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The seller’s solicitors will send a draft contract to the purchaser’s solicitor which will detail the names of the parties, the price and evidence of title.  At this stage the purchasers solicitor will also raise preliminary enquiries for example, responsibility for boundary fences, which fixtures and fittings are included in the purchase price and whether the property has N.H.B.C. cover.

Vendors of leasehold property will need to instruct their solicitor to request a leasehold pack from the managing agents containing information about the freehold management, ground rent and service charges. This will need to be provided to the buyer’s solicitor.

As soon as the purchaser has received a draft contract pack from the seller’s solicitor, they will request funds from the purchaser in order to commence the local searches to include a Local, Environment and Water Authority search. Searches reveal details such as; the grant of planning permission, whether the road fronting the property has been adopted by the highway authority, whether there is  a tree preservation orders and  whether the property is listed or in a conservation area. In some cases, the solicitor may decide that a Chancel search is also necessary.

A mortgage valuation survey is commissioned by the lender in order to establish whether the property being purchased will be adequate security for the amount of the loan

Purchasers may choose to commission a full structural survey of the property.

When the searches and enquiries have been completed and the purchaser’s solicitor has received a formal mortgage offer, the purchaser’s solicitor will arrange to discuss the transaction. It is at this stage that solicitors will invite their clients to sign the contract, however please be aware that this will not be binding until the contract has been exchanged.

Purchasers usually pay 10% of the purchase price on exchange of contracts.

Prior to exchanging contracts the solicitors will agree a completion date. Mortgage companies engaged in the transaction, may require a specific number of days between exchange and completion.

Final searches are carried out and the form of transfer or conveyance agreed between all solicitors. If you are selling, a mortgage redemption figure will be obtained and details of any estate agent commissions to be paid on completion will be checked with the vendor.

Vendors must notify the appropriate authorities of the change of ownership. It is the vendor’s responsibility to contact the gas, telephone and electricity and any other utility providers.

It is normal practice to leave keys with the selling agents to be handed to the buyer only when they have confirmation of completion. If the vendor holds the keys they should not be released to the purchaser until the solicitors have confirmed completion.