Residential property

Key stages of buying & selling

This is a basic summary of the key stages of the process. Our residential team will keep you updated throughout the transaction and explain each stage in plain English to help ease the process:

KEY STAGE	BUYING	SELLING
Acceptance of offer	Appoint solicitors - pay money on account for searches, provide ID documents Agents to provide all parties with memorandum of sale Apply for mortgage if required	Appoint solicitors- complete property information forms Agents to provide all parties with memorandum of sale Solicitors to provide draft contract papers to buyers solicitors
Before exchange	Searches and enquiries to be concluded Solicitors to report to buyer on title If applicable, Mortgage offer to be received by solicitors & buyer Contract to be signed	Deal with all buyers enquiries Sign contract
Exchange	This is when the deposit will be paid to the seller’s solicitors (10% of the purchase price), terms agreed and mutually convenient completion date agreed The contract is now legally binding
Before completion	Transfer, mortgage deed & Stamp Duty Land tax forms to be signed Balance funds to be sent to solicitors in time for completion	Transfer deed to be signed Solicitors will obtain final redemption statement from mortgage lender (if applicable)
Completion	Balance of funds are paid to seller’s solicitors You are now the legal owners and keys can be collected Legal fees payable Stamp duty payable	Vacant possession must be given (where agreed) by the time specified in the contract Upon receipt of funds from buyer’s solicitors the keys to the property will be released Any mortgage will be redeemed Estate agents fees payable Legal fees payable
Following completion	The solicitors will register Buyer as the new owners at HM Land Registry	Net proceeds of sale paid to seller