The Conveyancing Purchase ProcessMonday 3rd August 2009
- when the purchase of a property is agreed, we receive a Memorandum of Sale from the estate agents;
- we will then contact you (the purchaser) for confirmation of instructions;
- you should now ensure your mortgage application is submitted and arrange a survey, buildings insurance and life cover;
- once the Contract Package is received from the sellers' solicitors we will send the relevant information to you and submit searches (i.e. Local Authority, drainage, environmental, planning etc);
- we will then approve the Contract and prepare the draft Transfer and Requisitions on Title;
- once the search results are received, the file will be checked by a fee earner and relevant enquiries will be raised with the sellers' solicitors;
- when the enquiry replies are received these will be checked to ensure they have been answered fully and the replies are satisfactory;
- when the Mortgage Offer is received we will check with you that you have received your copy, are happy with the offer and will check our copy to ensure that any special conditions can be met;
- once all documents have been received and checked we will put together a Report to you to be signed and returned along with any deposit, if necessary;
- a completion date needs to be agreed by all parties which is entered into the Contract on exchange and becomes the date the purchase must legally complete;
- on exchange of contracts the deposit is handed over to the sellers' solicitors and Land Charges, bankruptcy and Land Registry searches are submitted. We will also request Mortgage Funds where necessary and send a Completion Statement to you, telling you what further money, if any, we will need from you to complete the purchase;
- on the completion date we send the purchase monies to the sellers' solicitors and advise you, the Estate Agent and lender of completion;
- following completion we pay the Stamp Duty and submit the relevant application for registration to H M Land Registry; and
- registration is then confirmed to you and any Lender.
Ashfords LLP is regulated by the Solicitors Regulation Authority. The information in this note is intended to be general information about English law only and not comprehensive. It is not to be relied on as legal advice nor as an alternative to taking professional advice relating to specific circumstances.