Selling Your Home

Step 1 At the time of placing property on market with Estate Agent, instruct solicitor.

Step 2 Your solicitor will send some questionnaire documents to you setting out various details about the property including, in particular, the items of fixtures and fittings that you are leaving at the property and those that you are taking away.

Step 3 The seller’s solicitor will obtain a copy of the Land Registry documentation which gives all the title information about the property.

Step 4 Seller’s solicitor prepares the draft contract setting out the terms of the sale and sends it to the buyer’s solicitor with copy title documents and seller’s forms.

Step 5 If the property is leasehold the seller’s solicitor will apply to the freeholder or managing agent’s to obtain up to date service charge information, copy buildings insurance etc.

Step 6 The buyer’s mortgage survey should take place. If an appointment for a survey is not made within a couple of weeks of the sale being agreed you should speak to the estate agent or the buyer direct to enquire as to progress.

Step 7 The buyer’s solicitor will usually raise some enquiries about the property arising out of the information sent to the buyer’s solicitor with the contract papers. Usually your solicitor will be able to deal with some of these enquiries but it may be necessary to take your further instructions in writing or over the telephone in respect of some of the enquiries.

Step 8 Once the enquiries have been dealt with the seller’s solicitor will send the contract to the seller for signature.

Step 9 The solicitors exchange contracts fixing a moving date and making the sale of the property legally binding on both parties.

Step 10 The Seller’s solicitor provides the buyer with payment details, agrees the completion arrangements and a statement showing the balance of the monies required but the seller (if the property is leasehold this will take into account any ground rent and service charges that may be outstanding or paid in advance).

Step 11 The Seller’s solicitor will ask the seller’s mortgage company if appropriate for a figure for the monies that will be necessary to pay to discharge their existing mortgage over the property.

Step 12 The Seller’s solicitor will forward sufficient monies to the seller’s mortgage company to redeem the mortgage, will pay the agent’s fees, legal costs and send the balance to the seller (or use it towards the price of any other property that the seller is buying).

Buying Your Home

Step 1 After agreeing terms of purchase with Estate Agent instruct Solicitor to act.

Step 2 The buyer pays his solicitor monies for searches so that these can be submitted as soon as the draft contract is received.

Step 3 The buyer’s mortgage survey takes place plus any further survey that the buyer has requested to be carried out.

Step 4 When the draft contract is received the buyer’s solicitor will check the copies of the title deeds received, the property information forms, (plus if leasehold, a copy of the lease and leasehold information) and raise any enquiries on the paperwork with the seller’s solicitors that appear necessary.

Step 5 The buyer’s solicitor will raise searches using the plans attached to the deeds.

Step 6 The buyer’s solicitor will receive the results of the searches that he has carried out against the property and raise any further questions of the seller that the results may require.

Step 7 The buyer and the buyer’s solicitor will both receive copies of any mortgage offer being obtained by the buyer.

Step 8 The buyer’s solicitor will prepare a written report to the buyer on the property based on the searches, deeds and replies to enquiries received. This explains in clear non technical language the important legal aspects of the title and other matters relating to the property.

Step 9 The buyer then signs the contract and pays his solicitor the deposit monies, normally 10% of the purchase price. Although often a lesser deposit will be acceptable, particularly if you are obtaining a mortgage of more than 90% of the purchase price. If you are selling and buying at the same time, usually your seller will accept the same deposit on your purchase as you receive on your sale and you should not, when buying and selling, therefore, need to pay any deposit. Any deposit you do pay is, of course, credited to you when the final accounts are prepared.

Step 10 The solicitors exchange contracts fixing a moving date and making the sale of the property legally binding on both parties.

Step 11 The buyer’s solicitor notifies the buyer’s mortgage company (if any) of a completion date.

Step 12 The buyer’s solicitor prepares a financial statement showing the monies required from the buyer to be able to complete the purchase of the property.

Step 13 The seller and the buyer organise practical arrangements such as removals in readiness for completion.

Step 14 The buyer puts his solicitor in funds to be able to pay for the property plus his solicitor’s fees and disbursements (stamp duty, land registry fees, etc.).

Step 15 The buyer’s monies (and mortgage monies if appropriate) are received by the buyer’s solicitor and the balance of the purchase price is remitted electronically to the seller’s solicitor.

Step 16 The buyer collects the keys and moves into the property.