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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