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

How Long Will My Sale Take?

The timeframe for selling a residential property is typically 10-14 weeks, although this can vary depending on specific circumstances. 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 issues.
• Changes in buyer’s or seller’s circumstances.

If your property is leasehold, selling may take longer due to additional requirements, such as obtaining essential information from the freeholder or managing agent, including 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 Sale Process

1. Conduct Anti-Money Laundering ID and verification checks.
2. Take instructions and provide initial advice.
3. Receive and review CIF (Client Information Form) and Gather essential details about the property.
4. Prepare and send the draft contract to the buyer's solicitor.
5. For leasehold property: Obtain necessary details from the freeholder or managing agent, including service charges, ground rent, buildings insurance, lease terms, any planned works, and the leasehold management pack (essential for the buyer’s solicitor).
6. Respond to enquires made by the buyer's solicitor.
7. Obtain a redemption figure if there is an existing mortgage.
8. Review and supply additional requested documents.
9. Finalise contract terms with the buyer’s solicitor.
10. Arrange signing of the final contract.
11. Agree on a completion date.
12. Exchange contracts, making the sale legally binding.
13. Receive funds on the completion date.
14. Repay any existing mortgage and settle outstanding charges.
15. Transfer property ownership to the buyer.
16. Account to you for any remaining funds.
17. For leasehold property: Notify the freeholder/managing agent of the sale
18. Complete final sale formalities.