According to an article by Property Reporter tens of thousands of property purchases fall through between offer and exchange of contracts each year, as the average time it takes for property lawyers to progress to this stage takes just shy of three months.
The figures show that roughly 27% sales have fallen through in the past five years — and of these, in nearly half (48%) of cases, fault was attributed to the conveyancers for taking too long to exchange contracts.
We recommend that you instruct a solicitor from the outset so that you are ready for action. Waiting until you have accepted an offer can delay the process unnecessarily.
Make sure you have all of your paperwork in order as this can really speed things up. So, if your property is leasehold, make sure you have the papers ready to pass on to your solicitor. Likewise, obtain any planning or building consents well in advance – these can help clinch a sale.