Residential Property Purchase (Freehold and Leasehold) Transaction Time Estimate and Stages

How Long Will My Purchase Take?

The time frame for purchasing a residential property is typically 8-12 weeks, although this can vary depending on specific circumstances. For buyers purchasing a new build property time frames can typically take longer and we will work with you to manage your expectations. We will keep you informed at each stage and work to resolve any issues efficiently.

Delays can occur due to factors such as:

• The complexity of the chain, where several buyers and sellers are involved in linked transactions.
• Issues with mortgage approvals.
• The time needed to complete searches and surveys.
• Property title or boundary issues.
• Changes in the buyer’s or seller’s circumstances.

If the property is leasehold, purchasing may take longer due to additional checks with the freeholder or managing agent, such as confirming service charges, ground rent, and lease terms. Leasehold transactions are particularly reliant on leasehold management packs, which can take a considerable amount of time to obtain. If a lease extension is required, this could add several months to the process and incur additional charges.

Stages of the Purchase Process

1. Conduct Anti-Money Laundering ID and verification checks.
2. Take instructions and provide initial advice.
3. Confirm finances; and contact lender’s solicitor (if applicable).
4. Receive and review CIF (Client Information Form) and gather essential information regarding the property.
5. Review contract documents and carry out searches e.g. local authority, environmental, water, and other relevant searches.
6. Obtain further planning documents if required.
7. Raise enquiries with the seller’s solicitor.
8. For Leasehold Property - Review the lease terms and request details from the freeholder or managing agent, including service charges, ground rent, buildings insurance, lease terms, any planned works or major expenditures, and the leasehold management pack (critical for understanding lease obligations).
9. Report to lender (if applicable) and review mortgage offer/terms.
10. Advise on replies to enquiries raised and documents received, including joint ownership (if applicable).
11. Obtain your signature to the contract.
12. Draft the Transfer document and conduct pre-completion searches.
13. Agree on a completion date.
14. Exchange contracts, making the purchase legally binding.
15. Obtain funds for completion.
16. Complete the purchase by transferring funds to the seller, at which point ownership is officially transferred to the purchaser and pay Stamp Duty/Land Tax.
17. Register new ownership of the property and any mortgage at HM Land Registry.
18. For Leasehold Properties: Notify freeholder/managing agent of the purchase and update ownership records.