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
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Asks you to complete information forms
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Sends out the contract to the Buyer's conveyancer with
legal information |
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Answers buyer's enquiries (if any)
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Asks you to sign contract and agree a completion date |
Buyer’s Solicitor
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Requests your instructions and a sum of money on account
of expenses |
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Receives the contract, title information,
boundary plan and other
legal information from Seller's conveyancer and
raises enquiries if necessary |
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Arranges for local authority and any other relevant
searches |
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Receives mortgage offer from lender where applicable
|
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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
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Receives Buyer's deposit and signed contract from
Buyer's conveyancer |
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Obtains redemption (settlement) figure for your mortgage
|
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Approves Transfer deed and arranges for you to sign it
before completion date if not already signed |
Buyer's Conveyancer
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Sends signed contract and deposit to seller's
conveyancer |
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Prepares transfer deed and
mortgage deed and sends them to you to sign |
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Carries out final searches |
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Prepares final accounts and requests any money payable
by you before the completion date |
Stage C: COMPLETION
Seller's Conveyancer
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Receives balance of sale monies and notifies Seller and
estate agent so keys can be released to the Buyer |
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Pays off outstanding mortgage if any, and estate agents'
account |
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Sends Transfer document to Buyer's conveyancer |
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Sends balance to you or puts towards purchase (if any)
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Buyer's Conveyancer
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Sends balance of money to Seller's conveyancer |
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Pays Stamp Duty Land Tax (if applicable)
|
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Deals with all registration requirements at Land
Registry |
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Sends confirmation of registration to you and to your
Lender (if you have a mortgage) |
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