Buying and Selling a Residential Property
Appoint a specialist property solicitor
We recommend that you chose a solicitor to act for you on the sale and purchase at an early stage.
There is a fair amount of information gathering to be done and some compulsory ID checks. By doing this at an early stage you will be well placed to proceed.
Assuming you have the financial support required to make a purchase we suggest you then look at all the costs associated with a move. Stamp duty is a major consideration as well as the costs associated with the sale including the removal costs. It is also worth being aware of any penalty clauses that could exist if you are leaving an existing mortgage early.
Appointing a surveyor
In most cases we recommend that a survey is performed by a suitably qualified individual on any property that you are planning to buy. The survey results will give you an appreciation of the property you plan to purchase and any remedial work that might be required. Although not always compulsory many lenders do require a survey of property if they are going to lend against it. However, with such a major purchase it makes sense to have a full appreciation of the property you are planning to buy.
Contractual documentation
The solicitors acting for the seller will draft a contract and will compile a range of supporting documentation such as title deeds, plans, protocol forms, and leasehold information if applicable.
If we are acting on your behalf for the sale of your property this is a role we will perform in addition to our role representing you in the purchase of your new property.
Your mortgage provider will need to send on your mortgage offer to your solicitor and you will need to sign the mortgage deed before you can exchange contracts.
Searches
Acting on your behalf your solicitor will apply for a range of searches relevant to the property you are looking to purchase. This will help identify any risks associated with the property.
These searches can take some time to come back with significant variation in lead times at different times of the year and in different locations. These searches typically include the following:
Local Authority Searches
This will identify any planning permissions granted, whether the property is in a conservation area, any tree preservation orders on the land etc.
Environmental
This will help identify any flood risk, any issues with the local ground stability, infrastructure, and any possible contamination.
Water & drainage
This check helps ensure that the property is properly connected to water and sewerage and if not what arrangements are in place.
Land registry
This search will confirm that the seller is the legal owner of the property.
Once we have the results of these searches we will prepare a report for you and if you are happy with the findings, we can commence the process of moving towards a date for exchange of contracts and the potential date for the completion of the sale.
If you are selling your existing property the buyer will also need to complete their searches and again the timescales here could be somewhat different to what you might experience.
Your solicitor will stay in regular contact with your buyers solicitors and will attempt to streamline the process. Sometimes it can feel like the process is running slowly but remember that if there is a chain of transactions all parties will be required to have gone through a similar process.
Our Property App.
We appreciate this process can feel a little confusing and communication can be key to our clients understanding.
We have therefore created an app to ease the flow of documentation and aid communication through the sale and purchase process. Once you appoint us we will guide you through the process of downloading the app.
There is no obligation to use the app but clients do find it beneficial to use when tracking where they are in the sale and purchase process.
Your solicitor will raise any enquiries regarding the results of the searches and prepare a report for you on the replies received. Once you are happy with the contents of the report, a date is agreed for exchange of contracts and the subsequent completion date.
Exchange of contracts and completion
Once everyone in a property chain is ready to proceed you will be required to exchange contracts and provide a deposit, typically 10% of the purchase price of the property you are buying.
This deposit is not refundable and at this stage you will not be able to cancel the purchase without incurring the loss of the deposit.
After contracts have been exchanged a completion date will be agreed. This is often a week or two after the exchange of contracts to give all concerned time to plan funds transfer and the final stages of the sale and purchase process.
On the day of completion, all the funds will be moved across from buyer to seller through the chain and the solicitor will register the property in your name.
Can conveyancing be done quickly?
As you can see from the above the sale and purchase of property is a relatively complex and significant process. Not all aspects of the process are under the control of the solicitor or those buying and selling a property.
As such whilst property transactions can proceed at a good pace there are many component parts that would have to come together to make this happen.
If you would like support with a property sale or purchase please contact our team of property specialists and we will be delighted to advise you and act on your behalf.