THE CONVEYANCING PROCESS
Here we have put together a time plan of the milestones during both a sale and a purchase transaction.
Please note that these are only a guide and delays can happen due to complications during any transaction.
THE CONVEYANCING PROCESS
Here we have put together a time plan of the milestones during both a sale and a purchase transaction.
Please note that these are only a guide and delays can happen due to complications during any transaction.
TIMESCALE FOR SELLING
TIMESCALE FOR SELLING
Week 1
Instruct your solicitor / conveyancer, pay money on account and complete the property information forms.
Week 2
Your solicitor / conveyancer issues the contract and ownership information to the buyer’s solicitors.
Week 3 – 6
Your solicitor / conveyancer agrees the contract and will help you satisfy all enquiries from the buyer’s solicitors.
Week 7 – 8
Moving date agreed and contracts exchanged – This makes the sale binding.
Week 9 – 11
You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents with your solicitor / conveyancer. You will receive a statement showing the amount you will receive upon completion.
Week 12
Complete. Move out and handover keys, any mortgage is redeemed and you should renew or make a will.
TIMESCALE FOR BUYING
TIMESCALE FOR BUYING
Week 1 – 2
Instruct your solicitor / conveyancer, pay money on account and provide evidence of your cash funds. You should instruct your mortgage valuation and survey.
Week 3
Your solicitor / conveyancer will undertake searches of the local utilities and authorities. Your solicitor / conveyancer will receive a draft contract and ownership information from the seller’s solicitors.
Week 4 – 6
Your solicitor / conveyancer reviews and approves the contract. They will also review the ownership information and raise enquiries with the seller and receive satisfactory replies. Your solicitor / conveyancer receives results of all searches of the statutory authorities.
Week 7 – 8
Your solicitor / conveyancer sends reports on the property, contract and mortgage and obtain confirmation of how you will own the property. Your solicitor / conveyancer will send you documents to sign and require a 10% deposit to be paid.
Week 9 – 11
The moving date is agreed. All documents and the deposit are received from you. The contract is now exchanged – the purchase is now binding.
Week 12
You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents. You will receive, from your solicitor / conveyancer, a statement as to money required to complete. This must be transferred in good time for completion.