FAQ
Stages of process
- HOW LONG DOES A SALE OR PURCHASE TAKE?
- STAGES OF THE PROCESS FOR PURCHASES:
- STAGES OF THE PROCESS FOR SALES:
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.
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.