Conveyancing Guide Chart For Purchase And Sale

Glanvilles Residential Property team can support you along the way, whether that is purchasing your first home, selling a property or purchasing a second property.

The below is intended as a guide of what to expect throughout the numerous steps during a Conveyancing transaction.

Sale	Action or Comment	Purchase
Estate Agent instructed by Seller to market property.	Estate Agent recommends Client to instruct Solicitor.	Estate Agent shows properties to Buyer.
Seller’s Solicitor sends sale costs estimate, Property Information Form and Contents List to Seller.	Taking these steps now will save time later and help to speed transaction.	Buyer’s Solicitor sends purchase costs estimate to Buyer and requests search fees.
Seller’s Solicitor requests deeds.	Fee payable to Lender	Buyer considers mortgage, survey and Insurance requirements.
If leasehold, Seller’s Solicitor requests information from Managing Agents.	Fee payable to Managing Agents but information requested is essential to satisfy Buyers.
Seller accepts offer.	Estate Agent notifies Solicitors. Unrealistically short timescales can cause Clients stress!	Buyer’s offer accepted.
Seller’s Solicitor sends Contract pack to Buyer’s Solicitor.	Buyer must pay search fees to Solicitor and arrange survey and mortgage if required.	Buyer’s Solicitor submits local search and other searches, as required.
Seller’s Solicitor answers any additional enquiries raised by Buyer’s Solicitor.		Buyer’s Solicitor receives local search result and mortgage instructions if required.
	Buyer must be able to comply with mortgage conditions and may need to renegotiate via the Estate Agent for works required by survey.	Buyer signs Contract and Mortgage Deed, if required, arranges deposit and property insurance and agrees completion date.

At the point of Contracts Exchanged;

Sale	Action or Comment	Purchase
Completion date/moving date is fixed.	Parties are legally bound.	Deposit is paid.
Seller’s Solicitor informs Estate Agent of completion date.	Estate Agent sends commission account to Seller’s Solicitor.	Buyer insures property from exchange.
Seller’s Solicitor answers pre-completion enquiries and approves Transfer Deed Seller’s Solicitor obtains mortgage redemption figures where appropriate.	Depending on individual Client’s circumstances Solicitors may be able to take some of these steps before exchange to reduce time to completion. However, any mortgage advance must be available in time and Client may have to make last minute arrangements.	Buyer’s Solicitor raises pre-completion enquiries and drafts Transfer Deed. Where a mortgage is required, Buyer’s Solicitor reports compliance with mortgage conditions to Lender and requests mortgage loan release.
	Seller & Buyer confirm removal arrangements.	Buyer’s Solicitor makes final searches and asks Buyer to pay any balance due.
Seller signs Transfer Deed and agrees key release arrangements.	Any mortgage loan and final balance need to be cleared funds. Final searches must be satisfactory.	Buyer signs Transfer Deed.

At the point of Completion and Moving Date;

Sale	Action or Comment	Purchase
Seller’s Solicitor sends Deeds to Buyer’s Solicitor.	Keys released by Estate Agent to the Buyer.	Buyer’s Solicitor pays price balance.
Seller’s Solicitor pays Estate Agent, pays off any mortgages and accounts charged to Seller.	Now is the time to relax and make a Will.	Buyer’s Solicitor pays stamp duty, registers ownership and any mortgage, and sends deeds to Lender or Buyer.