Buying and Selling Freehold and Leasehold Property
You may be familiar with the process but, if not, your conveyancer will need to carry out the following steps.
Buying a Property
- Obtaining information about the property and its ownership from the seller.
- Checking that the title is good, advising you on this and on the terms of the lease, if leasehold.
- Carrying out searches including those with the local authority and, where needed, a drainage and water search and environmental search. (You need to be certain that you will not be liable for matters which may not immediately be apparent, such as the cost of decontaminating land.)
- Agreeing the terms of the contract.
- When everyone is able and a moving date is agreed, contracts are exchanged. This is the point at which you are committed to the purchase.
- Carrying out pre-completion legal arrangements and checks.
- Obtaining funds from the mortgage lender and from you.
- On the moving day, completing the purchase by receiving the legal documents to transfer ownership and releasing the money.
- Registering your ownership at the land registry.
- Acting for your lender, if any, to ensure that their interests are protected.
Selling a Property
- Preparing a draft contract and supporting documents to send to your buyers’ solicitors.
- Dealing with enquiries from the buyers’ solicitors and agreeing the terms of the contract.
- Exchanging contracts.
- Obtaining a redemption figure for your mortgage (if any).
- Completing the sale.
- Paying off the mortgage.
- Paying the estate agents.