Service Information Residential Property
How long a transaction will take from your offer being accepted until you can move in to your house will depend on a number of factors. The average process takes between 6-8 weeks.
It can be quicker or slower, depending on the parties in the chain. For example, if you are a first time buyer, purchasing a chain free vacant property with a mortgage in principle at hand, it could take 6 weeks.
However, in the following circumstances (and sometimes it can be a combination of these circumstances) a transaction can take significantly longer, between 2 and 4 months. In such, a situation additional charges would apply:
- If there is a chain,
- If the Seller has a tenant in the property that has to be evicted,
- If the Seller has passed away and a grant of probate has not been obtained yet,
- If you are buying a leasehold property that requires a lease extension or a variation to be made to the Lease,
The services which we offer and which are included in the fee quotes involve the following:
- Take your instructions and give you initial advice
- Check finances are in place to fund purchase and contact lender's solicitors if needed
For a Purchase
- Receive and advise on contract and supporting documents
- Carry out searches and making any necessary enquiries of seller's solicitor
- Advise of any conditions or special conditions on the mortgage offer
- Draft and engross the Transfer
- Reporting to you on all documents and information received
- Obtain your signature on the final contract, Transfer and mortgage deed in meeting where possible,
- Advise you on joint ownership
- Obtain pre-completion searches
- Arranging exchange and completion by arranging all documents to be signed and obtaining the mortgage from the lender,
- Deal with stamp duty land tax and registration
- For leasehold properties registration with the landlord and various managing agents
For a Sale
- Prepare the contract documents and issue to the Buyer
- For Leasehold properties obtain all relevant leasehold sale packs
- Advise and assist you with all replies to enquiries from the Buyer
- Approve the Transfer
- Obtain your signature on the final contract and Transfer
- Obtain a redemption figure to redeem your mortgage if applicable,
- Arranging exchange and completion followed by redemption of any mortgages
For Re-Mortgages
- Obtaining all necessary title and other documentation to deal with the mortgage conditions
- For leasehold properties, obtaining a re-mortgage leasehold information pack from the Landlord
- Putting in place all necessary search or indemnity insurance where relevant
- Obtaining a redemption figure from your existing lender
- Requesting funds from your new lender and redeeming your old mortgage
- Registration of your new mortgage deed with the HMLR and also from with the freeholder if the property is leasehold
The above are detailed explanations of three types of conveyancing matters. We offer a similarly comprehensive service for any other residential conveyancing transaction