The average process takes between 6 – 12 weeks, but this will depend on a number of factors.

It may be quicker, or slower, depending on the number of people in ‘the chain’ and/or whether the property is leasehold.

Below are the main stages of selling a residential property.

1) Take your instructions and give initial advice.

2) Send protocol forms for completion – Seller Property Information Form + Fittings and contents.

3) Check your ID, receive payment of £50 – £100 from you in advance for disbursements.

4) Obtain a redemption statement for your mortgage (if you have one).

5) Contact buyer’s solicitor.

6) Obtain Official Copies Register Entries from the Land Registry for your property or the Deeds to your property (if unregistered) and also office copies of all other deeds required against full title (where the seller does not have the original deed).

OCEs                                      £6.00 – £20.00 approx.

7) Prepare the draft sale contract and send to the buyer’s solicitor with the completed protocol forms and any accompanying documents.

8) Answer, or obtain answers from you, queries from the buyer’s solicitor including obtaining copies of any missing building regulation approvals (i.e. FENSA window certificate) and planning permissions (charges apply as dictated by local authority).

9) Approve transfer drafted by buyer’s conveyancer.

10) Send approved contract and transfer to you for signature.

11) Agree completion date with all parties.

12) Exchange contracts and notify you that this has happened

13) On the completion date upon receipt of the completion monies, redeem any mortgage on the property and arrange for the keys to be released to the buyer

Same day bank transfer fee    £30.00

14) Pay the estate agents commission (if any).

15) Send any balance of funds to you.

Same day bank transfer fee    £30.00

Next day bacs transfer                        £00.00

All above disbursements include vat at the standard rate.

If the property is leasehold then additional disbursements are usual.

1. a) Obtain office copies of freehold and/or head leasehold titles.

£6.00 each

Office copies of lease (if original is not available) £3.00

1. b) enquiries in form LPE1 are raised with the freeholder/managing agent and their fees are usually:

£150 – £350 + VAT

1. c) apportionments of rent and service charges are calculated between exchange and completion so that you receive a refund of rent and service charges paid to a date after the completion date or you make an allowance from the purchase price for arrears of rent and service charges to the completion date.

The average process takes between 6 – 12 weeks, but this will depend on a number of factors.

It may be quicker, or slower, depending on the number of people in ‘the chain’ and/or whether the property is leasehold.

Below are the main stages of purchasing a residential property.

1) Take your instructions and give initial advice.

2) Check your ID and source of funds, receive payment of £200 – £300 from you in advance for disbursements.

3) Check finances are in place to buy the property and contact the lender’s solicitor if necessary.

4) Contact seller’s solicitor.

Lawyer Checker                                     £14.40 (if using an unfamiliar firm of solicitors)

5) Receive and review contract documents.

6) Send a copy of the Title plan of property to check it is accurate.

7) Carry out searches:

Local Council Search approx.             £100.00 approximately

Drainage search                                    £50.00 approximately

Environmental search                         £50.00 approximately

8) Make any necessary enquiries of seller’s solicitor.

9) Give you advice on all documents and information received.

10) Obtain further planning documentation if required by you, seller is not obliged to supply them (charges apply depending on local authority tariff).

11) Go through conditions of mortgage offer with you.

12) Send final contract and mortgage deed for your signature.

13) Agree completion date with all parties.

14) Exchange contracts and notify you that this has happened – you should arrange building insurance in your name from this date. (with the mortgage lender, if any, noted as an interested party).

15) Make pre-completion searches:

Bankruptcy search                  £2.00 per person (if obtaining mortgage finance)

Land Registry searches          £6.00 – £24.00

 

16) Arrange for all monies needed to be received from the lender and you, by mid-day before the completion date.

15) Send funds to seller’s solicitor and complete purchase – confirm with the seller’s solicitor that keys will be released and advise you.

Same day bank transfer fee    £30.00

You can now proceed to move into your new home.

16) Pay Stamp Duty/Land Tax on your behalf (figure depends upon purchase price and buyer status e.g. first time buyer) within 2 weeks of the completion date.

17) Make application for registration at Land Registry, send confirmation to you once registered, cost again depends upon purchase price but ranges from £20 – £910.

If leasehold property:

a) send freeholder and/or managing agents enquiries; review and report answers.

b) receive, review and report on title and freehold.

c) receive, review and report on head lease.

d) agree apportionments for rent and service charges so that you are liable to pay the rent and service charges applicable from the completion date and the next payment date.

e) Upon completion give notice to freeholder/managing agents and pay their fee:    £50 – £300

f) Arrange for any transfer of a share in a management company and obtain certificates needed to deal with any restriction on the register.