Timescale
SALE
PURCHASE
Acceptance of Offer
- agree price with buyer
Seller to:
- appoint conveyancer
- hand over deeds or give lender's details
- complete forms
- list items included in sale and return to conveyancer
Seller's conveyancer:
- apply for copies of title from Land Registry/retrieve deeds
- prepare conract bundle
- send contract bundle to buyer's conveyancer
- deal with enquiries raised by buyer's conveyancer
Seller's conveyancer:
- receive approved contract from buyer
- arrange for seller to sign the contract
Seller to:
- sign the contract
- agree with buyer and other parties in chain (if any) on completion date
Exchange contracts
Seller's conveyancer:
- collate figures
- prepare completion statement
- arrange for seller to sign the transfer deed
Seller to:
- sign transfer deed
- make arrangements to move
Completion
Seller to:
- hand keys to selling agents
- read meters
Acceptance of Offer
- agree price with seller
Buyer to:
- appoint conveyancer
- apply for mortgage
- pay search fees to conveyancer
- arrange for survey
Buyer's conveyancer:
- receive contract bundle
- apply for searches
- investigate title and supporting documents
- approve and return contract to seller's conveyancer with any enquiries on the title
Buyer's conveyancer:
- receive and check mortgage offer
- receive and check search results
- prepare reports and arrange for buyer to sign the contract
Buyer to:
- sign the contract and mortgage deed
- provide conveyancer with deposit
- agree on completion date with seller and other parties in chain (if any)
Exchange contracts
Buyer's conveyancer:
- pass on deposit to seller's conveyancer
- apply for funds from lender (if any)
- carry out pre-completion work including completion statement
Buyer to:
- sign transfer deed
- make arrangements to move
- place building insurance on risk
- arrange to pay balance of funds
Completion
Buyer to:
- collect key from seller's agents
- read meters
Note: the national average timescale for the transfer of property ownership is 2-3 months.
Some transactions do take longer as there are additional steps or extra work involves e.g. shared ownership purchases, unregistered properties, complex titles etc.
Find out more by following this link:
https://www.gov.uk/buy-sell-your-home