How do current restrictions impact agreements concerning timescales for property transfers?
- AuthorAmy Foweather
Q: How do current restrictions impact agreements concerning timescales for property transfers?
A. If timescales required to achieve a transfer of property are underestimated, it could leave one party in breach of an Order. Whilst ordinarily the average timescale for a transfer of property, often including one party re-mortgaging, is 56 days. However, to commit to a timescale for 56 days in this climate might leave some parties in difficulties down the line. Even more so if other elements of the Order are reliant upon the transfer.
Having regard to the current delays from providers and the land registry, the current suggestion from conveyancing is to double the timescale, being 16 weeks. However, every case has different factors to consider and some may need longer timescales based on their individual circumstances.
If you are unsure about the terms being agreed as part of your settlement or otherwise, please ask our family law solicitors for advice. Likewise, if you are unable to comply with the timescales in an order already made, you should take advice. It is possible that with some common sense and a voluntary variation, an order can be varied at minimal cost.