Selling and buying property is a big step to undertake.  It can be a daunting process and the following may help you to understand what happens during a typical transaction.

Before exchanging contracts

After receiving your instructions to act we will receive the memorandum of sale from the estate agents acting for the seller.  This will allow the solicitors acting for the seller to draft the contract and prepare the supporting paperwork to send to the buyer's solicitors. 

When we have received the contract papers, we carry out searches and  investigate any matters affecting the property to ensure they are acceptable to you and to your mortgage lender.

• We investigate the legal title to the property to confirm not only that the seller has the ability to sell the property, but also to confirm whether there are any matters (such as rights of way, restrictions on the use and enjoyment of the property etc.) which may affect your decision to proceed with the purchase. 
• If the property is leasehold we will also ensure that the lease complies with your mortgage lender's requirements and will check the service charge, ground rent and major works position.
• We recommend, on purchasing a property, that you carry out a number of searches to ensure there is nothing which would affect your decision to proceed.  If you are purchasing the property with a mortgage we will be required to carry out these searches as part of your mortgage lender's requirements. These may include a Local Authority search, Drainage & Water search, Environmental search, amongst others.  A Chancel Search will also be carried out; further information on the reason for this search can be found on the Chancel Repair liability page of our website.
• We will raise enquiries with the seller's solicitors asking the seller to provide replies to those enquiries which may include matters such as boundaries, extensions, and whether there have been any disputes with neighbours.
• We will deal with preparing a draft contract and agreeing it with the other solicitors.  The deposit is usually 10% (or sometimes 5%) of the purchase price.
• We will report to you in detail on the title to the property and the results of our searches and enquiries.  Usually this is done in writing with a follow up meeting in person if you would prefer.

You should make arrangements to put in place buildings insurance from the day of exchange of contracts if you are buying a freehold property.  If you are purchasing a leasehold property it is usually the case that buildings insurance is provided by the freeholder.

Your mortgage lender will arrange for a valuation to be carried out, but you may wish to contact a surveyor to have a more detailed survey prepared.

Exchange of Contracts to Completion (the moving day)

We will exchange contracts with the other solicitors, and pay the deposit to them.  We also agree a completion date.  The agreement to purchase the property is now legally binding and if you withdraw you will forfeit your deposit. 

Before completion we will carry out some final searches and will prepare a final completion statement for you detailing the exact balance due from you in order to complete your purchase.

On the moving day itself we pay the balance of the purchase price to the seller’s solicitors.  You will usually be able to pick up the keys from the estate agent by around 2pm, and you should make removals arrangements with this in mind.

 Completion and afterwards

After completion we will apply to the Land Registry to register the transfer of the property into your name, and then send you copies of their updated records.  The title deeds to the property are not normally held by mortgage lenders any more and will we therefore return these documents to you following completion of the registration process.

It is likely that Stamp Duty Land Tax will be payable, and we will deal with this on your behalf.