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How long will my transaction take?
How long it will take from the offer being accepted until completion will depend on a number of factors. The average process takes around 6-8 weeks from the draft Contract papers being issued but it can be quicker or slower, depending on the other parties in the chain.
Factors that can affect the speed of a transaction include (amongst others): –
- The time it takes for us to receive the results of our applicable searches
- If you or someone in the chain is purchasing a New-Build property
- If you or someone in the chain is purchasing a Leasehold property
- If a property in the chain is discovered to have Title or other defects that need to be resolved
- If you or someone in the chain experiences delays in obtaining a mortgage offer
- If you or someone in the chain is difficult to contact due to holiday, work or other factors
Stages of an average Sale or Purchase transaction
Action by Sellers solicitor in Black, action by Buyer’s solicitor in Red
1. When both parties have formally instructed their solicitors, prepares and submits draft Contract and supporting papers to Buyer’s Solicitors.
2.Receives draft Contract
3. Submits Searches
4. Investigates Title
5. Raises Preliminary Enquiries.
6. Receives Preliminary Enquiries
7. Takes Client’s instructions
8. Sends replies to Preliminary Enquiries to Buyer’s Solicitors
9. Receives and considers replies to Preliminary Enquiries.
10. Receives and considers Search results
11. Raises Additional Enquiries if necessary
12. Receives Additional Enquiries
13. Takes Client’s instructions.
14. Sends replies to Additional Enquiries to Buyer’s Solicitors
15. Receives and considers replies to Additional Enquiries
16. Approves Contract and drafts Transfer Deed for Seller to sign
17. Full Report on property provided to Buyer (in writing and/or in meeting)
18. Arrange for Buyer to sign Contract, Mortgage Deed and other purchase documents
18. Arrange for Seller to sign Contract, Transfer and other sale documents
19. Agree Completion Date with all parties.
“EXCHANGE OF CONTRACTS”
20. Send exchanged Contract to Buyer’s Solicitors
19. Agree Completion Date with all parties.
“EXCHANGE OF CONTRACTS”
20. Send exchanged Contract with deposit to Seller’s Solicitors.
21. Submit Certificate on Title and Request for Funds to Mortgage Lender.
22. Submit and review pre-completion searches.
23. Request redemption statement from existing Mortgage Lender.
24. Request Estate Agent’s invoice.
25. Prepare bill and draft Completion statement.
25. Prepare bill and draft Completion Statement.
26. Request balance due from Buyer to complete.
27. Receive mortgage advance from Lender.
28. Receive balance from Buyer
“COMPLETION
29. Send balance purchase monies to Seller’s Solicitor.
“COMPLETION”
30. Receive balance purchase monies from Buyer’s Solicitors and authorise release of keys.
31. Redeem existing mortgage. 31. Pay Stamp Duty.
32. Send signed Transfer and deeds to Buyer’s Solicitors.
33. Pay Estate Agents.
34. Send net sale proceeds to Seller.
35. Receive signed Transfer and deeds from Seller’s Solicitors.
36. Submit application for registration to HM Land Registry
37. Receive mortgage discharge from existing Mortgage Lender.
38. Send mortgage discharge to Buyer’s Solicitors.
39. Receive mortgage discharge form from Seller’s Solicitors.
40. Registration completed. Receive updated Title from HM Land Registry.
41. Send updated Title to Buyer with pre-registration deeds (unless required by Lender).
42. Send deeds to Mortgage Lender (if required) or place into storage for Buyer free of charge.
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