Access Law have considerable experience in buying and selling houses for clients. To give you some idea of the process we set out the normal steps on a typical property transaction.
Offer on property
Offer made on property and accepted.
Sellers’ conveyancers prepare contract package sending contracts, plan and replies to enquiries.
Buyers’ conveyancers apply for searches once the contract is received (as need the plan, also need to check the buyer is happy to spend the money now, especially if no mortgage yet), normally:
The searches can take from two to six weeks, depending on the area.
A mortgage offer is applied for and the buyer’s finances checked, this can take two to four weeks.
The mortgage company arrange a valuation survey. The buyer arranges a structural survey, if required.
Title checks and enquiries
The buyers’ conveyancers checks the title, searches and replies to enquiries and raises any further enquiries with the sellers conveyancers. If the property is leasehold information is also needed from the freeholder/management company about ground rent and service charges.
The buyers’ conveyancer reports to the client usually in person about:
Lender advised of issues
The Buyers conveyancer reports any issues to the Lender or their Solicitors, such as Gifted deposit paid by a third party or any allowances made. Once the Lender and the buyers are happy about all the documents and issues arising.
Exchange of contracts
The deposit is provided, if needed, or the one received from the sale is used. Contracts are exchanged legally committing everyone to move on a fixed date.
Completion, is the moving date, when the mortgage funds are received plus any balance from the buyer then the completion monies are sent to the Seller’s conveyancer who pays off any existing mortgages. The keys are released to the buyer, usually from the estate agents.
A Stamp duty land tax return is submitted to HMRC then stamp duty paid, if any, this must be done within four weeks, soon to be two weeks of completion. The transaction is then registered at the Land Registry. This will include the transfer and any mortgage. Once completed (this can be within days if the title is already registered or at least eight to ten weeks if a first registration) we send you a copy of the new Deeds and send these to the Lender if there is a mortgage.