How long will my sale/purchase take?
The precise stages involved in any residential property transaction may vary according to the circumstances:
– Number of parties in the chain
– Whether you have a mortgage in place
– Is it a Freehold or Leasehold property
– Are there management companies involved
– Are you are buying a new build property
A typical transaction will take between 10-14 weeks. However, if any of the above apply, or there are other factors we need to take into consideration, it may increase the time by a further 4-6 weeks and additional charges may occur. We will discuss this with you at the earliest opportunity, so you always have a clear picture of how long things are likely to take.
Key stages involved in a Purchase transaction
- An example of some of the stages involved in the purchase of a residential property and please note these vary according to the circumstances:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender’s solicitors if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation if required
- Make any necessary enquiries of seller’s solicitor
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you
- Send final contract to you for signature
- Draft Transfer
- Advise you on joint ownership
- Report to you on the legal title.
- Obtain pre-completion searches
- Agree completion date (date from which you own the property)
- Arrange for all monies needed to be received from lender and you
- Obtain your authority to exchange contracts and notify you that this has happened
- Complete purchase
- Deal with payment of Stamp Duty/Land Tax
- Deal with application for registration at Land Registry
Key stages involved in sale transaction
- Take instructions and give initial advice
- Obtain official copies of the Land registry title
- Send you the property information forms to you for you to complete
- Draft the contract and collate the documents for the contract pack
- Send the contract and protocol documents to the buyer’s solicitor
- Request Management Pack/Landlords pack if applicable
- Deal with enquiries raised by the buyers – this may involve your cooperation
- Obtain redemption statements
- If required obtain indemnity Insurance quotation
- Approve the transfer document
- Draft completion statement and send to client
- Send the transfer document and contract to client for signature
- Agree completion date
- Exchange contracts
- Obtain agents invoice
- Complete on sale
- Redeem mortgage
- Settle estate agents’ invoice
- Forward completion funds to client’s nominated account
- Forward property documents to buyer’s solicitor
How long will my house remortgage take?
A typical remortgage takes between 6 and 8 weeks, however, it can be longer if there are any complications such as an application being rejected. The process may also take longer if you switch lenders compared with getting a new deal with your current mortgage company.
