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Beginners Guide & Useful Information

There are three main stages involved in any conveyancing transaction and we have set out below a summary of what each solicitor does at each stage.

First Stage: Sale Agreed

Sellers solicitor

· Applies for your title deeds and asks you to fill in   enquiry forms
· Prepares a contract and sends this out with a legal   information pack
· Answers any additional enquiries buyers solicitor may   have
· Negotiates the moving (completion) date

Buyers solicitor

· Asks you for money on account of expenses
· Receives contract and other papers from sellers   solicitor and  asks additional enquiries if necessary
· Carries out local authority search
· Receives mortgage offer
· Reports to you with contract for signature and   requests deposit (or uses deposit from sale - if any)

Second Stage: Exchange of Contracts

Sellers solicitor

· Receives the buyer's deposit
· Obtains a settlement figure for your mortgage
· Approves the transfer deed and arranges for you to   sign it

Buyers solicitor

· Sends contract and deposit to seller's solicitor
· Prepares transfer and mortgage deed and sends them   to you to sign
· Arranges final searches
· Prepares final accounts and requests any monies   required from you

Third Stage: Completion

Sellers solicitor

· Receives balance of purchase price
· Pays off the mortgage
· Hands over the deeds
· Sends you the balance or uses this towards purchase   (if any)

Buyers solicitor

· Sends balance to sellers solicitor and collects deeds
· Pays stamp duty (if any)
· Registers purchase at Land Registry
· Sends deeds to Bank or Building Society (if any)

 

 

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