Keys stages of purchase

• 1. Initial stage:
  agreement of price subject to contract; formation of retainer (the agreement between us).
   
• 2. Pre-contract stage:
  independent survey (recommended – note: not offered by this firm); application for local searches as required; review of replies to enquiries of the seller; review of title including lease if applicable; review and report on mortgage if relevant; agreement of contract and Transfer deed; (typically takes 4-8 weeks).
   
• 3. Contract stage:
  exchange of contracts – at this point a 10% deposit will usually be payable and you will become bound to proceed; insurance may need to be put on risk; (typically takes 8 -12 weeks from agreement of price).
   
• 4. Pre-completion stage and completion
  – pre-completion searches; signing of documents (if not already signed); final inspection of the property if considered necessary; balance of purchase price payable; (completion is typically agreed for 2-4 weeks after exchange)
   
• 5. Post completion
  – payment of SDLT if required and application to the Land Registry to register the transaction: (note that registration can take from one month to 24 months).

Keys stages of sale

• 1. Initial stage:
  agreement of price subject to contract; formation of retainer.
   
• 2. Pre-contract stage:
  receiving from you title documents and other papers relating to the property; review of title to check for any issues that may need attention; completion of protocol information forms by you'; preparation of draft contract; raising enquiries with managing agent where required (fee is usually payable to managing agent – includes VAT); responding to buyer's further enquiries; agreeing Transfer deed
   
• 3. Contract stage:
  exchange of contracts – at this point a 10% deposit will usually be payable by the buyer and you will become bound to proceed
   
• 4. Pre-completion stage and completion
  – signing of documents (if not already signed); application to lender for a redemption statement if there is a mortgage; preparation of a completion statement
   
• 5. Post completion
  – redemption of mortgage and accounting to you. (expected timing as per purchase)