Buying a Property
It is wise to instruct your solicitor as soon as a property is found to avoid any possible delays in progressing the purchase.
The Seller’s Solicitor prepares and sends the Contract to the Buyer’s Solicitor.
The Buyer’s Solicitor then has to:
- Examine the documents supplied to ensure that the title is in order, and raise any queries that may arise;
- Undertake any relevant additional searches with the Local Authority, the Coal Authority, and any other bodies.
- Check that the requirements of the mortgage lender are met.
When satisfied with these matters, and subject to any related sale being at the same stage, the Buyer’s Solicitor will then Exchange Contracts.
It is at this point that a buyer is legally committed to the purchase and cannot back out of the deal. At the time of exchange of contracts a date is agreed for Completion.
On the completion date the purchase money is transferred from the Buyer’s Solicitor to the Seller’s Solicitor; the keys are released to the Buyer; and the Buyer’s title to the property is registered at the Land Registry.