When an offer accepted is accepted on your house, instruct solicitors straight away and the solicitor will issue property forms to you to complete and return
Solicitors will obtain office copies from Land Registry if the property registered or locate the title deeds if not
Solicitor requests redemption figure from lender to confirm that there are sufficient funds to redeem all charges against the property
When office copies/deeds received contracts prepared and sent to buyer’s solicitors along with completed property forms
Solicitor deals with any enquiries raised by buyer’s solicitors and approves transfer deed. We will probably require your assistance to deal with a number of the enquiries
When all enquiries are satisfied you can sign contracts and discuss preferred completion date
When all parties in chain are ready – contracts are exchanged and the completion date set – all parties are now bound to complete on the set date and may be subject to financial penalties if they fail to do so. At this point deposit(s) are paid and generally held by the solicitors until completion
Solicitor applies for up to date redemption figure to the date of completion
On the completion day, the solicitor receive the monies in from the buyers’ solicitor, repays the mortgage, pays the estate agent, and accounts to you for the legal fees, and either transfers any balance to be used on a related purchase or to the you by cheque or bank transfer
When we receive the sale money in, the estate agents are informed and instructed to release the keys.
The seller vacates the property and hands the keys in at the agents (this should happen by the time set for completion in the contract – usually 2.00 pm but is sometimes earlier)
Before an offer is places, estate agents will normally require sight of proof that a buyer can pay for the property, either by way of bank statement, or offer in principal from a mortgage lender. Once an offer is accepted, you should instruct a solicitor straight away and apply formally for a mortgage and ensure that a surveyor is instructed
Once the survey is carried out, if it is acceptable, estate agents send details of buyers and sellers to both sets of solicitors (some estate agents do this befor ethe survey is carried out)
Solicitor writes to sellers’ solicitors requesting contracts and once the contract pack is received, searches are applied for
Solicitor checks contract pack, raises enquiries, sends copy of property forms to buyers and drafts the transfer deed
When the search results come in – solicitor checks, raises any further enquiries and reports any findings of note to buyers
Mortgage offer is received
Solicitor prepares a stamp duty return form on behalf of the buyers
When all replies to enquires are satisfactory, a full report is made to the buyers and they are asked to sign the contract, transfer, mortgage deed and stamp duty form, pay their deposit to the solicitor and preferred completion dates discussed
When all parties in the chain are ready, contracts are exchanged and a completion date agreed. The buyers pay their 10% deposit. All parties are now bound to complete on the completion date.
Solicitor requests the mortgage advance from the lender to be received the day before completion (to ensure that there are no delays on the day of completion)
Solicitor carries out bankruptcy searches and official search at the Land Registry to ensure that no alterations have been made to the seller’s title
Solicitor prepares completion statement and requests any further monies required from the client to be received the day before completion (at the very latest)
On completion day solicitor instructs the bank to send the purchase monies to the sellers’ solicitors
When the solicitors are informed that the sellers’ solicitors have received the money, the solicitor informs the buyers that the purchase has been completed and where the keys can be collected
Following completion, the solicitor will submit the stamp duty form and pay (on behalf of the buyer) any stamp duty, apply to register the transfer at the Land Registry, monitor and chase evidence of the repayment of the sellers’ mortgage by the sellers’ solicitors and send a copy of the title information document, showing the new ownership, to the buyers and their lenders when received from the Land Registry
NB – The purchase (or sale) of leasehold properties involves further steps and enquiries and the information from third parties. For this reason leasehold transactions generally take longer and further costs are involved, both in terms of legal fees and costs incurred by buyers and sellers.
Barrass White Legal
G4, The Enterprise Village
Prince Albert Gardens
North East Lincolnshire
Tel: 01472 353961
SRA Registration Number: 607982
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We are available Monday to Thursday 9-5 and Friday 9-4.30 and will endeavour to respond to all emails and telephone messages within one working day. If we are not available when you call, please leave a message or send an email and we will get back to you.
We will also be available at other times, by appointment.