Many factors will have an impact on timescales. Your transaction can only proceed at the pace of the slowest transaction in the conveyancing chain. For example, the buyer may want to have a survey carried out, they may need to await a formal mortgage offer, they may need to give notice on a property they are renting, they may have a related sale. There may be delays in receiving search results. We can only give you an indication of average timescales for each step in the process and this can vary for reasons beyond our control.
Key Stages and Typical Timescales (as far as we can given them)
During the first two to four weeks after we are notified of your instructions:
- Dealing with the formalities to prove your identity and address and receiving your instructions to act and any payment on account requested from you
- Sending a questionnaire to you and protocol forms to complete to give information about the property, the contents and your personal details.
- Hearing from the Estate Agents with details of the buyer
- Receiving the title paperwork from you and completed protocol forms
- Requesting missing title or planning document from third parties
- Writing to the buyer’s solicitors to inform them of our involvement and to obtain complete details relating to their client.
- Obtaining up to date information from the Land Registry to prove your ownership and to highlight any rights and obligations which relate to it.
- Preparing the draft contract and related paperwork and sending this to the buyer’s solicitors
On average, during the following 4 to 8 weeks (mainly because the buyer will be awaiting their search results)
- Hearing from the buyer’s solicitors with additional enquiries. Providing such answers as we can and consulting with you on the implications of any which we cannot respond to
- Requesting information from third parties to deal with replies to additional enquiries, if required
- Preparing replies to additional enquiries and sending them to you to approve
- Sending approved replies to additional enquiries to the buyer’s solicitors
- Dealing with any further enquiries from the buyer’s solicitors arising out of the replies
- Receiving the TR1 or TP1 (Land Registry documents which transfer ownership to you). Agreeing it with the buyer’s solicitors
- Arranging for you to sign the draft contract and draft TR1/TP1 in readiness for completion
On average during the next 2 to 4 weeks (for example, because the buyer’s solicitor must ensure that the replies to additional enquiries meet with their client’s requirements and with the requirements of their lender and possibly because they are not ready on their related sale, if any)
- Obtaining a mortgage redemption figure if you have a mortgage
- Arranging to exchange contracts with the buyer’s solicitors to enter a binding agreement.
- Receiving funds on completion of the same.
- Settling your mortgage
- Settling your Estate Agents fees
- Settling our costs, vat and disbursements
- Accounting to you for the balance of the sale proceeds
- Sending the title documents to the buyer’s solicitors
- Writing to the lender to advise completion has taken place.
On average during the next 2 to 4 weeks
- Hearing from the lender with confirmation that the mortgage has been discharged
- Informing the buyer’s solicitors that the mortgage has been discharged
- Making arrangements to close your file
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