THE SALE PROCESS
Once an offer is accepted by our vendor client, a sale is agreed, subject to contract – the sale is not legally binding at this point. We will require identification (to adhere to Money Laundering Regulations), proof of finance and details of the solicitor acting on behalf of the buyer and seller. Once received we send a “Memorandum of Sale” to the vendor, purchaser and both solicitors confirming the details of the sale.
Please see below, an overview of the general order of events following the above:
- Vendor and Purchaser instruct solicitors.
- Purchaser applies for mortgage (where applicable) and pays survey fee.
- Vendors solicitor sends a questionnaire pack to the vendor which includes a Fixtures, Fittings and Contents form and obtains the Title Documents and deeds and related information ie copy of Lease if Leasehold property.
- Vendors solicitor prepares a draft contract and sends to the Purchasers solicitor.
- Purchaser pays search fees to solicitor who then organises: Local Search, Water & Drainage Search and Mining Report to establish any adverse issues that may affect the property ie road widening schemes, tree preservation orders, mine shafts, etc.
- Purchaser will receive survey report and mortgage offer (where applicable).
- Purchasers solicitor will raise any enquiries with the vendors solicitor in connection with the draft contract and results of the searches.
- Vendors solicitor will reply to the enquiries raised.
- Once both solicitors have all documentation and are ready they will ask their clients to go in and sign contracts and discuss a completion date. The Purchasers solicitor will request the mortgage funds (where applicable) and the Purchaser will transfer their deposit money to their solicitor.
- Contracts are “Exchanged” and the Purchasers solicitor will pay a non refundable 10% deposit to the vendors solicitor at which point the sale becomes legally binding and a completion date is confirmed – this can in some cases be the same day as exchange of contracts.
- On the day of completion the balance of the purchase money is transferred from the Purchasers solicitor to the Vendors solicitor and the transaction is “Completed”.
- Once we receive confirmation from the Vendors solicitor we will arrange to hand over any keys that we are holding to the Purchaser.
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