Have you ever wondered what the process is when your solicitors take over the legal process of selling and buying your home? This article details the basic stages involved in moving house and will assist you in your move and remove some of the confusion that often surrounds the legal process. At Veitch Penny you can be ensured that you will receive a high quality service conducted by experienced and qualified conveyancers.
In a reasonably straightforward transaction with no unusual problems arising, the procedure would briefly be as follows:
|Stage||Your Sale||Your Purchase|
|1||We take your full instructions and you supply proof of identification.||We take your full instructions and you supply proof of identification.|
|2||You receive from us an introductory letter and enquiry forms to complete relating to the sale of your property. This usually includes a Contents and Fittings Form.||We request from you the cost of any searches we need to carry out, usually £150 at this stage.|
|3||We obtain your deeds and copy Land Registry documents (if necessary) and prepare a draft contract.||We receive the draft contract from your seller's solicitors with copy Land Registry documents or copy Title Deeds|
|4||We send out the draft contract and your completed enquiry forms to your buyer's solicitors.||We carry out the local authority search and also a water and drainage search of the property you are buying.|
|5||We answer any other enquiries which are received from your buyer's solicitors.||We raise any extra necessary enquiries relating to the contract documents and search results.|
|6||We liaise with your proposed lender (if any) regarding receipt of your mortgage offer and assist with any special conditions that may be imposed by the offer.|
To complete this initial stage takes approximately 6-8 weeks depending on whether a 'chain' is involved. At this stage, if everything is in order, we can then exchange contracts.
Once Contracts are exchanged you are legally committed to move and a completion date will be set. At this stage you must insure the property you are purchasing as the property becomes your responsibility.
The final aspects of the procedure leading up to the completion are as follows:
|Stage||Your Sale||Your Purchase|
|1||We receive the final documents of transfer from the buyer's solicitor.||We draft the final legal documents of transfer and mortgage.|
|2||We deal with any final questions from the buyer's solicitor.||We carry out final pre-completion searches.|
|3||We obtain a settlement figure for any existing mortgages you have on your property||We prepare a report to send to your proposed lender and request the mortgage money.|
|4||On completion (moving) day we receive the monies on your sale from your buyer's solicitor and hand over the deeds.||After your sale has been completed, we pay the monies over on your Purchase and receive your new Deeds. You are then free to move into your new home.|
We will prepare a completion statement for you, and if this shows that there is a balance due (including our own costs, Land Registry fees, Stamp Duty Land Tax etc) then we will ask that you provide us with this sum at this time.
After completion, we deal with the formalities with HM Revenue & Customs and register your ownership of the new property at the Land Registry. Ultimately, your new deeds will be forwarded to your new Lender or, if you don't have a mortgage, then we will receive them.
The above is a guide only and many factors may influence the process. For further information regarding buying or selling property please contact us on 01392 344800 or