To help you understand what happens at each step of the way we have created an easy to understand tracker, with the 11 key stages of a conveyancing purchase case.
Your solicitor will write to you outlining the levels of service you can expect to receive and their terms of business. This will need to be signed and returned along with the enclosed purchase information questionnaire.
At the same time your solicitor will contact the seller’s solicitors requesting details of the property you are due to purchase and a copy of the contract you will be required to sign.
Once the replies to enquires are received they will be reviewed to ensure they are satisfactory. If they are not, further enquiries with the seller’s solicitors will be raised until such point as all parties are satisfied with the results.
If you are obtaining a mortgage to assist with your purchase we will make sure that a satisfactory offer has been received. The mortgage deed will be sent to you for signature and will need to be returned promptly. This is the document that enables your mortgage to be secured against your property.
Once a completion date has been agreed we will then be in a position to
exchange contracts. From this point, you are legally bound to purchase the property and failure to do so may result in you being sued for being in breach of contract. If you have agreed to pay a deposit (usually 10%) this will need to be forwarded in full to enable exchange to take place. When sending monies, please ensure that ‘cleared funds’ are received in good time for exchange of contracts. For example if you are sending a cheque, contracts cannot be exchanged until the cheque has cleared.
Prior to completion, monies will be requested from your mortgage company as per the mortgage offer. A completion statement will be calculated showing a full financial breakdown of all costs associated with your purchase. If the property is leasehold, you will be required to pay a proportion of the service charge and ground rent depending on the date of completion. You will need to forward any outstanding monies to enable completion to take place. As per exchange, please ensure that ‘cleared funds’ are received in good time.
On the day of completion the amount required to complete the purchase will be sent to the seller’s solicitors. Once they have received the money keys will be released. The purchase has now completed.
