STEP BY STEP GUIDE

The legal process of buying your New Home can be broken down into three main stages. You can use the following as a checklist to assist you in keeping track of your progress:
Stage A: BEFORE EXCHANGE OF CONTRACTS
Stage B: EXCHANGE OF CONTRACTS
Stage C: COMPLETION

Stage A: BEFORE EXCHANGE OF CONTRACTS
Seller’s Solicitor

Asks you to complete information forms
Sends out the contract to the Buyer's conveyancer with legal information
Answers buyer's enquiries (if any)
Asks you to sign contract and agree a completion date

Buyer’s Solicitor
 

Requests your instructions and a sum of money on account of expenses
Receives the contract, title information, boundary plan and other legal information from Seller's conveyancer and raises enquiries if necessary
Arranges for local authority and any other relevant searches
Receives mortgage offer from lender where applicable
Reports to you on the information gathered and sends contract for signature; requests deposit (or uses deposit from sale, if any), agrees completion date with Seller's conveyancer and confirms ready to exchange contracts

Stage B: EXCHANGE OF CONTRACTS
Seller's Conveyancer

Receives Buyer's deposit and signed contract from Buyer's conveyancer
Obtains redemption (settlement) figure for your mortgage
Approves Transfer deed and arranges for you to sign it before completion date if not already signed

Buyer's Conveyancer

Sends signed contract and deposit to seller's conveyancer
Prepares transfer deed and mortgage deed and sends them to you to sign
Carries out final searches
Prepares final accounts and requests any money payable by you before the completion date

Stage C: COMPLETION
Seller's Conveyancer

Receives balance of sale monies and notifies Seller and estate agent so keys can be released to the Buyer
Pays off outstanding mortgage if any, and estate agents' account
Sends Transfer document to Buyer's conveyancer
Sends balance to you or puts towards purchase (if any)

Buyer's Conveyancer

Sends balance of money to Seller's conveyancer
Pays Stamp Duty Land Tax (if applicable)
Deals with all registration requirements at Land Registry
Sends confirmation of registration to you and to your Lender (if you have a mortgage)
step by step

call 0845 644 3620

Priestgate House
3-7 Priestgate
Peterborough
PE1 1JN
Telephone: 0845 644 3620
Fax: 01733 427277
Practice licence number: 11309

Registered in England & Wales No. 5357454
Regulated by the Council for Licensed Conveyancers

 

   

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