Initial stages
You should always try to appoint a conveyancing firm / solicitor when you initially put your property on the market. This way when you find a buyer your solicitor will have applied for your deeds, compiled management information in the case of flat and have already prepared and arranged for you to sign the contract and complete any initial enquiries. This can then be forwarded straight away to the buyers solicitor making the whole process much quicker.
Once a sale is agreed your estate agent will write to your solicitor and the buyer’s solicitor to put them in touch with each other and make them aware of the fundamental details of the transaction. Your solicitor will send the relevant contract and papers to the buyer’s solicitor.
Exchange of contracts
Your solicitor will ask the buyer's solicitor to return the signed contract and request any deposit. At the same time they will find out how much you owe on your current mortgage. You will then be asked to sign the transfer document and then contracts are exchanged. This means that both you and the buyer are bound legally and may not be able to back out of the sale/purchase without financial penalty.
Completion & beyond
You and the buyer will have agreed a date to complete the purchase and on that date the balance of the monies are exchanged. Your solicitor will deduct any money you owe to them from the balance.
The solicitor's work is still not finished as he or she will now need to pay off any mortgage on the property, pay the estate agent, hand over the deeds to the buyer's solicitor and send you the balance of the monies.
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