The legal process - What the buyer's Solicitor will do
Step 1 - The purchase price is agreed
- Solicitor needs to be instructed to act on buyer's behalf
- Requests for payment on account to cover expenses
- Receive contract and other papers from seller's solicitors and makes any additional enquiries necessary
- Carry out local authority searches (Land, water, etc)
- Asks you to agree the property information form
- Receives mortgage offer from Mortgage lender
- Provides buyer with contract for signature and requests deposit
Step 2 - Contracts are exchanged
- Sends contract and deposit to seller's solicitor
- Prepares transfer and mortgage deed before sending them to you to sign
- Prepares final searches and receives fees, stamp duty and any balance due to complete the purchase
Note : After contracts are exchanged the purchase becomes legally binding
Step 3 - Completion
- Sends the balance to sellers solicitor and receive deeds in return
- Pays any stamp duty if required
- Registers the transfer with the land registry
- Sends the title deeds to the mortgage lender or new owner
That's it! You should be able to pick up the keys to your new home and start thinking about decorating!
