How long from sold stc to completion
When it comes to selling a property, one of the main questions that both buyers and sellers have is how long it will take to complete the transaction. The time from “sold subject to contract” (STC) to completion can vary depending on various factors, such as the complexity of the property chain, the efficiency of the solicitors involved, and any potential issues that may arise during the conveyancing process.
Firstly, it’s important to understand what “sold subject to contract” means. This term is used when a buyer and seller have agreed on a price for the property and other terms of sale, but the transaction has not yet been legally completed. It typically marks the stage in the process where the property is taken off the market and no longer available for other potential buyers to make offers on.
The time it takes from sold STC to completion can vary widely, but on average, it usually takes around three to four months. However, this timeline can be influenced by numerous factors. For example, if there is a property chain involved, where the seller is also purchasing a new property, it can add complexities and potentially lengthen the duration until completion.
Another factor that can impact the time frame is the efficiency and responsiveness of the solicitors involved in the transaction. If the solicitors are experienced and adept at handling property transactions, the process may move quickly and smoothly. However, if there are delays or complications in obtaining necessary paperwork or addressing legal issues, it can prolong the period until completion.
How Does the Process of Completing a Sold STC Property Take?
When a property is marked as “sold subject to contract” (STC), it means the buyer and seller have reached an agreement on the sale, but the legal and administrative processes are still ongoing. The process of completing a sold STC property typically involves several important steps, which can take several weeks to complete.
1. Conveyancing:
Conveyancing is the legal process of transferring ownership of the property from the seller to the buyer. The buyer will typically instruct a conveyancer or a solicitor to handle the legal work involved in the transaction. The conveyancer will conduct various searches, review contracts, and handle the transfer of funds.
2. Mortgage:
If the buyer is obtaining a mortgage to finance the purchase, they will need to complete the mortgage application process. This typically involves providing the lender with necessary documentation, such as proof of income and identification. The lender will then assess the application and arrange for a valuation of the property.
3. Property Survey:
While not always required, the buyer may choose to have a property survey conducted to assess the condition of the property. This can help identify any potential issues or defects that may affect the value or saleability of the property.
4. Property Searches:
The conveyancer will carry out various property searches, such as checking the local authority records, environmental searches, and water and drainage search. This is done to ensure there are no outstanding issues or restrictions that may affect the property.
5. Exchange of Contracts:
Once all the necessary checks, searches, and negotiations have been completed satisfactorily, the buyer and seller will exchange contracts. This is typically done through the conveyancers, who will ensure that all parties have signed the contracts and that the deposit has been paid.
6. Completion:
The completion date is when the property officially changes ownership. On this day, the seller will vacate the property, and the buyer will take possession. The funds are transferred, and the conveyancer or solicitor will register the property in the buyer’s name at the Land Registry.
The time frame for completing a sold STC property can vary depending on various factors, such as the complexity of the transaction, the efficiency of the parties involved, and any potential issues that need to be resolved along the way. However, on average, it can take between 6 to 12 weeks, although it can be longer for more complicated transactions.
It’s important for both buyers and sellers to be proactive and responsive throughout the process to ensure a smooth and timely completion. This includes providing any requested documentation promptly, staying in touch with the conveyancer or solicitor, and addressing any issues that may arise in a timely manner.
The Timeline from Sold Property to Completion
When a property is sold subject to contract (STC), it means that an offer has been accepted by the seller, but the legal process has not yet been completed. The time it takes to reach completion can vary, and there are several factors that can influence the timeline. Here is a general overview of the steps involved and the typical time frames for each:
Step 1: Conveyancing and Documentation (2-3 weeks)
Once the offer has been accepted, both the buyer and seller will appoint solicitors or conveyancers to handle the legal aspects of the transaction. During this stage, the solicitors will work to exchange contracts, conduct property searches, and verify the details of the sale. Depending on the complexity of the transaction and the responsiveness of the parties involved, this step can take approximately 2 to 3 weeks.
Step 2: Mortgage and Financing (4-6 weeks)
If the buyer is reliant on a mortgage to finance the purchase, they will need to secure a mortgage offer from a lender. This process involves providing documentation, undergoing a credit check, and having the property valued by a surveyor. The time it takes to obtain a mortgage offer can vary, but it typically ranges from 4 to 6 weeks.
Additionally, if there are any specific conditions attached to the mortgage offer, such as repairs or further documentation required, it may add extra time to the process.
Step 3: Exchange of Contracts (1-2 weeks)
After the conveyancing and financing stages have been completed, the buyer and seller will exchange contracts. This is a legally binding agreement that sets out the terms and conditions of the sale. At this point, both parties will typically pay a deposit (usually 5%-10% of the purchase price), and a completion date will be set. The timeframe between the exchange of contracts and the completion date is usually 1 to 2 weeks.
Step 4: Completion (1 day)
Completion is the final step in the process and is typically carried out by the solicitors. On the agreed completion date, the buyer’s solicitor will transfer the remaining funds to the seller’s solicitor, and the property ownership will officially be transferred to the buyer. This process usually takes only one day.
It’s important to note that the timeline provided is a general guideline and can be subject to delays due to various factors, such as complications in the conveyancing process, financing issues, or unforeseen circumstances. It’s advisable for both buyers and sellers to communicate regularly with their solicitors and keep track of the progress to ensure a smooth and timely completion.
In conclusion, the timeline from a sold property subject to contract to completion can take around 2 to 3 months, depending on the individual circumstances of the transaction. Being prepared, proactive, and staying in close contact with the relevant parties throughout the process can help facilitate a seamless and faster completion.
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