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Making an offer - once the vendor has accepted an offer the purchaser will need to instruct a solicitor. |
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Informing Agents - the purchaser needs to inform the estate agent and mortgage broker of their solicitor's details. |
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Searches - the purchaser's solicitor carries out searches obtained from the Local Authority. The searches usually take 2 to 4 weeks and only concern the property being purchased and not the surrounding area. |
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Fixtures & Fittings – the solicitor needs to know exactly what is and is not included in the sale and will provide the purchaser with the fixtures and fittings list for approval. |
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Survey - the mortgage lender will carry out the valuation survey. This is not a building survey and the purchaser cannot claim against the surveyor if he misses something. As such a homebuyer report or full structural survey is recommended. Conveyancing Network has associated surveyors and can provide discounted surveys for clients too. |
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Preparation of Contract - this sets out the legal terms under which both parties have agreed that the property be sold. This is checked by the purchaser's solicitor and altered if necessary. |
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Approval of Contract - once the deeds and contract have been approved by the purchaser's solicitor, the contract is sent to the vendor's solicitor for the vendor to sign. |
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Signing the Contract - when the purchaser's solicitor has the mortgage offer and satisfactory replies to all enquiries raised the contract is sent to the purchaser for signing. |
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Deposit - the purchaser will be required under the terms of the contract to pay a deposit at exchange of contracts. This is usually 10% of the purchase price but can often be negotiated down to 5%. The deposit is required independent of the mortgage, even if the purchaser has a 100% mortgage. |
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Setting a Moving Date – this will be agreed on by both parties (and usually synchronised with all parties in the chain) and is normally 2 to 4 weeks after exchange of contracts. |
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Exchange of Contracts – when contracts are exchanged there is no going back. All parties are legally bound by the terms of the contracts. |
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Insurance – at exchange of contracts the purchaser will be required to show that he/she has taken out buildings insurance on the property. |
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Completion - this is when the purchasers move in and the solicitor allocates the purchase funds on the sale accordingly. The solicitor will pay the purchase price to the vendor, the legal and estate agents fees as well as other associated costs like stamp duty etc. |
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