Key Stages & Timescales

The precise stages of a residential property transaction vary according to individual circumstances. To make life easier for everyone involved, we provide an outline overview of all the processes involved.

Key stages of a Purchase process

The precise stages involved in the purchase of a residential freehold property vary according to the circumstances.

Below is an outline of the key stages that are likely to apply:

• We take your instructions and provide you with initial advice

• We check finances are in place to fund purchase and contact lender’s solicitors if needed

• We receive and advise on contract documents

• We carry out searches on the property

• We obtain further planning documentation if required

• We make any necessary enquiries of seller’s solicitor

• We give you advice on all documents and information received

• We will go through conditions of mortgage offer

• We send final contract to you for signature

• We agree completion date (date from which you own the property)

• We exchange contracts and notify you that this has happened

• We arrange for all monies needed to be received from lender and you

• We complete your purchase

• We deal with payment of Stamp Duty/Land Tax

• We deal with application for registration at Land Registry

Key stages of a Sale process

The specific stages in the sale of a residential property vary according to individual circumstances.

Below is an outline of the key stages that are likely to apply:

• We take your instructions and provide you with initial advice

• We supply information to you and others involved with the transaction.

• We check the title of the property you are selling to ensure you are the rightful owner.

• We deal with questions and enquiries raised by your buyer’s Solicitors.

• We approve the transfer deed to the buyers of your property.

• We report and provide information to you relating to the property you are selling.

• We give you advice on all documents and information received relating to the sale.

• We send the final contract to you for signature.

• We agree a completion date (date on which you sell the property).

• We exchange contracts with the buyer and notify you that this has happened.

• We complete your sale and account for the proceeds or receive from you any monies required to complete the sale.

• We deal with all post-completion matters, particularly repaying any outstanding mortgages or loans.

Key stages of a re-mortgage process

The precise stages involved in the re-mortgage of a residential property vary according to the circumstances.

Below is an outline of the key stages that are likely to apply:

• We take your instructions and provide you with initial advice.

• We obtain documents from HMLR to check the title of the property.

• We obtain and review your new Mortgage Offer and send to a report.

• You return the signed Mortgage Deed and Building Insurance to us.

• We obtain a redemption figure for your current mortgage.

• We draw down the funds from your new mortgage and complete the transaction.

• We deal with the application for registration at the land registry.

Timescales

We will attempt to complete your Sale / Purchase within an estimated timescale of 6-8 weeks and for a re-mortgage an estimated timescale of 2 weeks of receiving the mortgage offer.

However, this is only an estimated timescale and, whilst we will endeavour to achieve this, it will not always be possible as some aspects of the transaction are beyond our control.

If you would like to obtain a more accurate estimate of the likely costs involved in your case, please feel free to call us on 0191 566 6500.