Buying and Selling a House

This is probably the most important legal process that most people will come across.
It can be quite a stressful time particularly if you have not been involved in a house sale or purchase before.

Buying

You may well have moved house before but on the other hand you may be a ‘first-time buyer’. When you have decided on a property, usually through an Estate Agent, the solicitors acting for each side are given full details of the price, the property and any other terms agreed.

The solicitor acting on your behalf - the Buyer - will then carry out the following:
Check through the Contract documents provided by the Seller’s solicitor in the Home Information Pack (Title, Water & Drainage Search & Local Authority Search).  Sometimes it will still be necessary to update the searches at your expense if the search received is too old for your mortgage lender.

Go through all the documents with you and explain anything unusual.
Discuss with you the finance for the purchase and the likely time scale. He will also go through the mortgage documents if you are buying with the help of a Bank or Building Society Mortgage.

When both sides are ready and a date for completion has been agreed, your solicitor will exchange contracts with the Seller’s solicitor - this is the stage at which the transaction is binding and neither side can back out.

Prepare the final documents for the purchase and arrange for you to sign them.Ensure that the money payable at completion is organised including obtaining the mortgage funds.

On the day of completion transmit the funds to the Seller’s solicitor and in return will obtain the Title Deeds and make sure the keys are available to you.

After completion pay any stamp duty to the Government and register the change of ownership with the Land Registry.

It is a complicated process but we will be happy to guide you through it and answer any queries you may have on any aspect, which may be worrying you.

Selling

Many of the steps involved can be understood from what is set out above but in particular we will carry out the following:

Obtain your title deeds and prepare the Contract documents including organising the preparation of your Home Information Pack (usually through your estate agent).

Ask you to complete a Property Information Form and a Fixtures and Fittings Form.

Answer any queries, which the solicitor acting for the Buyer may have.

Check the Contract with you and, when ready, ask you to sign it.

Exchange contracts with the Seller’s solicitor.  He will also at this time obtain from your Bank or Building Society the figure required to pay off any existing mortgage and will also obtain the commission account from the Estate Agent.

 Approve the final documents and obtain your signature to them.

On completion pass over the title deeds in return for the balance of the purchase price (part will have been paid on exchange of contracts).  We will also pay off the existing mortgage (if any) and pay the Estate Agents.

Finally, send you a cheque for the balance of the sale price together with a Statement showing how it is comprised.

This is only a summary of what the solicitor deals with on your behalf - a lot goes on behind the scenes to ensure that the transaction is completed as smoothly as possible. If you have any queries or worries at any time please do not hesitate to talk it over with us.