BUYING AND SELLING - The Process

The Property:

1. The Property is placed on the open market normally via an Estate agent by the Seller

The Offer:

1. An offer is made by a potential buyer at a price which is accepted by the seller

Instruction of Solicitors:

1. The Seller and Buyer will choose a solicitor to use in the conveyancing process.

Buyer’s instructs a Valuation/Survey/Mortgage Offer:

1. At this time the buyer should go through the process of obtaining a mortgage offer if needed and simultaneously instruct a survey

Seller’s Solicitor Drafts the Contractual Package:

1. The Seller’s solicitor will draft papers and forward these onto the solicitor acting for the Buyer. These papers will include:
1. The Contract
2. Copy legal ownership (title)
3. Property information forms/fixtures and fitting form
4. Leasehold/commonhold information if applicable

Buyer’s solicitor’s response:

1. A response will be provided to the contractual package and enquiries raised. The number of enquiries will depend on whether the property is freehold, leasehold or commonhold.
2. Local authority, Water, Environmental, Chancel Check (if applicable) searches will be instructed and enquiries raised on their results if needed
3. Further enquiries may potentially be raised upon survey reports once received
4. The mortgage offer if applicable should be to hand sooner rather than later and the conditions adhered to.

Seller’s Solicitor Qualify Enquiries:

1. Once the enquiries of the buyer’s solicitors have been answered an exchange of contracts will be possible

Transfer of Deposit Funds

1. The Buyer’s solicitor will request that his client now provide deposit funds or full balance funds after taking into account the mortgage advance available
2. These funds must be provided by the buyer in accordance with the solicitors and money laundering guidelines and solely from their own resources

The Exchange (the binding contract)

1. The exchange is the formal legally binding contract carried out normally over the phone by the buyer’s and seller’s solicitor

The Completion (moving in date)

1. The Completion date will be set from the date of exchange and will normally be in the region of 10 - 14 days from exchange. The gap between the two dates (exchange and completion) will give each party a definite time frame to arrange their move.

After you move in (Post completion)

1. At this stage the parties will generally have very little contact with their solicitor. This stage in the process is used to pay SDLT (Stamp Duty Land Tax (if app)) and register the property at the Land Registry.

Home Information Packs (HIPS) on a  phased basis from 1st August 2007

The HIPS will change the goals posts of the above guidelines. More specifically the draft contractual package and its contents will largely be supplied in the form of a HIP and readily available from the seller or his estate agent.

Please click here for a detailed overview of the HIP process.