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)