The Role of a Solicitor when you are buying and selling in the UK — FACT FILE
Stage 1 – The Sale is agreed
The Seller / Vendor’s Solicitor Obtains your title deeds and asks you to fill in a detailed questionnaire Prepares and sends out a package of legal information and a contract for sale.
The Buyer / Purchaser’s Solicitor Requests a settlement figure for your mortgage and any other secured loans. Liaises with all relevant parties and negotiates a date for moving ('completion').
Stage 2 – Exchange of Contracts
The Seller / Vendor’s Solicitor Receives the deposit as a down payment Organises final accounts and prepares a final settlement for your approval. Collects in any balance of funds required Approves the deed of transfer and arranges for you to sign it.
The Buyer / Purchaser’s Solicitor Hands over the deposit to the seller's conveyancers. Prepares a final completion statement for your approval. Collects in any balance of funds required Prepares the deed of transfer and mortgage deed and arranges for you to sign them. Organises final searches to checks for debts and bankruptcy
Stage 3 – The Completion of Sale
The Seller / Vendor’s Solicitor Organises final accounts and prepares a final settlement for your approval. Collects in any balance of funds required. Approves the deed of transfer and arranges for you to sign it. Receives and arranges for payment of any stamp duty to the Inland Revenue. The Buyer / Purchaser’s Solicitor Prepares and sends off application to HM Land Registry to register your ownership. If property is mortgaged send deeds to lender. The above has been compiled to assist people with UK property terminology. We advise that this information is for guidance only and cannot be relied on for accuracy and that you should consult a qualified legal representative if you require full explanation. © jml Property Services June 2005
FURTHER READING See also
Buy to let — UK CLICK HERE
Buy to Let Europe CLICK HERE
Yorkshire Dales Park Authority CLICK HERE
Electrical Regulations in England and WalesCLICK HERE
UK Government plans to get more onto the property ladder CLICK HERE
Invest in a holiday home in Britain CLICK HERE
Building Terms jargon in the UK CLICK HERE
Residential Property jargon in the UK CLICK HERE
Check list for moving in the UK CLICK HERE
Residential Lettings — Inventories in the UK and the Tenancy Deposit Scheme (TDS) CLICK HERE
Holiday Home Property Insurance for France, Spain, Portugal, Greece, Italy, Ireland, Germany, Belgium, Holland, Denmark, Sweden, Malta, Cyprus, England, Scotland and Wales — visit our Holday Home Insurance section.
