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Exchanging contracts
The exchange happens after searches are received, enquiries answered, mortgages in place and any preliminary work completed Once you have exchanged, you have committed to the sale and a completion date will be agreed.

Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.

 

Completion
Completion usually follows a few days or weeks after exchange of contracts and is when you pay for the property and take ownership of it which generally takes place at a certain time of day often midday.

The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!

 

Conveyancing - the legal aspects
Here is our quick guide to understanding what a conveyancer does. They will:

  1. Obtain sellers' responses to questions, such as who owns the boundaries, whether they have had any disputes with neighbours and what fixtures and fittings are included.
  2. Check copies of any guarantees on the property, details of planning permissions and building regulation certificates.
  3. Check the seller really is the owner of the property and prepare a Report on Title for you.
  4. Check local authority searches and plans for the local area.
  5. Pay stamp duty tax on the property.
  6. Arrange registration of title in your name

 

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