It is all but impossible to give an accurate indication as to how long a transaction will take to conclude. There are many factors that impact upon this.
If you are a first time buyer, purchasing a new build property with a mortgage agreed in principle, it could be as quick as four to six weeks. However, if you are buying a leasehold property that requires an extension of the lease this can take significantly longer, sometimes between six weeks and two months (in such a situation additional charges would apply).
The number of parties in a chain can significantly affect how long things take as there is more scope for complications along the way. The chain will progress at the pace of the slowest participant.
Stages of the Process
- Take your instructions and give you initial advice
- Complete client ID verification and carry out source of funds/source of wealth (where you are purchasing)
- Check finances are in place to finance purchase and contact lender’s solicitors, if needed
- Receive and advise on contract documents
- Carry out searches
- Obtain further planning documentation, if required
- Make any necessary enquiries of seller’s solicitors
- Give you advice on all documents and information received
- Go through conditions of mortgage offer with you, where appropriate or where required
- Send final contract to you for signature
- Agree completion date (the date from which you own the property)
- Exchange contracts and notify you that this has happened
- Arrange for monies needed to be received from lender and you
- Complete purchase
- Deal with payment of Stamp Duty Land Tax
- Deal with application for registration at Land Registry
3-5 weeks.
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
Client Testimonials
For the sale and purchase of our properties we found the service we received throughout the conveyance to be exemplary. A clear, efficient and professional service from Nicholas Smith and his team.
I would look no further for any future property conveyance and as a result of this experience with George Ide I will consider them, first and foremost, for future legal matters.
I don’t have enough words to describe how helpful, professional and supportive you have been, at a very stressful time for me. I feel really lucky to have had you as my solicitor. Your service was superb; it just could not have been better.
I have worked with George Ide’s residential tenancy team for over 15 years. The team are always the quickest, most efficient and competent at everything they do. I am extremely satisfied and would have no hesitation in recommending them.
I want to take this opportunity to thank you all at George Ide so much, for all the help and support you have given to the family down the years and in particular of course whilst acting for us as professional executor. This is an emotional period for all families I’m sure. It has been no different for us. You have handled everything with consummate professionalism throughout and especially so in our more fractious moments.
Alice was amazing from start to finish, gave me accurate and sound advice. She always kept my expectations to a realistic level, and I would recommend her to anyone in a similar position to me, a credit to George Ide solicitors. I always felt I was dealing with a friend not just a solicitor.
I would just like to thank you for all your hard work in settling my father’s case and in coming to an agreeable settlement with the insurers. Thank you for being so patient with us, and taking time to explain things in layman’s terms. You have led us through this process with ease and my father is very happy to have reached a conclusion in this matter . All your efforts are very much appreciated. Wishing you all the best.
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