FAQ
Stages of process
- HOW LONG DOES A SALE OR PURCHASE TAKE?
- STAGES OF THE PROCESS FOR PURCHASES:
- STAGES OF THE PROCESS FOR SALES:
- HOW LONG DOES A REMORTGAGE TAKE?
- STAGES OF THE PROCESS FOR REMORTGAGES
The average time taken from first instructing a solicitor to completing the sale/purchase is between eight and twelve weeks.
However, times vary from situation to situation as there are many factors that can alter the speed of this process; sales that involve large or complex chains can sometimes take up to six months whereas, a short chain with no complex issues can complete within a month.
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the purchase of a freehold and leasehold property:
- Take clients instructions and give initial advice.
- Review and approve contract and title papers when received.
- Request searches and review.
- Make any necessary enquiries of seller's solicitor.
- Give client advice on all documents and information received.
- Go through conditions of mortgage offer with client.
- Prepare report on title and send to the client along with the contract and any relevant documents for signing in readiness for the exchange of contracts.
- Request deposit from client and agree a completion date.
- Exchange contracts and notify the client that this has happened.
- Arrange for all monies needed to be received from lender and the client.
- Complete purchase.
- Draft Transfer.
- Deal with payment of Stamp Duty/Land Tax.
- Register client's title to the property and the mortgage in favour of the lender.
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the sale of a freehold and leasehold property:
- Provide client with documentation to complete about the property and fixtures and fittings.
- Obtain title deeds and any other documents to prepare a draft contract.
- If applicable, obtain a redemption figure to repay the outstanding amount on any existing mortgage.
- Send a contract pack to the Buyer’s Solicitor.
- The Buyer’s solicitor will check the draft contract and raise enquiries with us.
- We will answer the enquiries together with the client.
- Agree a completion date.
- The Buyer’s solicitors will confirm that they are satisfied with their search results and answers to their enquires.
- Exchange contracts and notify the client that this has happened.
- The Buyer’s solicitors will draft and send a transfer deed to us which we will check and send to the client to sign in preparation for completion.
- The Buyer’s solicitor will then send the proceeds of the sale to us and the client will need to arrange for the keys to be released to the Buyer.
- We will send the Buyer’s solicitor the title deeds and transfer deed.
- We will pay the estate agent, repay the amount owing to the client's mortgage lender and transfer any remaining balance to the client.
The time taken to complete your remortgage depends on a number of factors, including the requirements set by your new mortgage lender. In our experience the average time taken is 2-6 weeks from receipt of your mortgage offer.
The precise stages involved in the remortgage of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the remortgage of a property:
-
- Take clients instructions and give initial advice.
- Obtain title documents and review.
- Request searches and review.
- Obtain further planning documentation if required
- Go through conditions of mortgage offer with client.
- Send client documents for signing
- Agree completion date with client
- Obtain redemption figure on existing mortgage(s)
- Apply for the mortgage advance
- Redeem any existing mortgage(s)
- Account to client with any balance of funds held
- Register new mortgage at the Land Registry.
Stages of process
HOW LONG DOES A SALE OR PURCHASE TAKE?
The average time taken from first instructing a solicitor to completing the sale/purchase is between eight and twelve weeks.
However, times vary from situation to situation as there are many factors that can alter the speed of this process; sales that involve large or complex chains can sometimes take up to six months whereas, a short chain with no complex issues can complete within a month.
STAGES OF THE PROCESS FOR PURCHASES:
The precise stages involved in the purchase of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the purchase of a freehold and leasehold property:
- Take clients instructions and give initial advice.
- Review and approve contract and title papers when received.
- Request searches and review.
- Make any necessary enquiries of seller's solicitor.
- Give client advice on all documents and information received.
- Go through conditions of mortgage offer with client.
- Prepare report on title and send to the client along with the contract and any relevant documents for signing in readiness for the exchange of contracts.
- Request deposit from client and agree a completion date.
- Exchange contracts and notify the client that this has happened.
- Arrange for all monies needed to be received from lender and the client.
- Complete purchase.
- Draft Transfer.
- Deal with payment of Stamp Duty/Land Tax.
- Register client's title to the property and the mortgage in favour of the lender.
STAGES OF THE PROCESS FOR SALES:
The precise stages involved in the sale of a residential property vary according to the circumstances. However, below are examples of the key stages involved in the sale of a freehold and leasehold property:
- Provide client with documentation to complete about the property and fixtures and fittings.
- Obtain title deeds and any other documents to prepare a draft contract.
- If applicable, obtain a redemption figure to repay the outstanding amount on any existing mortgage.
- Send a contract pack to the Buyer’s Solicitor.
- The Buyer’s solicitor will check the draft contract and raise enquiries with us.
- We will answer the enquiries together with the client.
- Agree a completion date.
- The Buyer’s solicitors will confirm that they are satisfied with their search results and answers to their enquires.
- Exchange contracts and notify the client that this has happened.
- The Buyer’s solicitors will draft and send a transfer deed to us which we will check and send to the client to sign in preparation for completion.
- The Buyer’s solicitor will then send the proceeds of the sale to us and the client will need to arrange for the keys to be released to the Buyer.
- We will send the Buyer’s solicitor the title deeds and transfer deed.
- We will pay the estate agent, repay the amount owing to the client's mortgage lender and transfer any remaining balance to the client.
