Legal process for buying and selling a home
SELLERS
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PURCHASERS
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| Instruction of your solicitor as soon as possible will help aid the legal process when either buying or selling a home. This enables the solicitor to get in hand any relevant documentation before a sale has been agreed thereby enabling the transaction to proceed swiftly. Note some solicitors (including Castles Legals) operate on a no sale no fee basis minimising the risk of abortive costs.
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Once a sale has been agreed the Vendors solicitor will prepare contracts for submission to Purchasers solicitor for approval.
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Upon receipt of contracts purchasers solicitor will in turn submit searches and enquiries. |
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Sellers solicitor will also apply for Deeds to the property which are usually held with the mortgage lender and upon receipt of this information the draft contract paperwork will be forwarded to the buyers solicitor for approval. One copy is then signed and returned to sellers solicitor.
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Once Local Authority Searches and Enquiries have been replied to a completion date can be agreed with all parties concerned. Exchange of Contracts will take place when everybody is ready to commit legally and financially to the transaction and if is at this point that the sale and purchase become legally binding. |
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| Once completion monies are received by sellers solicitor then the selling estate agent will advise both parties involved in the sale and purchase that completion has taken place and that the purchaser may now collect any keys should they be held with them. |
Upon completion mortgage monies are forwarded to the sellers solicitor to pay for your new home. Stamp duty, where applicable, will also be paid for and registration of the transfer of the property will be lodged with HM Land Registry by buyers solicitor. |
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