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.
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