Buying and Selling Your Home - an Overview -

Martyn Strong, Devonshires

Outline

• Finding a Solicitor and Key Considerations • Selling a Property – overview • Buying a Property – overview • Products Available

Finding a Solicitor – Key Considerations

• Word of Mouth / Personal Recommendation• Cost - Cheapest quote? Most expensive quote? First

Quote? • Service - Personal? Process/System driven? • Location - Online or Local?

Other Resources

• Law Society – Find a Solicitor (www.lawsociety.org.uk/find-a-solicitor)

• Council for Licenced Conveyancers (www.conveyancer.org.uk ) • Independent Guides - www.goodlawyerguide.co.uk • Forum / User Generated Content (

www.solicitorsfromheaven.com) • www.moneysupermarket.com/conveyancing • Google it!

Selling a Property -Initial Instructions-

• Obtain Quote / Accept Quote • Client Care Letter / Terms of Business • Identification Requirements • Pay Money on Account? • Estate Agent Details

Selling a Property - Preparing Contract / Documents -

• Fixtures and Fittings Form • Property Information Form • Leasehold Information Form • Original Title Deeds • All other relevant / useful documentation • Draft Contract Issued

Selling a Property - Pre-Exchange-

• Buyer’s Solicitor to approve Contract • Reply to the Buyer’s Solicitor’s Enquiries • Redemption Statement from Lender • Management Pack/Management Co Replies?

Selling a Property - Exchange –

• Each Solicitor holds it’s client’s signed contract • Deposit is paid • Sale becomes binding • Completion Date Set

Selling a Property Pre-Completion / Completion

• Transfer document produced • Check redemption figure • Completion statement confirmed • Funds received from Buyer’s Solicitor • Mortgage Redeemed • Estate Agents Paid • Balance sent to you

Buying a Property - Receipt of Documentation / Contract-

• Review title information and raise enquiries • Order searches • Enquiries of managing agent • Approve draft contract • Report on Title

Buying a Property -Preparing for Exchange / Exchange -

• Confirmation that all enquiries are dealt with • Mortgage offer confirmed, checked and lender

instructions complied with • Received 10 % deposit • Signed contract returned

Buying a Property - Completion / Post-Completion -

• Stressful! • Await transfer of funds • Give “vacant possession” • Confirm legal completion and release the keys• Registration of Property

Types of “Product” available • Open Market Purchase • Shared Ownership - Part Buy / Part Rent • Older Persons • HOLD – Home Ownership for people with Long Term

Disability • Shared Equity • Homebuy Direct • http://

www.southwark.gov.uk/info/200081/buying_a_home/669/social_homebuy