How long it will take from your offer being accepted until you can move in to your new home will depend on a number of factors. The average process takes between 6-10 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 new build property with a mortgage in principle, it could take anything from 6-18 weeks. It is generally going to be a quicker process if you are not involved in a chain. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 8 and 12 months, and additional charges would apply.
Key milestones of property sale or purchase
Our fees cover all the work required to complete the sale or purchase of your new home, including looking through the contract package, raising enquiries of the sellers solicitor, arranging for all the usual searches to be undertaken and considering the response received, dealing with registration at the Land Registry and dealing with the submission of and payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property that you wish to buy is in Wales.
The precise stages involved in the purchase or sale of a residential property vary according to the circumstances. We have below suggested some key milestones:
Obtaining your Identification Documentation in line with money laundering regulations
Check finances are in place to fund the purchase
Receive and advice on contract documents
Carry out searches
Obtain further planning documents if required,
Make any enquiries of the other side
Advise on all documents and information received
Go through conditions of mortgage (purchase)
Send final contract to you for signature
Agree on completion date (date from which you own/do not own the property)
Exchange contracts and notify you that this has happened
Arrange for all monies needed to be received from your lender and you (purchase)
Obtain a redemption statement on your sale and where necessary obtain any shortfall from you
Complete the transaction
On a purchase deal with payment of Stamp Duty/Land Tax and then application to register at the Land Registry
On a sale preparing the contract package and submitting it to the buyers solicitor
Dealing with all enquiries raised of us by the buyer's solicitor
On a sale dealing with the redemption of any financial charge registered against the property