Selling and Buying Guide
Sale
Purchase
Pre-Exchange We will report to you on the Title to the Property, the Searches, the Contract and any other matters we think you should be aware of before proceeding. If you are happy to proceed you will need to sign the Contract in readiness for Exchange and we will need your deposit. We also need to be sure that we have enough time to request your Mortgage and for you to send any additional funds to us to enable us to complete. We will also ask you to sign the Stamp Duty Land Tax Return.
Pre-Exchange You need to have signed the Contract in readiness for Exchange and the information from your Mortgage Lender needs to have been received.
Exchange of Contracts Exchange of Contracts is the point in the transaction when everyone is ready to be contractually committed. Once Contracts have been exchanged neither party can pull out of the deal without there being financial consequences. The Completion Date is agreed prior to Exchange and the date is then written into the Contract. The actual Exchange takes place over the telephone between the two legal representatives and there is no need for you to be present at the office.
We will send out the Transfer Deed which will transfer ownership of the property to your buyers which you will need to sign and return to us ahead of the Completion Date.
Depending on the specific details of your purchase, you may also need to sign a Transfer Deed. You will need to send any additional funds that we require from you in order to complete.
Completion Day This is the day that the seller moves out of the property and the buyer moves in. The money being paid for the property is transferred from the buyer’s legal representative to the seller’s legal representative.
Post Completion Matters There are various matters we have to attend to on or after the Completion Date.
We pay the Stamp Duty Land Tax (SDLT) and submit your SDLT Return to HMRC. We apply to the Land Registry to register you as the new owner and provide the Land Registry with any Mortgage Deed so that your new mortgage is noted on the Land Registry records. We will pay our bill having collected the amount due from you to complete your purchase including our costs prior to the Completion Date. We notify you when the registration process is complete.
We pay money over to your Mortgage Lender to ensure that they remove the charge that is secured against the property you are selling. Unless you instruct us otherwise, we pay the Estate Agent’s invoice. We will pay our bill from the sale proceeds. We send any balance that is due to you from the sale proceeds to your bank account (unless the sale proceeds are being used on a connected purchase).
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