Step by Step Guide

The legal process of buying your New Home can be broken down into 3 main stages.

You can use the following as a check list to assist you keep track of your progress:

Stage A: BEFORE EXCHANGE OF CONTRACTS
Stage B: EXCHANGE OF CONTRACTS
Stage C: COMPLETION

Stage A: BEFORE EXCHANGE OF CONTRACTS

Sellers Solicitors

• Asks you to complete information forms
• Sends out the contract to the Buyer's conveyancer with legal information
• Answers additional enquiries (if any)
• Asks you to sign contract (and usually the Transfer deed) and agree a completion date

Buyers Solicitors

Where there is NO Home Information Pack available for the Property

• Requests your instructions and a sum of money on account of expenses
• Receives the contract, title information, plan and other legal information from Seller's conveyancer and asks additional enquiries if necessary
• Arranges for local authority and any other relevant searches
• Receives mortgage offer from lender where applicable
• Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller's conveyancer and confirms ready to exchange contracts

Where there is a Home information Pack available for the Property:

• Requests your instructions and a sum of money on account of expenses
• Receives the contract and Home Information Pack from Seller's conveyancer and asks additional enquiries if necessary
• Receives mortgage offer from lender where applicable
• Reports to you on the information gathered and sends contract for signature together with Stamp Duty Land Tax return; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller's conveyancer and confirms ready to exchange contracts
  

Stage B: EXCHANGE OF CONTRACTS

Seller's Conveyancer

• Receives Buyer's deposit and signed contract from Buyer's conveyancer
• Obtains redemption (settlement) figure for your mortgage
• Approves Transfer deed and arranges for you to sign it before completion date if not already signed

Buyer's Conveyancer

• Sends signed contract and deposit to seller's conveyancer
• Prepares transfer deed and mortgage deed and sends them to you to sign
• Carries out final searches
• Prepares final accounts and requests any monies payable by you before the completion date

Stage C: COMPLETION

Seller's Conveyancer

• Receives balance of sale monies and notifies Seller and estate agent
• Pays off outstanding mortgage if any, and estate agents' account
• Sends Transfer document to Buyer's conveyancer
• Sends balance to you or puts towards purchase (if any)

Buyer's Conveyancer

• Sends balance of money to Seller's conveyancer
• Pays Stamp Duty Land Tax (if applicable)
• Deals with all registration requirements at H.M.Land Registry
• Sends confirmation of registration to you and to your bank or building society (if you have a mortgage)