Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
Buying And Selling A House
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Making the buying and selling a house process as clear as crystal!

Do you know what is involved in the buying and selling a house process?

Want to get clued up on the process? Below is our step by step guide, so that you are no longer in the dark and you have a clear picture of the conveyancing services required.

If you have any questions see our ‘Moving Home FAQ’s’ section below or please don’t hesitate to get in touch.

The process
Buying a house
Selling a house
STAGE 1

Initial Instructions from you

Once we have received your initial instructions we will ask you to complete and return some initial paperwork together with cleared funds for any searches you wish to order.

Initial Instructions from you

We speak to you about the sale and take all the necessary details to start the process

STAGE 2

Receive draft contract

The Seller’s solicitors will prepare the draft Contract for the sale and send this to us along with the Official Copies (electronic title deeds), property forms and copies of any relevant documents relating to the property. We would expect to receive this within 1 week from the Memorandum of Sale being issued by the agent.

Contact with your mortgage lender

We will apply to your current mortgage lender for the title deeds to the property and ask them for a statement showing the amount left to repay.

STAGE 3

Searches and investigation of title

We will then carry out any searches requested by you and review the paperwork sent by the Seller’s solicitor. If we have any queries about the property or any of the paperwork we will get in touch with the Seller’s solicitor, who may need to refer to the Seller. Searches usually take 10 working days to be returned.

Obtain documents from the Land Registry

We will obtain copies of the up to date electronic deeds (Official Copies) from the Land Registry with the £12.00 you have provided us with.

STAGE 4

Report

Once the Seller’s solicitor has replied to all enquiries raised by us and we have received the result of any searches, we will send you a report on the property along with a report on your mortgage offer (if applicable). We will also set out the financial side of the transaction, providing you with a completion statement showing the total amount due from you to be able to complete.

Preparation of draft contract

Once these are received we prepare the draft Contract for the sale and send this along with the Official Copies, property forms and copies of any relevant documents to the Buyer’s solicitors. It usually goes a little quiet for approximately a week whilst the Buyer’s solicitors read through the contract paperwork.

Buying a house
Selling a house
STAGE 5

Signing

If you are happy with the paperwork, we will arrange for you to sign and a completion date is then agreed between all parties in the transaction. At this point you will transfer the deposit (usually 10% of the purchase price) to us and at that point we will be ready to exchange contracts.

Enquiries raised by Buyer’s Solicitor

At this point the Buyer’s solicitors will carry out any searches requested by the Buyer and review the paperwork sent by us. If they have any queries about the property or any of the paperwork they will get in touch with us, we may need to refer to you at this point.

STAGE 6

Exchange of Contracts

On exchange of contracts the transaction (and completion date) becomes legally binding. We will send the deposit to the Seller’s solicitor and request your mortgage advance from your lender. You must ensure that the balance of the funds due from you is with us at least the working day before completion.

Agree a completion date

Once we have replied to all enquiries raised by the Buyer’s solicitors we will arrange for you to sign the paperwork and a completion is agreed between all parties in the transaction. The Buyer will transfer the deposit to their solicitor and at that point we will be ready to exchange contracts.

STAGE 7

Completion

Completion is the ‘moving day’ and the balance of the purchase price is transferred to the Seller’s solicitor. The Seller will leave the keys with the estate agent and as soon as the Seller’s solicitor received the funds from us the estate agent will release the keys to you.

Exchange of Contracts

On exchange of contracts the transaction (and completion date) becomes legally binding. We will receive the deposit from the Buyer’s solicitor and request a final redemption statement from your lender.

STAGE 8

Completion

Completion is the ‘moving day’ and the balance of the sale price is transferred to us by the Buyer’s solicitor. You must ensure that the keys are left with the estate agent, who will hold them until we have received the funds from the Buyer’s solicitors. We will repay your existing mortgage and settle all fees from the sale proceeds, the balance will then be sent to you.

How long does it take?

Every transaction is different so there is no exact timescale, although on average a transaction takes between 6 and 8 weeks. This depends on how long the chain is, mortgage funding and if there are any problems with the title.

When can I book removals or serve notice on my rented accommodation?

Until contracts have been exchanged the transaction is not legally binding and any party can withdraw without any penalty. We would therefore always advise you not to make any arrangements until we have exchanged contracts as you may incur costs should completion be delayed or not take place.

Why does completion have to take place on a weekday?

On the day of completion funds are transferred between each solicitor by CHAPS payments (same day transfer), the banks do not offer this facility at the weekend.