A simple guide to the buying and selling process
If you are unsure about the process of buying or selling a property, this article will guide you through the main points, but don't forget that we are on hand to offer assistance at all times.
Selling a property
1 You instruct your chosen solicitor and pay money on account.
2 You return completed forms and I.D.
3 Your solicitor issues Contract Papers to the buyer’s solicitor and they send the contract to you to sign.
4 You then return the signed contract to your solicitor.
5 Your solicitor receives enquiries from the buyer’s solicitor and send them on to you.
6 When your solicitor receives your responses to the enquiries, they will then forward them onto the buyer’s solicitor.
7 Your solicitor then issues a financial statement to you showing the balance available from the sale.
8 The file is signed off by your solicitor.
9 A completion date is agreed between all parties in the chain.
10 An exchange of contracts takes place.
Purchasing a property
1 You instruct your chosen solicitor and pay them on account, return completed forms, I.D. and proof of deposit.
2 The solicitor then receives and reviews contract and title documents and requests searches on the property you are purchasing.
3 Initial enquiries are raised with the seller’s solicitors on the title to the property.
4 The solicitor receives your mortgage offer and report to you on the mortgage with a financial statement and mortgage deed for you to sign.
5 You can then return the signed contract and mortgage deed.
6 Search results are received, and any additional enquiries are raised and the solicitor reports to you regarding the searches.
7 The solicitor receives the replies to title and search enquiries and report to you on these accordingly.
8 They then report to you on the property and enclose a contract for you to sign and return to them (some solicitors send contracts for signing at the beginning).
9 You then send deposit money to your solicitor in preparation for an exchange of contracts.
10 Now there is a final file sign off by the conveyancer.
11 The solicitor requests mortgage funds and requests any remaining balance from you, and a completion date is agreed between all parties.
12 You then exchange contracts.
