THE LEGAL PROCESS
There are three main stages involved in any conveyancing
transaction and we have set out below a summary of what happens at each
stage
First Stage: Sale Agreed - up to Exchange of
Contracts
Seller’s solicitor
- Obtains your title deeds.
- Requests you to fill in standard enquiry forms.
- Prepares a contract and sends this out with a legal information pack.
- Answers any additional enquiries the buyer’s solicitor may have.
- Negotiates the moving (completion) date.
Buyer’s solicitor
- Requests of you money on account of searches.
- Receives contract and other papers from seller’s solicitor.
- Carries out searches required.
- Asks additional enquiries.
- Receives mortgage offer.
- Reports to you with contract for signature and requests deposit (or uses
deposit from sale - if any).
Second Stage: Exchange of Contracts - up to Completion (Moving
Date)
Seller’s solicitor
- Receives buyer's contract and deposit.
- Obtains a settlement figure for your mortgage.
- Approves the transfer deed and arranges for you to sign it.
Buyer’s solicitor
- Sends contract and deposit to seller's solicitor.
- Prepares transfer and mortgage deed and sends them to you to sign.
- Arranges final searches.
- Prepares final accounts and requests your mortgage advance and any monies
required from you.
Third Stage: Completion
Seller’s solicitor
- Receives balance of purchase price.
- Pays off the mortgage.
- Hands over the title deeds.
- Sends you the balance or uses this towards purchase (if any).
Buyer’s solicitor
- Sends balance to seller’s solicitor and collects title deeds.
- Pays stamp duty (if any).
- Registers purchase at Land Registry.
- Sends title deeds to Bank or Building Society (if
any).