quick guide to buying and selling your home

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Quick guide to buying and selling T: 01483 408780 E: [email protected] Setfords Legal Guides For Individuals

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Spring is almost here and its the busiest time of the year for moving home. Check out our quick guide to buying and selling for all our top tips to make the process as smooth as possible!

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Page 1: Quick guide to buying and selling your home

T: 01483 408780E: [email protected]: setfords.co.uk

T: 01483 408780E: [email protected]: setfords.co.uk

Quick guide to buying and selling

T: 01483 408780E: [email protected]

Setfords Legal Guides For Individuals

Page 2: Quick guide to buying and selling your home

T: 01483 408780E: [email protected]: setfords.co.uk

Quick guide to buying and selling

We receive the Contract Papers anda) Apply for Searchesb) Check Title Documentsc) Raise enquiries

We prepare contract pack and send this to the buyer’s solicitors.With your assistance we answer any enquiries raised by the buyer.

You instruct us to begin work and you complete and return our paperwork.

We receive sales particulars from estate agents.

A completion date is agreed between you and the other party and then exchange takes place.

SalePurchase

From Instruction to ExchangePART 1

We receive;a) Mortgage offerb) Results of searchesc) Replies to enquiries

We then report to you on title and arrange for you to sign the contract and send us the deposit.

We arrange for you to sign the contract in readiness for exchange.

A completion date is agreed between you and the other party and then exchange takes place.

Page 3: Quick guide to buying and selling your home

T: 01483 408780E: [email protected]: setfords.co.uk

T: 01483 408780E: [email protected]: setfords.co.uk

We receive the Contract Papers anda) Apply for Searchesb) Check Title Documentsc) Raise enquiries

We arrange for you to sign the contract in readiness for exchange.

We prepare contract pack and send this to the buyer’s solicitors.With your assistance we answer any enquiries raised by the buyer.

Exchange

A completion date is agreed between you and the other party and then exchange takes place.

A completion date is agreed between you and the other party and then exchange takes place.

SalePurchase

From Exchange to Completion

Page 4: Quick guide to buying and selling your home

T: 01483 408780E: [email protected]: setfords.co.uk

PART 2

WEEK 1

1. When you have instructed us we will write to you with a number of forms to complete and return. We will also request money on account from you to cover the initial costs involved on your matter. It is very important that you return the signed forms as quickly as possible to minimise any delays.

2. The sales particulars will have details of the seller and buyer and their respective solicitors. They will also indicate any special conditions for example that the seller and buyer wish to exchange within 28 days.

WEEK 2

1. The contract pack will consist of various documents including a copy of the title, seller’s information forms and a fixtures and fittings list. We will then review this information and raise enquiries based upon the information provided. We will also order, a local search and drainage search and three additional searches namely an environmental search, plan search and chancel check search. These additional searches are optional but we do recommend them.

2. The contract pack consists of the documents referred to in 1 above. As previously mentioned because some of the contract pack consists of forms, which the seller completes, it is vitally important that the seller completes these documents as soon as possible or it can delay the contract pack being issued. When the contract pack has been issued the buyer’s solicitors will raise enquiries. We will consult with you to obtain answers to the questions.

WEEK 3

1. Provided you made your mortgage application at an early stage the offer should arrive with us around this time. Your mortgage lender is only required to carry out a valuation of the property before issuing your offer. This valuation is not a survey and we would recommend that a survey be undertaken in all cases either by your lenders surveyor or an independent surveyor. The type of survey depends on the age and condition of the property you are buying. We can provide you with a list of local surveyors if required. Around the same time as your offer being issued we should receive back replies to enquiries and your search results. When all these things are to hand we are then in a position to report to you on title. A report on title is a summary of all the legal matters you need to be aware of before committing to purchase the property. Once you have read this we then encourage you to attend our office to answer any questions you may have. If after this meeting you are happy to proceed then we will ask you to sign the contract and send us the deposit in readiness for exchange of contracts. We do recommend that you transfer the deposit money by bank transfer rather than sending us a cheque. The standard deposit is 10% of the purchase price. Sellers will usually accept a lower deposit but not normally less than 5%.

2. The sale contract will be sent to you to sign and return in readiness for exchange of contracts.

Page 5: Quick guide to buying and selling your home

T: 01483 408780E: [email protected]: setfords.co.uk

T: 01483 408780E: [email protected]: setfords.co.uk

WEEK 4

1. When both the seller and buyer have signed the contract and are ready to exchange a completion date needs to be agreed. This is normally arranged via the estate agents who will speak to all the parties concerned. When a date is agreed then exchange of contracts takes place. This is done over the phone between the seller’s solicitor and buyer’s solicitor. Once exchange of contracts has taken place both parties are committed to complete and if either party withdraws after exchange and fails to complete then they will be liable to pay costs and damages to the other party.

WEEK 5

1. As soon as exchange of contracts has taken place we will prepare a completion statement for the buyer which details the balance required to complete which will include the stamp duty and all other costs associated with the purchase. This balance must be transferred to our account in time for completion. We will order the mortgage money to arrive.

2. When we have the redemption statement and estate agent’s invoice we prepare a completion statement. This will detail the balance due to you on completion.

WEEK 6-8

1. On the day of completion the money to complete is transferred to the seller’s solicitors. When it has arrived in the sellers solicitors account the seller’s solicitor will ring the estate agent and confirm that the keys can be released to the buyer. The estate agent will then ring the buyer and inform them that they can collect the keys from them and move into the property. On average keys are released around lunchtime. However this can vary depending on the length of the chain – generally speaking the longer the chain the later in the day the keys get released.

2. On the day of completion we will pay the stamp duty to the inland revenue and also apply to the land registry to register you as the owners. When this application is complete we will then send you a copy of the title for your file. The title is held electronically at the land registry.

3. Once the mortgage and the estate agents fees have been paid we will account to you with any surplus money from the sale. We will usually send this to your bank via a same day bank transfer.

For further information or to instruct us please contact a member of our team on 01483 408780 or [email protected].

This content is for information purposes only and does not constitute legal advice. For detailed legal advice please contact us and we will be happy to assist. No liability can be accepted in relation to any reliance on the content of this guide. Copyright in this publication

belongs to Setfords Solicitors. Extracts may not be copied without our express permission. Setfords Solicitors is a trading name of Meaby and Co Solicitors LLP. Our registered number is OC322672. Our registered office address is 2 Camberwell Church St

Camberwell Green London SE5 8QY. We are regulated by the Solicitors Regulation Authority SRA number 447880