You will need to satisfy ID requirements with your solicitor and pay initial monies for searches.
If you require a mortgage for your purchase, then you should have started your mortgage application by this point.
The vendor's solicitor sends a number of documents to your solicitor, including: Draft Contract, Draft Transfer Form (TR1), Sellers Information Form (SIF), Fittings and Contents Form, Office Copy Entry and Filed Plan, Energy Performance Certificate (EPC), standard replies to enquiries (legal questions about the property) and additional documents if the property is leasehold.
If you require a mortgage, then a surveyor will need to conduct a mortgage valuation at the property - your bank or financial advisor will arrange this through our office.
Your solicitor checks, approves and returns the Draft Contract and TR1 Form to the vendor's solicitor, raises additional enquiries and applies for searches. You will receive a copy of the Fittings and Contents Form.
Once searches are received by your solicitor, they will raise any related enquiries with the vendor's solicitor.
The vendor's solicitor will respond to all enquiries raised by your solicitor.
If relevant, you will receive your mortgage offer and a copy will be sent to your solicitor.
Once all enquiries have been responded to, we can now set a date for exchange and completion. There is usually one week between the two events.
You will sign your contract and return it to your solicitor, along with your deposit.
The vendor will sign their contract and return it to their solicitor.
You and the vendor must give consent for exchange to take place on the day that it happens. The solicitors will then carry out a telephone exchange and send signed contracts to one another. From this point, the sale is legally binding with a fixed completion date set.
The balance of monies is transferred from your solicitor to the vendor's solicitor. Once the vendor is in receipt of the monies, we can release the keys to you, the new owners, and the sale is complete!
