Buying & Selling Property
Key stages of the process
What is involved?
Buying a new home or selling your old one can be complicated, but our experienced team can help you through the process. Below is a basic summary of the key stages, so you know what to expect.
Call our friendly Residential Property team to find out more about how we can help you.
Why choose Freeths?
- Our qualified residential property lawyers will keep you updated throughout the transaction
- We will explain each stage for you in plain English to make the process easy as possible
- You can trust our lawyers to be readily available, approachable and upfront about costs
1. Acceptance of Offer
If you’re buying:
- Appoint solicitors – pay money on account for searches and provide your ID documents
- Agents to provide all parties with memorandum of sale
- Apply for a mortgage if required
If you’re selling:
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- Appoint solicitors and complete property information forms
- Agents to provide all parties with memorandum of sale
- Solicitors to provide contract pack to buyer’s solicitors
2. Before the Exchange
If you’re buying:
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- Searches and enquiries to be concluded
- Solicitors to report to you fully
- If applicable, mortgage offer to be received by solicitors and you
- Contract to be signed
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If you’re selling:
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- Deal with all buyer’s enquiries and sign the contract
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3. Exchange
This is when the deposit will be paid to the seller’s solicitors (10% of the purchase price), terms are agreed, and the mutually convenient completion date is agreed. The contract is now legally binding.
4. Before Completion
If you’re buying:
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- Transfer and mortgage deed to be signed
- Balance funds to be sent to solicitors in time for completion
- Solicitors will draw down mortgage and make final pre-completion searches
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If you’re selling:
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- Transfer deed to be signed
- Solicitors will obtain final redemption statement from mortgage lender (if applicable)
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5. Completion
If you’re buying:
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- Balance of funds are paid to seller’s solicitors
- You are now the legal owners and keys can be collected
- Legal fees and Stamp Duty Land Tax are payable
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If you’re selling:
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- Vacant possession must be given (where agreed) by the time specified in the contract
- Upon receipt of funds from buyer’s solicitors the keys to the property will be released
- Any mortgage will be redeemed
- Estate agent’s and legal fees are payable
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6. Following Completion
Solicitors deal with SDLT formalities and register buyer as the new owner at HM Land Registry and net proceeds of sale are paid to the seller.
Notable Work
- Acting on behalf of a client purchasing a new build Central London Apartment in excess of £1.5 million as an investment property. This purchase was somewhat complex due to the size and location of the development.
- In her work for high profile individuals, Melissa has acted on the purchase of London properties with sale prices in excess of £10 million.
- Purchase of a £3 million leasehold property in Westminster with a deadline for exchange of just seven hours.
- Numerous acquisitions of London apartments for high net worth individuals.
- The acquisition of a landed estate extending to 2,725 acres for a sum in excess of £27 million. Including Grade II* listed Hall, arable land comprising 6 farms let on a mixture of Agricultural Holdings Act tenancies and Farm Business Tenancies, woodland, commercial properties and numerous residential properties.
- Advised on title and tenancy issues and identified SDLT savings.
- Exchange of Contracts for the sale of a freehold property within 48 hours of instruction.
- The acquisition of an arable farm for a sum in excess of £8.4 million including Grade II* listed Manor House, yard with development potential and agricultural buildings and incorporating the grant of a Farm Business Tenancy between exchange and delayed completion.
Client service
‘Doing the right thing’ is at the heart of Freeths. Find out more about our excellent client service and the strong set of values that guide the way we work.
Talk to us
Freeths are a leading national law firm with 13 offices across the UK. If you have a query about our services or just want to find out more, why not give us a call?
Contact: 03301 001 014