RESIDENTIAL | COMMERCIAL | INVESTMENT TQ Connect
The average transaction can take up to three months (https://www.gov.uk/buy-sell-your-home) where possible we do always try our best to complete your transaction in a far quicker time. This will also be quicker in Commercial and Investor as there are no linked chains.
Once the estate agent has confirmation of both parties’ conveyancer’s details, they can confirm that the sale is agreed, Subject to Contract. You will receive a Reservation form to confirm this. At this stage you are not legally bound – both the buyer and seller can withdraw from the sale/purchase although typically the reservation fee is non-refundable.
DRAFT CONTRACTS ARE PREPARED
The seller’s conveyancer will obtain the title deeds from the seller and will then draft a contract and send it to us along with supporting paperwork.
CONFIRM DETAILS ABOUT PROPERTY
We will investigate title and make enquiries about the property to the seller’s conveyancer if this is a new site. Although typically if we are the panel conveyancer for the site we will likely have already completed our due diligence.
WE ARRANGE SEARCHES IF YOU REQUIRE THESE
At the same time, if you would like searches we will perform property searches to check for planning history, potential developments, roads, mining and drainage at the property. If you are a cash buyer these are optional although you will be required to carry these out before completion if you are obtaining a mortgage.
CONFIRM MORTGAGE OFFER
If you are obtaining a mortgage you will need to discuss with mortgage brokers at this stage to ensure you will be able to obtain a mortgage on build completion.
Assuming we have received replies to our enquiries of the other side, we will formally report to you with all the relevant documentation. At the same time, we will send you all the documents you need to sign, including the contract and the lease.
EXCHANGE OF CONTRACTS
When both parties are ready, there will be a telephone conversation between the solicitors, confirming the details of the transaction. They each agree to post their part of the contract to the other and make provision for payment of the deposit agreed in the contract. This is known as EXCHANGE OF CONTRACTS. You are now legally bound to the sale and cannot withdraw without suffering a loss.
You will need to arrange to have a mortgage offer in place in plenty of time for completion if you are obtaining mortgage finance. If you fail to pay the completion balance on time as per the below you will be in breach of contract and will be at risk of losing your deposit money.
Once the property is build complete the sellers solicitors will serve a notice confirming completion which will typically give you 10 working days to complete. We pay the balance of the purchase price, electronically, to the seller’s conveyancer. This is known as COMPLETION. Once the money is received by the seller’s conveyancer, they will inform the estate agent that the keys to the property can be released.