How Long Will My Transaction Take?
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
A re-mortgage will take six to eight weeks on average.