Halesworth
info@crossram.co.uk
01986 873636
Framlingham
info@crossramfram.co.uk
01728 724111

freehold & leasehold timescales & stages

How long a sale or purchase will take from an offer being accepted until completion will depend on a number of factors.  The average process takes about 8 weeks.

Certainly, it can be quicker than that or slower, depending on the parties in the chain.  For example, if you are a first time buyer, purchasing a new build property, already constructed, with a mortgage, in principle it could take 6 weeks. By way of contrast, if buying a leasehold property that requires an extension of the lease, it can take significantly longer, between 2 and 6 months!

We also produce a useful printed Handbook which covers these matters – and more – so feel free to ask for one to be sent out to you.

The precise stages involved in the Purchase of a FREEHOLD residential property vary according to circumstances. The pre-contract stages are where the time is spent and it can easily take 5 – 6 weeks to reach the point of an exchange of contracts. This is because all the posts below in italics have to be covered before you dare commit to an exchange.   KEY stages are shown in bold.

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors 
  • Receive contract documents and advise
  • Carry out searches and report on issues arising
  • Obtain further planning documentation if required
  • Make all necessary enquiries of seller’s solicitor
  • Advise on all documents and information received
  • Continue to liaise with other party’s solicitors and ascertain any issues relating to a ‘chain’ 
  • Wait for and then go through conditions of Mortgage Offer
  • Advise on joint ownership
  • Submit final contract to you for signature
  • Agree completion date with all parties (date from which you own the property)
  • Draft Deed of Transfer and raise pre-completion requisitions of Seller’s Solicitors
  • Obtain pre-completion searches
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from Lender (and you!)
  • Complete the purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry.

 

The precise stages involved in the purchase of a residential LEASEHOLD property are similar but usually include even more issues. This is a typical outline and KEY stages are shown in bold:

  • Take your instructions and provide initial advice
  • Check finances are in place to fund purchase and contact Lender’s solicitors if needed
  • Receive contract and advise on contents
  • Likewise copy Lease
  • Carry out Searches and report on issues arising
  • Obtain further planning documentation if required
  • Make all necessary enquiries of seller’s solicitor
  • Ensure compliance with all requirements of the Lease
  • Liaise with Landlord’s solicitors
  • Agree Deed of Covenant, if required
  • Advice on all documents and information received
  • Continue to liaise with other party’s solicitors and ascertain any issues relating to a ‘chain’ 
  • Wait for and then go through conditions of Mortgage Offer
  • Advise on joint ownership
  • Report to you with  final contract for signature
  • Agree completion date with all parties
  • Draft Deed of Transfer and raise pre-completion requisitions of Seller’s Solicitors
  • Obtain pre-completion searches
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from Lender and you
  • Complete purchase
  • Serve Notice of Transfer (and Charge if necessary)
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry