How Long Will My Sale / Purchase Take?
The question we most often hear from clients is how long their conveyancing transaction will take to complete. The timeline of buying or selling a home varies depending on a number of factors, from whether your property is freehold or leasehold to whether you are part of a chain or using a home buying scheme, but choosing an experienced and knowledgeable solicitor will ensure that your transaction is always moving in the right direction.
The sale and purchase of freehold residential property is generally completed within four to six weeks. Outside factors can extend this timeline, for example your lender may be delayed with issuing your mortgage offer or issues may arise relating to the legal title to the property.
There are additional steps involved in the sale and purchase of leasehold residential property, which may extend the completion timeline to eight to ten weeks. This is because we have to liaise closely with the landlord of the property, as well as working with the other party’s solicitor in order to complete the purchase or sale.
If you are selling or purchasing a property as part of a chain you are more likely to experience a delay, while home buying schemes, such as Help to Buy, may cause a delay with your chosen mortgage lender.
We always recommend choosing a solicitor prior to putting in an offer on your chosen property, as this can speed up the purchase process once your offer has been accepted.