agreed at this stage). Solicitor can then exchange contracts with the seller's solicitor. The sale is now legally binding.
5. Once contracts have exchanged solicitor can prepare the final accounts.
6. Final searches are then made against the property and you.
Completion
7. On the completion date solicitor will hand over the balance of the funds and receive in return the title deeds from the seller's solicitors.
8. If applicable, stamp duty is paid, and we will arrange to register the transfer at the Land Registry. Once the title is registered solicitor will supply a copy to you and send the original document to your lender.
1. Once you have instructed solicitor, one of solicitors Property Lawyers will obtain your title deeds and Land Registry copies. You will then be asked to complete a 'Property Information Form' and a 'Fixtures, Fittings and Contents Form.' If the property is leasehold there will be an additional form.
2. Solicitor will also ask you to give us any guarantees or other documents not held with your title deeds e.g. damp and timber reports, planning consents for alterations and extensions etc.
3. The draft contract will be prepared and sent to the buyer's solicitors, who will then carry out various searches (this can take up to four weeks). Solicitor must answer any queries they may have with your help. Once these queries have been answered you will be asked to sign the contract.
Exchange of Contracts
4. Once everything is agreed (including completion date) and the contract is signed Solicitor can proceed to exchange contracts. At this stage the sale becomes legally binding. The Buyer's solicitors will send a deposit to your solicitor.
5. Solicitor will approve the transfer deed and ask you to sign it. Solicitor will also apply for any mortgage redemption figure and prepare the final accounts.
Completion
6. On the completion date solicitor will receive the balance of the sale price, in return for which we will hand over the title deeds to the buyer's solictors.
7. Solicitor will redeem (pay off) any mortgage out of the sale proceeds, collect solicitor legal fees and disbursements and will forward any left over money to you, unless you are using it for a related purchase. |
