What happens if my sale doesn’t progress?

What is the timescale of selling a property?

What is the timescale of selling a property? Whilst there may be unavoidable delays, Attwells pride ourselves on transaction times that are four times faster than the national average.

Week 1: Instruct Attwells, pay money on account and complete the property information forms.

Week 2: Attwells issues the contract and ownership information to the buyer’s solicitors.

Week 3 to 6: Attwells agrees the contract and will help you satisfy all enquiries from the buyer’s solicitors.

Week 7 to 8: Moving date agreed and contracts exchanged – This makes the sale binding.

Week 9 to 11: You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents with Attwells. You will receive a statement showing the amount you will receive on completion.

Week 12: Complete. Move out and handover keys, any mortgage is redeemed and you should renew or make a will.

What are the timescales for exchange and completion once I return my documents to you?

What are the timescales for exchange and completion once I return my documents to you? An approximate timescale is eight to ten weeks however each conveyancing transaction is different and it is not possible to give a more detailed timescale at this stage. We will deal with your work as quickly as possible however the transaction can really only progress as quickly as the slowest party in the chain. Your appointed conveyancer will be able to discuss this with you in more detail and will keep you updated on progress as the transaction progresses.

Selling a property after Probate

As the Executor of the Will, you must write to all asset holders to get valuations of the deceased’s assets as they stood on the date they died. For bank accounts, this will be a statement. For property, you will need three professional valuations. For specific assets, like collections and shares, there are special valuation rules. You must also ascertain the extent of any Liabilities of the deceased.

Once the value of the estate is known, you can decide which Inheritance Tax (IHT) Forms and Probate Forms need to be completed to obtain the Grant of Representation.

Once the Grant of Representation has been obtained you need to first pay any Inheritance Tax (IHT) and Capital Gains Tax or Income Tax due. Any tax and administration costs can be deducted from the estate before it is distributed amongst the beneficiaries

Please note: Attwells Solicitors have produced this timescale as a guide only. Your transaction may take longer depending on your circumstances. A leasehold may take 4 plus weeks longer. For more information, please contact your conveyancer. www.attwells.com.

Our FAQ and articles are correct at the time of writing.
These have been created for marketing purposes only and should not be considered as legal advice.
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