Key Stages – Purchase
Once you have instructed us to act for you in the purchase of your property, your lawyer will proceed as follows
Receive a draft Contract and supporting documentation from the Seller’s Lawyer and send you a preliminary report
Raise additional enquiries with the Seller’s Lawyer
Carry out all necessary searches e.g. local authority, drainage, environmental and others as necessary.
Received a copy of your survey report and let you have our comments
Receive a copy of your mortgage offer from your Lender and advise you
SIGNING THE CONTRACT
When all the above matters have been dealt with to our and your satisfaction, send you a full report with the Contract for signature.
EXCHANGE OF CONTRACTS
Agree a Completion Date and proceed to formal exchange of Contracts.
Once Contracts are exchanged, the transaction and the agreed date for completion will be legally binding on all parties. Failure to complete on the agreed date will almost certainly incur financial penalties.
PREPARING FOR COMPLETION
Prepare the Transfer Deed and forward it to the Seller’s Lawyer for approval or amendment.
Carry out all necessary final searches.
Request the mortgage funds from your Lender (if applicable).
Prepare a financial statement and request the balance of funds for completion.
The time frame from instructing a lawyer until the date of completion depends upon the length of the chain, the complexity of the transaction and a number of other factors but as an approximate guide, after receiving your initial instructions it usually it takes at least 6-8 weeks to reach exchange of Contracts and another 2-4 weeks to reach Completion.
The completion date is the date that you will be able to move into the property.