In FAQ's

Stages of leasehold purchase or sale

The precise stages may vary according to the circumstances but the below are typical:

PURCHASE

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer
  • Send final contract to you for signature
  • Draft Transfer
  • Advise you on joint ownership
  • Obtain pre-completion searches
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

SALE

  • Take your instructions and give you initial advice
  • Obtain title documents
  • Draft contract papers and submit them to the buyer’s solicitor
  • Obtain preliminary redemption figures for any charges/mortgages registered against the property
  • Obtain replies to standard leasehold enquiries from the freeholder/managing agents
  • Deal with any enquiries raised by the buyer’s solicitor
  • Send final contract to you for signature
  • Agree completion date (date from which the buyer will own the property and you must move out by)
  • Exchange contracts and notify you that this has happened
  • Obtain final redemption figures
  • Complete sale
  • Deal with redemption of any charges/mortgages
  • Account to you for the proceeds of sale
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