RESIDENTIAL PROPERTY

The stages involved in the Purchase of a residential freehold or leasehold property vary according to the transaction but for both residential freehold and leasehold properties the process and key stages we broadly follow are as below:

• Taking your instructions and noting the details about your purchase to enable us to give you advice and send you a quote.
• Send you our terms of business letter and once instructions are confirmed we will obtain your identification documents and ask for money on account.
• Carry out our due diligence including searches on you.
• Check finances are in place to fund your purchase, known as source of funds checks and to verify your mortgage offer to include confirming instructions with your Lender or contact Lender's solicitors as the case may be and check the position on the Lender’s survey.
• Review and advise on contract documents including advising on the lease. 
• Apply for Property Searches 
• Obtain further planning documentation if required.
• Make any necessary enquiries of seller's solicitor.
• Report to you on all documents and information received from the seller’s solicitors and the results of searches.
• Go through the conditions of the mortgage offer with you.
• Send you the final contract for your signature and return and ensure that you have the deposit in place (this is usually 10% of the purchase price.)
• Agree the completion date (the date from which you own the property.)
• Exchange contracts and notify you that this has happened and confirm the completion date (which will have been agreed by you prior to exchange.)
• Apply for any pre-completion searches.
• Send you a completion statement/ cash account showing balance needed from you to complete the purchase.
• Arrange for all monies needed for completion to be received from your Lender and you.
• On the day of completion, we will send the completion money to the seller’s solicitor to complete the purchase (and confirm to you once done.)
• Deal with payment of Stamp Duty (if property is in England) or Land Transaction Tax (if property is in Wales.)
• Deal with application for registration at the Land Registry.

On a purchase of a leasehold property, as well as the above, we will also do the following:

• Prepare and serve Notice of Assignment and Charge upon the freeholder/ management company and to pay their administration fee in respect of the same. 
• Prepare a Deed of Covenant if required. 
• Comply with any restrictions on the title requiring a Certificate of Compliance.
• Confirm the ground rent and anticipated service charges that are likely to apply throughout your ownership of the property.

The average purchase can take between 8-10 weeks for a freehold property and 10-12 weeks for a leasehold property. This is from your offer being accepted until you move in.

It can be quicker or slower, depending on whether there is a chain and the circumstances of the parties in the chain. For example, if you are a first-time buyer purchasing a new build property with a mortgage in principle, the process could take between 12-14 weeks.  However, if you are buying a leasehold property that requires an extension of the lease, this can take between 4 and 6 months.  It is very much dependant on the circumstances of each individual transaction and we will provide you with realistic timeframes and inform you if there are any problems that may delay matters.

Our fees cover all the work required to complete the purchase of your new home, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you wish to buy is in Wales.

For a full breakdown of our costs, please see the links below: 

Purchase of a Freehold Property including VAT & Disbursements

Purchase of a Leasehold Property including VAT & Disbursements 

Please note our fees are based on the following:

a. This is a standard transaction and that no unforeseen matters arise including for example (but not limited to) a defect in title which requires remedying prior to completion or the preparation of additional documents ancillary to the main transaction.

b. This is the assignment of an existing lease and is not the grant of a new lease.

c. The transaction is concluded in a timely manner and no unforeseen complications arise.

d. All parties to the transaction are co-operative and there is no unreasonable delay from third parties providing documentation.

e. No indemnity policies are required (additional disbursements may apply if indemnity policies are required.)