INSTRUCT YOUR CONVEYANCER
If both parties are ready to proceed with the sale and purchase, you should now appoint your conveyancer . Ensure you are clear what the fees are and when these are payable. You will normally be asked to pay a fee upfront for the searches.
Once the estate agent has confirmation of both parties' conveyancer's details, they can confirm that the Sale is Agreed, Subject to Contract. You will receive a Memorandum of Sale to confirm this. At this stage you are not legally bound - both the buyer and seller can withdraw from the sale/purchase without any penalty
APPLY FOR YOUR MORTGAGE
Complete your mortgage application form, with the help of a Financial Adviser. At this stage you should also apply for any protection plans you will need to cover your mortgage eg. life assurance, income protection etc.
DRAFT CONTRACTS ARE PREPARED
The seller's conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to the buyer's conveyancer.
CONFIRM DETAILS ABOUT YOUR PROPERTY
Your conveyancer will ask you to fill in two forms. You should complete a Property Information Form, giving details about your property's boundaries, any alterations you have made to the property etc. You will also need to fill in a Fixtures, Fittings and Contents from which will confirm exactly what is included in the sale. These forms should be returned to your conveyancer.
SIGNING OF CONTRACTS
Both the buyer and seller must sign the contract before exchange. Your conveyancer will advise you when to do this.
AGREE DATES FOR MOVING
Conveyancers for both parties will agree a date for exchange of contracts and Completion (moving day). At this stage, it is an idea to obtain quotes from removal companies and provisionally book a date.
EXCHANGE OF CONTRACTS
Once the contracts are signed, the buyer's deposit (normally 5 - 10% of the property price) is sent to the seller's conveyancer, along with the signed contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale/purchase and cannot withdraw without suffering a loss.
The buyer's conveyancer pays the balance of the purchase price, electronically, to the seller's conveyancer. This is known as COMPLETION. Once the money is received by the seller's conveyancer, they will inform the estate agent that the keys to the property can be released. The buyer can now move in.