When a sale has been agreed upon, both seller and buyer’s solicitors will go through the following stages.
SELLER’S SOLICITOR’S STEPS
1. Obtain a copy of the Title Deeds
2. Obtain a copy of the Energy Performance Certificate (EPC)
3. The Seller will return a completed Property Information Form and a Fixtures, Fitting and Contents Form to the Solicitor
4. Copies of the above and a draft contract, will be sent to the buyer’s solicitor
5. Obtain copies of any planning consent documents and answer the buyer’s enquiries
6. Agree on the Contract and arrange for the Seller to sign it in readiness for the exchange
7. All parties agree on completion dates and the Contracts are exchanged
BUYER’S SOLICITOR’S STEPS
1. Obtain the information pack, including a copy of the EPC from the seller’s solicitor, and raise any queries.
2. Initiate any specialist searches. Submit local, environmental and water searches and a chancel check. This can take about 10 working days in total, and enquiries are raised from the searches results.
3. Approve the Contract once all enquiries are satisfactory. At this stage, a mortgage transfer deed will need to be signed and witnessed
4. Received a mortgage offer and instruction from the Lender, the solicitor will deal with any conditions set out by the lender.
5. Request the deposit and arrange for the contract to be signed. Place building insurance and life cover in force
6. All parties agree completion dates and Contracts are exchanged.
BETWEEN EXCHANGE AND COMPLETION
The seller’s solicitor approves the transfer and arranges for the parties to sign, receives the agent’s fee account and seeks the seller’s consent to settle these out-of-completion funds.
The buyer’s solicitor raises “requisition on title” and prepares the draft transfer deed, reports on the title to the mortgage lender, and obtains funds for completion, including stamp duty.
COMPLETION DATE
This is the date the ownership of the property passes from the seller to the buyer, and it follows the successful transfer of funds. Upon completion, the buyer’s solicitor forwards to the seller’s solicitor the balance of funds, only after that, the seller’s solicitor can authorise the key release. The buyer’s solicitor receives from the seller’s solicitor the transfer document deeds, stamps the Transfer Deed, registers the buyer’s ownership with the Land Registry and forwards the deeds to the lender. The seller’s solicitor will forward evidence of “discharge of mortgage” to the buyer’s solicitor.
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