Step By Step Guide Once Sold

Step-by-step guide to the conveyancing process.

Solicitor’s steps for buyers

Obtain the information pack, inc copy of EPC from the seller’s solicitor and raise any necessary enquiries

Initiate searches and submit local and environmental searches as well as chancel checks. This on average can take anything up to 14 days and then any additional enquiries are then usually raised from the search results coming back.

Approve the contract when all enquiries are satisfied and complete. At this point your solicitor should be holding a copy of your mortgage offer if applicable and will be sending out your mortgage deed to be signed and witnessed.

With your mortgage offer being held by your solicitor they will need to deal with any conditions that your lender has set out. Make sure life cover and building insurance has been put in place ready for exchange of contracts.

Request the deposit from yourselves, which is normally 5 or 10% of the purchase price. Arrange for contracts to be signed and confirm building and life insurance is fixed in place.

All parties agree a completion date and then contracts are formally exchanged.

What happens between exchange and completion? 

Raise ‘requisition on title’ and prepare draft transfer deed

Report on title to lender and obtain funds for completion, inc stamp duty if appropriate

Prepare accounts, obtain signatures to mortgage deeds and undertake final land registry and land charges checks

Completion day has arrived

Today is the day that the ownership of the property passes from the seller to the buyer. This happens after the full transfer of funds from your solicitor to the seller’s solicitors. The estate agent will then call you to request for you to collect the keys for your new home.

Technical terms made easy

Contract

The agreement that sets the main terms that have been agreed, i.e price, address. Two copies are drawn up and each party needs to sign one in readiness for exchange

Deposit

The part of the purchase price which the buyer pays on exchange

Exchange of contracts

The exchanging of signed contracts by solicitors and at this point the contact is legally binding

EPC

Energy performance certificate, which covers how energy efficient the property is

Mortgage redemption figure

The amount required to repay the outstanding capital/interest of a mortgage

Property information form – Fixture and fittings

Standard forms about the property and what is being and not included in the sale

Requisition on title

An enquiry relating to completion arrangements

Seller’s Pack

Comprises of property information form, fixture and fittings and contents form. Copy of the title deeds and draft contract.

Title deeds

Legal documents that prove ownership and terms on which they are owned

Transfer of Title

The document that passes the ownership from the seller to the buyer