Completion typically occurs around 6 weeks after your property survey.
Understanding the Completion Timeline After a Property Survey
While the average timeframe for completion after a property survey is approximately 6 weeks, this duration is not fixed and can vary. The property survey itself is an early and crucial step, usually conducted at the beginning of the conveyancing process, which is the legal process of transferring property ownership. Completion, on the other hand, marks the final stage of this process, when the property legally changes hands and funds are exchanged.
Key Factors Influencing the Timeline
The main reason for variations in the 6-week estimate is the results of your survey.
- Positive Survey Results: If the survey reveals no significant issues, the conveyancing process can often proceed smoothly, adhering closer to the 6-week estimate.
- Issues Identified: Should the survey uncover problems such as structural defects, damp, or other significant repair needs, the timeline may extend. This could necessitate:
- Further investigations by specialists.
- Negotiations between the buyer and seller regarding repairs or a revised price.
- Arrangement of quotes for work, which can take additional time.
The Conveyancing Process: Survey to Completion
To provide a clearer picture, here’s how the survey and completion fit into the broader conveyancing journey:
| Stage | Description | Typical Placement in Conveyancing |
|---|---|---|
| Property Survey | A detailed inspection of the property's condition, identifying potential issues or defects. | Generally carried out at the beginning of the conveyancing process. |
| Conveyancing Period | The period dedicated to legal work, including conducting searches, raising enquiries, arranging mortgages, and exchanging contracts. | Follows the survey and precedes completion. |
| Completion | The legal transfer of property ownership from the seller to the buyer, and the release of funds. | The last step in the property transaction. |
