Sale of a residential property
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How long the sale will take from agreeing the sale to completion depends on a number factors. The average transaction takes between 10 – 12 weeks for a freehold sale. For a leasehold sale the average transaction takes 12 – 16 weeks. Please note these timescales are estimates only and each sale will depend on its own circumstances and of those of any chain.
The key stages and service provided in the sale of a residential property can be summarised as follows :.
- Receiving a Sales Memorandum from the Estate Agents (if applicable)
- Obtaining your instructions and offering initial advice
- Verifying your Identity for compliance requirements.
- Arranging for you to complete Property Information Form, Fittings and Contents form and Lease Information Form ( if applicable).
- Preparing a draft Contract papers for submission to the Buyer’s Solicitors.
- Obtain redemption figures in respect of all charges secured against the property.
- In respect of leasehold sales, obtaining a pre-sale management pack and forwarding this to buyer’s solicitors.
- Receiving and dealing with any pre-contract enquiries received from the buyers solicitors.
- Agreeing the final contract with the buyer’s solicitor
- Send the contract and transfer to you for signature
- Obtaining your instructions to proceed to exchange of contracts and agreeing a completion date.
- Exchanging contracts with the buyer’s solicitors and confirming the agreed completion date
- Obtaining all necessary financial statement s and invoices to prepare a completion statement for your approval.
- Agreeing any apportionment of ground rent and/or service charge with the buyer’s solicitors.(leasehold sales)
- Arranging your signature to any completion documents including the Transfer Deed
- Obtain final redemption figure from your lender
- Provide you with a final completion statement
- Receiving the buyer’s completion monies and confirming completion to you.
- Redeeming any mortgage secured against the property and obtaining the necessary release forms from your lender for transmission to the buyer’s solicitors.
- Making any other payments to third parties on your behalf in accordance with the agreed completion statement.
- Remitting the net proceeds of sale to your designated bank account.
- Assisting with any post-completion queries from the buyer’s solicitors in respect of the buyer’s registration of ownership at the Land Registry.
Costs for sales up to £500,000 are listed below:
- Sale price: £995 + VAT
- Leasehold Supplement Fee : £295 + VAT
- Mortgage Redemption fee: £195 + VAT
- Shared Ownership : £395 + VAT
- Bank chages : £35 + VAT
- ID check (per person) ; £35 + VAT
- Office copy register entries: £12.00
- Additional office copy documents : £6.00 (if applicable)