Legal Stages

Published On Thursday, July 29, 2010 By admin. Under: Buying, Guide, Location, Uncategorized.

There are 3 main stages to look out for

Legal Stages to developing your property

STAGE I – SALE AGREED

SELLER’S CONVEYANCER


	Obtains your title deeds and asks you to fill in a detailed questionnaire.



	Prepares and sends out a package of legal information and a contract for sale.



	Requests a settlement figure for your mortgage and any other secured loans.



	Liaises with all relevant parties and negotiates a date for moving (‘completion’).

BUYER’S CONVEYANCER


	Organises searches at the local authority on your behalf and asks you for a sum on account of such expenses.



	Receives replies to questions raised and reports to you with the contract for signing. Requests your deposit.



	Receives mortgage offer and deals with all the conditions on your behalf.



	Receives search results and deals with any problems revealed.

STAGE II – EXCHANGE OF CONTRACTS

SELLER’S CONVEYANCER


	Receives the deposit as a downpayment.



	Organises final accounts and prepares a final settlement for your approval. Collects in any balance of funds required.



	Approves the deed of transfer and arranges for you to sign it.

BUYER’S CONVEYANCER


	Hands over the deposit to the seller’s conveyancers.



	Prepares a final completion statement for your approval. Collects in any balance of funds required.



	Prepares the deed of transfer and mortgage deed and arranges for you to sign them.



	Organises final searches to check for debts and bankruptcy.

STAGE III – COMPLETION

SELLER’S CONVEYANCER


	Pays off the mortgage and notifies HM Land Registry.



	Hands over the deeds and sends balance of money to you.

BUYER’S CONVEYANCER


	Receives and arranges for payment of any stamp duty to the Inland Revenue.



	Prepares and sends off application to HM Land Registry to register your ownership.



	If property mortgaged, sends deeds to the lender.

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