One of the first things you should do when buying or selling is instruct your amazon conveyancing.
If you’re a seller this gives time to prepare a draft contract and sort out the various forms and documents that will be required once you find a buyer.
If you’re a buyer it’s good to have your amazon conveyancing standing by so that when you do find a property you’re ready to move straight away.
Make sure that any quote you get is fixed fee otherwise the bill can rapidly creep up – especially if there are unforeseen complications: a few letters at £50 each soon add up. Also, check that disbursements (expenses) are included in the quote.
What happens between offer and exchange?
Even though your solicitor handles the legal process it’s good to understand the basics so that you know what’s going on and what to ask.
Here’s the broad outline. To see the process in more detail go to the Buying or Selling pages.
1. Seller’s solicitor sends draft contract to buyer’s solicitor
2. Seller gives their solicitor a copy of the HIP and this is passed on to the buyer’s solicitor and buyer
3. Buyer’s solicitor carries out property searches and looks for information affecting the property
4. Buyer’s mortgage lender values the property
5. Buyer gets survey done (optional, but advisable)
6. Buyer’s solicitor sends “preliminary enquiries” to seller via seller’s solicitor. Seller must answer these questions honestly – if they don’t know the answer they should state “don’t know”
7. Once searches and enquiries are completed and the contract agreed the parties are ready to exchange
8. Buyer and seller each sign a copy of the contract and “exchange” them. The solicitors usually take care of the exchange part so people don’t all have to be in the same place
9. The buyer pays the deposit
The contract is now binding and if the buyer pulls out they will lose their deposit (unless they were misled into signing the contract).
This is when the property finally changes hands. Through their solicitors the buyer pays off the remainder of the purchase price and the seller hands over the keys.
The buyer’s solicitor will arrange for the payment of and Stamp Duty (SDLT) and will register the transfer of the property with the Land Registry.