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A wealth of legal expertise

Contact 01229 820297

We can provide advice and assistance on the following:

• Buying and selling houses
• Re-mortgaging
• Transfer of Equities
• Joint ownership
• Transfer of ownership between existing parties

Stages of buying and selling a property

A normal house sale and purchase has two major stages:-

Stage one is from acceptance of the Purchaser’s offer to “exchange of contracts”.

Stage two is following exchange up to “completion”.

At the outset, the solicitor acting for "The Seller" issues the Contract to the solicitor acting for "The Buyer".  There are two copies - one to be signed by the Seller and the other by the Buyer.  Exchange occurs when the Buyer's solicitor forwards the Buyer's signed Contract and a deposit - usually 10% of the price to the Seller's solicitor and the latter sends the Seller's signed Contract "in exchange" to the Buyer's solicitor. 

It is difficult to provide a time estimate for the “exchange of contracts” as there are usually many loose ends to be tied up – especially if a “chain” of transactions is involved. On exchange, the Contracts become binding on both parties.  When exchanging Contracts the solicitors will fix the completion date - the day for moving which normally falls two to four weeks from exchange.

Buying a new house or plot from a builder differs in some respects - for instance:

• Very often the builder will ask for a deposit at the outset to be held by the builder during a reservation period.  Usually the builder will agree to extend the reservation period but the prospective Buyer should be wary of those builders whose receipts entitle the builder to pocket such deposits if Contracts have not been exchanged by the end of the reservation period.

• The completion date will often be fixed to take place within fourteen days after the property has been completed and made ready for occupation.  If the Buyer is obtaining a mortgage the bank or building society will require their surveyor to pass the property before agreeing to pay the advance.

• The majority of builders are members of the National House Builders Council who have set up an insurance scheme providing protection for the Buyer against defective building.  Before or on exchange notes for guidance prepared by the NHBC giving details of the rights of the Buyer will be provid