Tel: 0203 638 6860
Grove Solicitors

         


Most property transactions involve the following stages:

• Pre Exchange Enquiries and Searches
• Exchange of contracts
• Pre completion
• Completion
• Registration and Post Completion matters


Pre Exchange Enquiries and Searches

If buying this involves conducting the most appropriate searches, we will peruse the contract and supporting documents, raise enquiries and report to the client on the results.

If selling we will require the client to complete the relevant forms such as, property information, fixtures and fittings and a leasehold information form if the property is a leasehold. Once we are in receipt of the said forms we will forward to the buyer solicitors who would now raise enquiries which we would assist the client in dealing with. Once both parties are satisfied on the enquiries and terms of the contract, there will be an agreement on the exchange of contract.

Exchange of Contracts

At this stage the buyer client will have to make available 10% deposit of the purchase price. On exchange of contract the seller solicitors will receive the 10% deposit from the buyer solicitors.

Pre-completion

• The Transfer Deed and Mortgage Deed will be prepared for you to sign
• We carry out the final searches
• We will prepare a Certificate of Title for your lender and ask them to transfer the mortgage money in time for completion
• We will prepare the financial statement and ask you for the balance of the money required to complete including Stamp Duty Land Tax and legal fees
• You will have to make arrangements to insure the structure of the property as at the date of completion to your satisfaction and that of the lender if not dealt with at the exchange stage.
• You should make arrangements for the utility meters to be read.

Completion

Completion is when the balance of the purchase money is paid by the buyer's solicitor to the seller's solicitor, the title documents are sent to the buyer's solicitor and the keys released to the buyer. We deal with the legal formalities on your behalf however, you should normally inspect the property before completing even if you are not moving in.

In any event, you will have to make arrangements to collect keys from sellers/agents.

On completion we deal with the repayment of your existing mortgage (if any) from the sale proceeds.
Registration and Post Completion matters

Registration and Post Completion matters

Following completion we will deal the payment of any stamp duty land tax payable and will deal with the registration procedures. Once the registration at the Land Registry has been completed we will let you (and your mortgagees) have a copy of the title to the property.

Our Fees and other expenses

Our fees range from a minimum of £1000 to £2500 depending on the complexity of the transaction(s), the urgency with which the matter is dealt and the total time that the matter takes.

Disbursements

The usual disbursements on a purchase are as follows:-
Local authority and other usual searches estimated£350.00
Stamp Duty Land Tax (price dependant)TBA
Land Registry Priority Searches/Bankruptcy (as required)
Land Registration fee ((price dependent)TBA
Bank transfer fees (as required by our bank)

We recommend that you contact us in order to give you a more specific figures on our fees and and disbursements as these varies depending on the particular transaction.