How long will a sale take?
The average process takes about 21 weeks (according to Rightmove.co.uk), 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.
£6.00 each
Office copies of lease (if original is not available) £3.00
£150 – £350 + VAT