There are three main stages
involved in any conveyancing
transaction and we have set out below a summary of what
each solicitor does at each stage.
First Stage: Sale
Agreed
Sellers solicitor
· Applies for your title deeds and asks
you to fill in enquiry forms · Prepares a contract and sends this
out with a legal information pack · Answers any additional enquiries
buyers solicitor may have · Negotiates the moving (completion)
date
Buyers solicitor · Asks you for money on account
of expenses · Receives contract and other papers
from sellers solicitor and
asks additional enquiries if necessary · Carries out local authority search
· Receives mortgage offer · Reports to you with contract for
signature and requests deposit
(or uses deposit from sale - if any)
Second Stage: Exchange
of Contracts
Sellers solicitor · Receives the buyer's deposit
· Obtains a settlement figure for
your mortgage · Approves the transfer deed and arranges
for you to sign it
Buyers solicitor · Sends contract and deposit to seller's
solicitor · Prepares transfer and mortgage deed
and sends them to you to sign · Arranges final searches · Prepares final accounts and requests
any monies required from you
Third Stage: Completion
Sellers solicitor · Receives balance of purchase
price · Pays off the mortgage · Hands over the deeds · Sends you the balance or uses this
towards purchase (if any)
Buyers solicitor · Sends balance to sellers solicitor
and collects deeds · Pays stamp duty (if any) · Registers purchase at Land Registry
· Sends deeds to Bank or Building
Society (if any)
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