Please note that the exact timeline may vary depending on various factors such as the complexity of the transaction, the parties involved, and the location of the property. This timeline is intended to provide a general overview of the process.
1. Instruction: The buyer instructs a conveyancing solicitor to act on their behalf in the transaction.
2. Title Investigation: The solicitor obtains a copy of the title deeds and carries out searches with the Land Registry, local authority, and other relevant bodies to investigate the property’s legal status.
3. Enquiries: The solicitor raises enquiries with the seller’s solicitor to obtain further information about the property, such as any disputes or planning permissions.
4. Mortgage: If the buyer is obtaining a mortgage, the lender will instruct a surveyor to carry out a valuation of the property and the buyer will receive a mortgage offer.
5. The Solicitor reports all the title details and their findings to their Clients along with all the documentation to sign prior to exchange of contracts.
6. Exchange of Contracts: Once the buyer and seller have agreed on the terms of the contract, both parties sign and exchange contracts, and the buyer pays a deposit (usually 10% of the purchase price).
7. Completion Date: The completion date is set in the contract, usually 2-4 weeks after exchange of contracts.
8. Pre-Completion: Prior to completion, the buyer’s solicitor carries out final searches and requests mortgage funds from the lender.
9. Completion: On the completion date, the buyer’s solicitor transfers the balance of the purchase price to the seller’s solicitor. Once the funds have cleared, the seller’s solicitor releases the keys to the property and the transaction is complete.
10. Post-Completion: The buyer’s solicitor registers the property’s change of ownership with the Land Registry and pays any stamp duty due on the purchase.
Please note that this is a general timeline and some steps may overlap or vary depending on the specific circumstances of the transaction.
Please call us to discuss this or any other property issues. Our conveyancing department would be happy to speak to you during working hours on 0161 850 9911 or at propertyteam@khanmather.co.uk