Whether you are buying a new home, or selling your old one, our partners Forth and Co can help you take the stress out of the complicated legal processes involved, leaving you free to organise other aspects of your move.  

If you are buying or selling your home it is vital to seek the advice of an expert that you trust and have confidence in and who speaks your language our partners have many years of experience in providing an efficient effective and reasonably priced service in the  buying and selling of property. For more specific information please contact us and we will ask a member of the Forths team to contact you.

What is involved in the Legal Process to buy or to sell  a house?

Whether you are buying or selling there are two stages in the legal process;

Exchange and Completion.

What is Exchange ?

At this stage you have agreed the price for the property , and the day that you will pay this and they will transfer the ownership of the property to you "The Completion Date". This is set out in a legal document called a "Contract" , there are two identical copies of the document  , you sign one and the buyer/ seller signs the other. The solicitors arrange an exchange of these documents in accordance with Law Society Codes of Practice.

What does Exchange mean?

If you are the buyer you are required to pay to the seller  as a goodwill gesture a deposit this is normally 10% of the price to be paid for the property, although it can be less if you both agree this, and sometimes it is agreed that no deposit is paid on exchange. This deposit is paid to your solicitors and never direct to the seller or their solicitor.

After Exchange;   

You are bound to sell or buy the property for the price agreed between you and the person who is selling /buying the property on the Completion Date.

If you do not do this then there will be financial consequences often involving considerable expense to you, and if you are the buyer, the seller of the house can keep the  deposit  that you have paid to them , if you paid less then 10% of the purchase price the usual requirement in the contract is for you to pay any difference between what you did pay and 10% of the price of the property  

If you are the Buyer you may need to insure the property, this is something that your solicitor can confirm for you.

Completion

This is the day when you buy the property or sell the property for the price agreed and as set out in the contract , this will normally be on the Completion Date as set out in the contract

What Happens

Buying your home

Obtaining contract documentation from your seller's Solicitors  

Checking that the seller has good legal title to the property

Organising searches for you with the local authority and  land registry

In appropriate cases carrying out further searches for you

Agreeing the terms of the contract for your purchase

Checking your Mortgage offer (if you  are to have one), advising you on it and preparing the legal paperwork

When everyone is ready, and the same moving date has been agreed with seller , exchanging contracts

Making the pre-completion legal arrangements and searches

Acting for your lender to make sure that its interests are properly

Selling your home

Obtaining title documentation

Drafting contracts and issuing the contract pack to the buyer's solicitor

Negotiating a completion date

Obtaining a redemption figure

Preparing a completion statement

When everyone is ready, and the same moving date has been agreed with  buyer, exchanging contracts

Completion

Receiving funds from buyer's solicitor

Authorising release of keys to buyer

After Completion

Paying off any existing mortgage(s)

Paying Estate Agency Fees and any other applicable fees agreed.

Disclaimer

Reefstream Limited and Activ Property Sales are not solicitors, by introducing you to Forth and Co or any other legal representatives we must advise that any costs or process agreed is with them and we are not responsible and in any form. Your agreement is with them and not ourselves.