What are the stages of residential property purchase or sale?

 In FAQ's

Stages of Residential Property Purchase and Sale

Please note the precise stages vary according to the circumstances but the following are typical:

PURCHASE

  • Take your instructions and give you initial advice
  • Check finances are in place to fund purchase and contact lender’s solicitors if
    needed
  • Receive and advise on contract documents
  • Carry out searches
  • Obtain further planning documentation if required
  • Make any necessary enquiries of seller’s solicitor
  • Give you advice on all documents and information received
  • Go through conditions of mortgage offer with you
  • Send final contract to you for signature
  • Agree completion date (date from which you own the property)
  • Exchange contracts and notify you that this has happened
  • Arrange for all monies needed to be received from lender and you
  • Complete purchase
  • Deal with payment of Stamp Duty/Land Tax
  • Deal with application for registration at Land Registry

SALE

  • Take your instructions and give you initial advice
  • Obtain title documents
  • Draft contract papers and submit them to the buyer’s solicitor
  • Obtain preliminary redemption figures for any charges/mortgages registered against the property
  • Deal with any enquiries raised by the buyer’s solicitor
  • Send final contract to you for signature
  • Agree completion date (date from which the buyer will own the property and you must move out by)
  • Exchange contracts and notify you that this has happened
  • Obtain final redemption figures
  • Complete sale
  • Deal with redemption of any charges/mortgages
  • Account to you for the proceeds of sale
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