally take around 2-3 weeks in 2024, depending on the local authority.

If you’re buying a leasehold property, make sure your solicitor asks for the management pack as a priority as this often delays matters.

Tip 6: Be prompt organising your survey if buying

Often the survey delays the process. Ask you solicitor to confirm with your lender what type of survey or valuation they require. Click here for a link to the RICS’s explanation of the different types of surveys. Get any valuations or surveys booked in as soon as possible.

I often look up the planning applications and approvals in surrounding properties to see how the local council views extensions, and to see what is in the pipeline.

You can also check the building control approvals for the property to see if (say) the newish boiler and windows have approval. It should be easy to find the local authority planning portal on google. In my recent purchase, I’d spotted the new boiler hadn’t received Building Control approval by looking on the planning portal. I mentioned this to the estate agent and the sellers checked with the installer who had made an error with the address. It was reissued before even my solicitor knew about it. Click here for more tips on how you can screen your purchases yourself.

Tip 7: Respond to your solicitor promptly

“I’m taking my client’s instructions” is a euphemism for a solicitor saying that they’re waiting for their client to read their last email and get back to them. Once of the best ways of speeding up the conveyancing process is to return calls and emails promptly.

Your solicitor will flag issues to you throughout the conveyancing process, and ask for your instructions (ie what you want to do). For instance, it is very common for there to be no Buildings Control approval for a new boiler or UPVC window. You will need to discuss it and decide on what action, if any, to take.

Your solicitor will send you a report on title, and it’s important for you to digest it and respond to any issues they flag. Give it your immediate attention if at all possible, so you can make a decision whether more enquiries are needed. or whether there is a red flag. The more reports on title you read, the more you’ll be able to spot a real problem or a hypothetical one.

Tip 8: Be a good client

Solicitors are human beings, the same as any others! When they have a long to do list, it’s only natural that they will prioritise things that they can do easily.

If you get a reputation for being a good client, responding to emails promptly, communicating without over-communicating and generally being reliable and reasonable, they are more likely to prioritise your work. Even if they don’t realise it! They’ll know they can get if off their to do list with the least amount of hassle. And that will speed up your conveyancing.

Tip 9: Get ready for exchange and completion

Make sure that everything is set for exchange and completion.

For exchange, you’ll need to transfer your deposit to your solicitors in plenty of time if you’re buying. Remember that sometimes BACS payments take a day or two to go through.

Make sure you send your signed and contract, and your stamp duty questionnaire, to your solicitor in advance. You can do this even before everything. Send it to them in good time and they’ll hold it on file until you’re ready to exchange.

Don’t forget you’ll need to insure the property from exchange with specialist insurers for landlords.

>> Tip: Do check that the insurance will give you enough time to find tenants – some only allow a property to be unoccupied for 30 days.

Tip 10: Remember the estate agent can help

Although the estate agent technically acts for the seller, as the seller pays them commission, it’s in their interests for the transaction to complete. Often they can help by speaking to solicitors in the chain, and also chase the seller for missing information and documentation. A proactive estate agent can be a great help.

Final thoughts

Buying any sort of property at the best of times can be very stressful. It’s even more stressful against the backdrop of a stagnant market and worries about potential increases in capital gains tax in October 2024.

Transacting in this tricky market is easier if the conveyancing side runs smoothly.

These practical tips will help make sure it’s not you who’s the one holding things up in the chain.

You may also find useful

• How to buy a tenanted property
• Is passive income a myth for landlords?
• How to shop around for competitive landlord insurance
• What landlords should provide in unfurnished properties
• A Landlord Guide to improving EPC ratings
• How to find tenants without letting agents