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 Residential
Sales The Role of the Solicitor for buying and selling property
in England and Wales
Stage
1 - The Sale is agreed.
The
Seller / Vendor's Solicitor: 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
The
Buyer / Purchaser's Solicitor: Requests a settlement figure
for your mortgage and any other secured loans.
Liaises with all relevant parties and negotiates a date for
moving ('completion').
Stage 2 - Exchange of Contracts
The
Seller / Vendor's Solicitor: Receives the deposit as a
down payment
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.
The Buyer / Purchaser's Solicitor: 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 checks for debts and bankruptcy
Stage
3 - The Completion of Sale
The
Seller / Vendor's Solicitor: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.
Receives
and arranges for payment of any stamp duty to the Inland Revenue.
The Buyer / Purchaser's Solicitor Prepares and sends off application
to HM Land Registry to register your ownership.
If property is mortgaged send deeds to lender.
The
above has been compiled to assist people with rental terminology.
We advise that this information is for guidance only and cannot
be relied on for accuracy and that you should consult a qualified
legal representative if you require full explanation. © jml
Property Services June 2005
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