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Conveyancing

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).