Steps to follow
- Seller issues the contract package which consists of a draft contract, Official Copies of the legal title, copies of any deed/documents which affect the title, a Sellers Property Information Form and a Fixtures, Fittings and Contents Form, both completed by the Seller, a Home Information Pack (HIP) (which includes searches) and a copy of the Lease and Sellers Leasehold Information Form if the property is leasehold.
- Purchaser's will reviews the contract package and raise any necessary questions with the Seller
- Purchaser's drafts Transfer Deed.
- Seller and the Buyer sign the contract , exchange happens and Buyer pays his deposit, date for completion is set
- Buyer’s carries out the pre-completion searches and will submit the Certificate of Title to the bank funding the mortgage (if mortgage required).
- Completion and transfer of funds, house now belongs to Buyer
- Buyer has to pay Stamp Duty to the Inland Revenue
- Seller will amend the entry with the Land Registry containing: Evidence of discharge of the Seller's mortgage/s, the transfer deed signed by both the Seller and Buyer, the mortgage deed (if applicable), the certificate SDLT5 and a cheque for the appropriate registration fee.
What to watch out for
- Is the property freehold or leasehold
- Have you completed all necessary searches
- Check that you are able to get property insurance
- Have you prepared your Home Information Packs (HIPs)
Solicitor’s top tip
If there is a mortgage involved, DIY conveyancing is simply not possible - the bank or building society won't allow it. Even if the buyer did his/her own searches etc the bank would insist that a solicitor is instructed (at the buyer's cost) so that completion money can go through a solicitor's client account, and the relevant undertakings given.
Useful links
Free advice
Advice Guide
Viewing a property checklist
Home buying guide
What price
Direct Gov
Estates Forum
Money made clear
Home buying institute
Money saving expert
HIPs Advice
Online services
Rightmove
Primelocation
Find a property
Mortgage Sorter
Uswitch
Moneysupermarket
Hips Direct
