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