Having an offer accepted is the first step in the process of buying and selling your home or investment property. A dedicated member of our team will be following through the process to keep information flowing between the solicitors, sellers, and buyers.
Belvoir Bingham Sales Progression
Purchase Process
- Buyer’s Conveyancer instructed on acceptance of the offer.
- Buyer arranges a survey on the property, and makes an application for a mortgage (if required).
- Buyers Conveyancer confirms instructions by letter setting out the terms of business can fixed fee costs. We call this a welcome pack or client cares.
- Buyer’s Conveyancer carries out proof of funds and identity check with client and contacts the seller’s Conveyancer to obtain the contract pack.
- Buyer’s Conveyancer checks the contract pack, raises pre-contract enquiries, carries out necessary searches and obtains a copy of the mortgage offer.
- Seller’s Conveyancer and seller answer pre-contract enquiries and return these to buyers conveyancer.
- Buyer’s Conveyancer reviews and reports to the buyer on the contents of the contract pack, pre-contract enquiries, the result of the searches and mortgage offer. The buyer then considers this report and raises questions on anything that is unclear.
- When the buyer is happy to proceed, arrangements are made for the deposit to be paid to the buyer’s Conveyancer in readiness for exchange of contracts.
- Seller’s solicitor approves the draft transfer deed and a final copy is made. This may need to be signed by the buyer before being sent to the seller’s solicitor for signature by the seller in readiness for completion.
- Buyer’s Conveyancer prepares a completion statement, carries out pre-completion searches and applies to the buyer’s mortgage lender for the mortgage loan.
- On completion, the buyer vacates the property by the agreed time and buyer’s Conveyancer sends the proceeds of sales to the seller’s Conveyancer.
- Sellers Conveyancer releases the keys to the estate agent (if one is used) and sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to repay any existing mortgage.
- Buyer’s Conveyancer sends the stamp duty payable to HMRC, receives the title deeds, transfer deed and proof that the seller has paid the outstanding mortgage on the property.
- Buyer’s Conveyancer registers the property in the name of the buyer at The Land Registry.
- The buyer receives a copy of the registered title from The Land Registry. Any documents required by the mortgage lender to be retained by them are sent on by the Buyer’s solicitor.
Sellers Process
- Seller’s Conveyancer instructed.
- Seller’s Conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs. We call this a welcome pack or client cares.
- Seller’s Conveyancer carries out proof of identity checks and sends out a fittings and contents forms and property information form(s) for completion. If the property is leasehold, additional information will be required.
- Seller to complete fittings and contents form and property information form(s).
- Seller’s Conveyancer obtains title deeds from deeds holder or official copies of the title register and any other documents required by The Land Registry and details of the amount outstanding on any existing mortgage.
- Sellers Conveyancer prepares the draft contract and supporting contract documentation and sends to the buyers Conveyancer.
- Buyers Conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s conveyancer.
- Seller’s Conveyancer and seller answer pre-contract enquires.
- Buyer’s Conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).
- Seller and buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s Conveyancer.
- Seller’s Conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.
- Buyer’s Conveyancer will send the proceeds of sales to the seller’s Conveyancer and the seller’s Conveyancer will arrange for the keys to be released to the buyer. The seller’s Conveyancer sends the title deeds and transfer deed to the buyer’s Conveyancer together with an undertaking to use the proceeds of sales to discharge any existing mortgage. The seller’s Conveyancer then pays the estate agents commission, repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their Conveyancing service cost.
- Once all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.
Get in touch
Welcome to Belvoir Bingham, we would love for you to get in touch. You can find our phone number by clicking the button below if you would like to talk to us or perhaps book an appointment to come and see us in our office. You could also email us or fill out one of our forms such as the one at the bottom of this page. Our online chat service is also available for you 24/7.
