MOVING HOUSE: What you need to know:

Buying and/or selling property can be a stressful and difficult time for just about everyone.

With all the uncertainties involved you will at least need to be sure that your interests are being looked after by your solicitor. I will ensure that the process is as smoothly run as possible and will keep you informed as to what is happening.

If you are at all unfamiliar with the process of purchasing and selling property then the outline below will help you identify the most important stages in conveyancing transactions.

Glossary of terms used for the unfamiliar:

Contract:
This is a formal document setting out the names and addresses of the Seller and the Buyer, a description of the property which is the subject of the transaction, the price, the completion date (not completed until exchange of contracts: see below) and other technical terms.

Local Authority Search:
This is a search made at the Local Authority in which the property is situated - usually the District or Borough Council, London Borough or Metropolitan Council. The result will of the search will give information about the development plans for the area (in general terms), the roads abutting the property and planning history.

Legal Title
Is the basis upon which the ownership of the property is established. In England and Wales the majority of properties now have a legal title registered with Her Majesty's land Registry. Some properties still have an unregistered title.

Exchange of Contracts
This is the moment when a buyer becomes obliged to buy the property and the seller becomes obliged to sell: at a specified price on a specified day.
It is the most vital time in the conveyancing process because up to this point either party may withdraw from the transaction without any legal obligation to the other party.

Completion
The day you give or take possession of the property.

   
Purchasing a property

1. On your behalf I will obtain from the seller's solicitors a contract of purchase and supporting documents. The papers will include a fixtures and fittings list advising you exactly what the seller will be leaving in the property on completion.
2. If you are obtaining a mortgage you will need to make a contact with your lender and complete a mortgage application and provide the lender with my name and address. The lender will then arrange for the property to be valued and you will need to consider your own survey at this early stage.
3. I will require from you a cheque to cover the cost of the local authority search.
4. At this stage formal enquiries are made about the legal title of the property to the sellers' solicitors along with any specific enquires or concerns that you may have.
5. When I have to hand the replies to the enquiries raised along with the result of your local search and your mortgage offer (if any) I will be in a position to report to you on the legal title – this I will usually do by a written contract report. Some clients may wish to visit the office and discuss the contract with me and that would be quite acceptable.
6. When you are ready to proceed and have agreed a date with the seller to take possession of the property we can then move on to the exchange of contracts.
7. After the exchange of contracts I will carry out the final searches, prepare documentation for the transaction and apply for your mortgage advance.
8. At this stage is may be it may be necessary for you to provide additional monies in advance of completion to cover the purchase price and costs.
9. Finally on the day of completion you will be able to take vacant possession of the property.

Selling a property

1. If you have a mortgage on your property you will need to provide me with the name and address of your building society or bank, and your mortgage account number. If you do not have a mortgage you will need to let me have the title deeds or know the whereabouts of your title deeds.
2. As soon as your title deeds have been made available to me I will prepare a contract for the solicitor acting for your buyer.
3. Next I will ask you to complete some forms for me: a fixtures and fittings form and a questionnaire about the property. (These are both available to view and print from this site.) CLICK HERE
4. It is not unusual for the buyers solicitor to make some additional enquires about the property which I will discuss with you.
5. Having obtained the result of their local search application and, where needed, a mortgage offer; the buyer should be ready to exchange contracts.
6. On exchange of contracts the seller becomes legally obliged to sell, the buyer legally obliged to buy. At this stage a date is agreed for completion of the transaction.
7. On the day of completion you have to give vacant possession of the property unless you are selling subject to a tenancy.
8. On the day of completion I will repay any outstanding mortgage(s) on your property and will be able to send you the balance of the sale proceeds by cheque or a same day bank transfer.