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This is stage two of the three stage process known as conveyance, if you have not read stage one click this link.

Stage two for this procedure will see the buyer’s solicitor hopefully coming to the conclusion that he or she is satisfied with the results of the searches and with any enquiries they had made on the buyer behalf. It is at this point that both parties will look towards the exchanging of contracts, for this to be achieved both parties would have had read through the contents of the contract and be happy with the contents of the contract only then will both parties be asked to sign to confirm the contract and then contracts will then be exchanged.

The exchanging of contract is legally binding, meaning that both parties are now legally bound to follow through with the transaction to its fulfillment, legally the vendee cannot just have a change of heart as this could result in the loss of the buyer’s deposit also the vendee could find themselves being sued for the breaching of the contract, also upon reaching this point the vendee can feel secure in the knowledge that they cannot be gazumped on the price of the property.
Taking place at this time will be the dispensing of the deposit, the deposit would usually be set around 10% of the value of the property to be purchased, sometimes this percentage can be negotiated. In some cases a buyers find it difficult to guarantee the deposit, some buyers may apply for what is known as a bridging loan from his or her bank.

Deposits have been paid and contracts have been signed it is at this point that the purchaser solicitor will draw up the transfer documents, the transfer documents are a set of documents that will transfer the title of the property from the seller to the vendee, a specialist transfer document will be required if the land to which the property resides on is not registered, a draft of this document will be shown to both the buyer and the seller, if the document meet the approval of both of the parties, the document will require the signature of both parties solicitor will also been requiring signatures on the finalisation documentation which the buyer mortgage agreement, and will arrange for the mortgage funds to be available upon the completion date.

At this stage the buyer solicitor will make inquiry which are known as the final searches and enquiries, these inquiry carried out through the land Registry to make sure there are no last-minute hitches that may arise due to complaints, disputes or any problems with the sellers previous mortgages that may be left against the property, there will also be documents for the vendee to sign as the completion date gets closer, the purchaser needs to make sure that all monies are paid this includes stamp duty and any land registry fees.
The purchaser must be mindful at this point that all the terms of the contract have been completed and fulfilled, if there are any repairs to be made before the completion date or anything else that was agreed upon within the contract between the two parties must have been met.

If you have missed stage one or stage three of the conveyance process go here to UploadAproperty, a by owner website.

UploadApropety the UK’s favorite by owner, we’ve been helping people buy and sell property online.

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