Completion Date:

The date agreed by all parties and fixed on exchange of contracts
The seller vacates and the buyer takes possession.

The buyer collects keys from the Estate Agent (or seller if private sale) once the full purchase price has been received by the seller's Solicitor.

Contract:

The terms that the parties have agreed appear in the contract. The contract includes details about the property, the agreed price and the names of the parties and what to do if something goes wrong.

There is no need for the seller and buyer to meet to exchange contracts. Generally the seller's solicitor draws up two copies of the contract for approval by the buyer's solicitor and once approved or amended each party signs their own copy. These copies are exchanged by the Solicitors .

Deposit:

The usual deposit is 10% of the purchase price and handed over on exchange of contracts. However reduced deposits are often accepted. If a lower deposit is paid and the sale does not go ahead through the fault of the buyer the full 10% will be required and forfeited.

Exchange of Contracts:

Both parties are bound at this point to complete the transaction. Until exchange either party can walk away without incurring any penalties.

Indemnity Contribution:

All solicitors are required by the Law Society to take out indemnity insurance to cover losses that clients may suffer as a result of the solicitor's error.

Leasehold/Freehold:

If a person holds property under a leasehold title, they do not own the land upon which the property stands. They are entitled to own the premises until the lease expires, at which time the freeholder becomes the property owner.

A freeholder owns not only the property but also the land upon which that property stands.

Legal Fee:

The time spent by our property lawyers dealing with your transaction is chargeable by a fixed cost which will be explained to you at the outset.

Local Authority Search:

A list of questions is sent to the Local Authority in which the property is situated. Questions raised include whether the council is planning any development in the neighbourhood, whether roads are maintained by the Local Authority, whether there are any planning issues affecting the particular property. If there are any specific points that you need answered inform us at the beginning of the conveyancing process.

Mortgage:

In order to purchase your property, you may need some financial assistance. A mortgage is available from many banks and building societies.

In order to act on behalf of your lender a fee may be chargeable by your solicitor for providing this service.

Before you sell your property we will contact your existing lender and pay off your outstanding mortgage. We will provide you with a copy of this figure and detail any penalties you may be charged by your lender for early repayment.

Property Information Form:

If you are selling your property, it is important that you answer questions put forward by the buyer regarding your property honestly. Not disclosing relevant information may allow the buyer to bring an action against you.

If you are buying, ensure your solicitor is aware of any specific issues that you are concerned about so that these can be addressed in the questionnaire.

Fixtures and Fittings and Contents:

The seller will complete a list of items to be left at the property and a list of items that will be removed on completion for the buyer to agree. This list will be attached to the Contract upon exchange.

Stamp Duty:

If the value of the property you are purchasing costs more than £120,000 the government will tax you a percentage of the purchase price. The stamp duty bands are as follows:

0% £0 - £120,000

1% £120,001 - £250,000

3% £250,001 - 500,000

4% £500,000+

Survey:

A surveyor will produce a report based on the physical state of the property you are purchasing. Irrespective of a mortgage valuation supplied by your lender it is recommended that you appoint a qualified surveyor to inspect the premises that you are to be purchasing. This is because any defects that come to light after the property is purchased is your responsibility.

Land Registry:

This is a central body which keeps records dating back to 1925 about property, including ownership details and conditions under which land is held. A small minority of properties remain unregistered at the Land Registry.

Title Deeds:

These documents are proof of ownership of a property. If the property is mortgaged they are usually held by the Mortgage Company. Due to computerisation Title Deeds are becoming obsolete and a computer printout from the Land Registry is sufficient to prove ownership