Whether you are selling or buying a property, one of the main questions that we are asked at the beginning of the transaction is “how long will the process take?”
It’s a difficult question to answer given the various factors and third parties involved, however on average a conveyance of a freehold property usually takes 8-10 weeks, with a Leasehold property usually taking between 10-12 weeks for completion.
To try and assist potential sellers and buyers in understanding the process, we have compiled the below 6 stage step by step guide:
Stage 1: Introduction / information about you
• we will initially take details for both you and the transaction so that we are able to provide you with a quotation. Once instructed, we shall then open your file(s) and begin the legal process.
• You will be required to complete and return a sale / purchase questionnaire and you will also need to provide evidence of your identification. If purchasing, we shall also require proof of where your funds are coming from.
• At this stage, monies on account will be requested to cover any third-party disbursements. On a sale matter, this will be ordering a copy of the title from the Land Registry. On a purchase, these funds will be for ordering property searches.
Stage 2: The Contract Pack, Searches & Raising Enquiries
Once we have received your full instructions on the transaction(s), depending on whether it be a sale or purchase (or both) the below steps are taken: –
• Sale – a copy of your title is downloaded from the Land Registry. A draft contract is prepared and sent out to your buyers’ solicitor together with your completed protocol forms (Property Information Form TA6 and Fittings and Contents Form TA10, Leasehold Information Form TA7 (if applicable). It is at this stage we shall also order a redemption statement from your current mortgage lender.
• Purchase – once the contract pack has been received from your seller’s solicitor, we shall review the property title and raise any additional enquiries we believe necessary. It is also at this stage that searches (Local, drainage and environmental) are ordered.
Stage 3: Your Mortgage
On a purchase matter, if you are taking out a mortgage on the property, your mortgage lender will send a copy to you and a separate copy will be sent to us. At this stage, we will review your mortgage, together with any special conditions attached to it. Not only are we representing you, but we will also be acting on behalf of your mortgage lender, therefore in some instances, matters will need to be referred to your lender so that we may obtain their approval to proceed.
Once we have reviewed and reported to you on your mortgage, we will send you the mortgage deed to sign. This deed will allow your lender to register a charge over the title of the property, protecting their security.
Stage 4: The Property Report
Once we have received full replies to enquiries from your sellers’ solicitors, together with your search results, we will report to you on all the information received about the property, together with our legal advice relating to this.
Within the report, we will enclose the Contract and Transfer for you to sign and return to us.
It is also at this point that we shall request your deposit in readiness for exchange of contracts.
Stage 5: Exchange and Completion
Upon receiving your signed Contract and Transfer, together with your deposit funds (on a purchase transaction), the contracts will be formally exchanged to complete on an agreed date (Completion – the moving day).
On the day of completion, monies will be transferred from the buyer to the seller’s conveyancer, signalling that legal completion has taken place and the keys can be released. There is no exact timescale between exchange and completion, this can occur simultaneously (exchanging and completing on the same day) or there can be a week or more between the two. It varies with each transaction and factors such as allowing for funds to be provided and mortgage monies to be obtained can affect this.
Stage 6: Post Completion
Following completion, the conveyancers on either side of the transaction with arrange to send their executed Transfer (TR1) documents to each other. The buyer’s solicitor will submit the Stamp Duty Land Tax Form / LTT form and pay any land tax owing on the matter. Following this, the buyer’s solicitor will then arrange to submit the application for registration with the Land Registry, registering the property into your names. Once registration has completed, you will then be sent a copy of the Completion of Registration document, showing the property registered in your name.
Whilst we understand the Conveyancing process may appear daunting, here at Insight Law we are always happy to help guide clients through the step-by-step process of their transaction. Quotations are available on our website, alternatively please contact Lucy Mason on 0117 363 7434 or lmason@insight-law.co.uk.