This is when most of the legal work is done.
Preparing Contracts
Once we have completed Stage 1, your property lawyers are ready to prepare and issue contract papers to your buyer’s lawyer.
- Your property lawyers will obtain and check the Land Registry documents to the property, or if unregistered the original deeds.
- They will prepare the Contract and Transfer and send this to the buyer’s lawyer along with your property information forms and any other relevant information.
- They will also send you a contract report with the Contract and Transfer to sign together with a property plan so that you can confirm the boundaries are correct.
Mortgages
If you have a mortgage secured on your property your property lawyers are required to give a legal undertaking to the buyer’s lawyer to ensure the mortgage is repaid on completion.
- Your property lawyer will need to request an initial redemption statement from your lender which shows the amount owing.
- They will prepare a draft completion statement for you to check together with a copy of the lender’s statement.
Additional Enquiries
The buyer’s lawyer will review the Contract, Transfer and other documents your property lawyer would have sent to them and may raise enquiries. This is a normal step in the selling process. Your property will respond to enquiries if we are able, but they may refer some to you as we do not have personal knowledge of your property. The property lawyers will clearly explain what you need to do and be on hand if you need any help.
Buyers’ Lawyers
Before the buyer’s lawyer can exchange there are various steps they need to deal with such as:
- Raising additional enquiries.
- Reviewing our replies to their additional enquiries.
- Requesting searches, such as Local Authority search, water and drainage search, environmental search.
- Reviewing search results.
- If the buyer requires a mortgage they will need to receive a copy of the mortgage offer and comply with the lender’s requirements.
- Report on the property to the buyer and request contract and mortgage papers are signed.
If you are selling within a chain it is important to note that everyone in the chain must exchange contracts at the same time and complete on the same date. This means that all lawyers in the chain must complete their parts of the legal process before they can exchange. Your property lawyer will do thier best to ensure we reach exchange as quickly as possible.