Conveyancing – A summary of the three main case stages
Set out below is a summary of what each solicitor does at each stage.
1st Stage – Sale agreed
- Applies for title deeds and asks seller to fill in enquiry forms.
- Prepares contract and sends this out with completed enquiry forms.
- Negotiates moving (completion) date.
- Asks buyer for money on account of expenses.
- Receives contract etc. from sellers solicitor and asks additional enquiries.
- Carries out searches.
- Receives mortgage offer.
- Reports to buyer with contract for signature and requests deposit (or uses deposit from sale – if any).
2nd Stage – Sale agreed
- Receives the buyers deposit
- Obtains a settlement figure for the sellers mortgage (if any)
- Approves the transfer deed and arranges for the seller to sign it
- Sends contract and deposit to sellers solicitor
- Prepares transfer and mortgage deed and sends to buyer to sign
- Arranges final searches
- Prepares final accounts and requests any monies required from buyer
3rd Stage – Completion
- Receives balance of purchase price
- Pays off the mortgage (if any)
- Hands over the deeds
- Sends seller the balance or uses this towards purchase (if any)
- Sends balance to sellers solicitor and collects deeds
- Pays stamp duty (if any)
- Registers purchase at Land Registry
- Sends deeds to Bank or Building Society (if any)