The Purchase Transaction Process

Instruct a Conveyancer

  • You will need to sign and return the Client Care Letter & Terms of Engagement.

  • You will need to send your Conveyancer photo ID and proof of address.

  • You will need to complete and return all forms and paperwork issued in the initial pack.

  • Your Conveyancer will receive the Contract pack from the Seller’s Solicitor.

  • Your Conveyancer will order the relevant searches.

  • Your Conveyancer will approve the draft Contract or arrange for the necessary amendments.

  • Your Conveyancer will raise enquiries with the Seller’s Solicitor.

Draft Contract

Proof

of Funds

  • Your Conveyancer will request evidence of your proof and source of funds.

  • Conveyancers are under a professional duty to ensure all money passing through their firm is not from the proceeds of criminal activity. Money Laundering Regulations have been put in place by the government to help prevent this. Every law firm in England must investigate the source of money being used to purchase a property.

  • Your Conveyancer will receive your mortgage offer direct from the mortgage lender.

  • Your Conveyancer will report to you on the contents of the mortgage offer. You will need to sign and return the Mortgage Deed.

  • Your Conveyancer will also report to the mortgage lender.

Mortgage Offer

Contract Report

  • Once your Conveyancer has received satisfactory replies to enquiries and the search results have been received, your Conveyancer will report to you on the Contract, legal title and the searches.

  • You will need to sign and return the Contract and supporting documents.

  • You are required to transfer the deposit (usually 10%) to your Conveyancer.

  • Upon receipt of all signed documents, your Conveyancer will review your file for exchange.

  • Potential Completion dates will be discussed with you and the chain.

Pre-

Exchange

Exchange of Contracts

  • Your Conveyancer will exchange contracts on your behalf.

  • This is the point where all parties are committed to the transaction.

  • Your deposit is paid to the Seller’s Solicitor.

  • The Completion date is set.

  • Your Conveyancer will request the mortgage advance from your mortgage lender.

  • You will receive a Completion Statement showing the financial side of the transaction and requesting the final amount due from you. You will need to transfer these funds to your Conveyancer prior to the day of completion.

Pre-

Completion

Completion

  • Your Conveyancer will send the purchase monies to the Seller’s Solicitor.

  • Once the Seller’s Solicitor has received the funds, the keys will be released to you. This usually takes place around lunchtime.

  • The property is now yours!