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.