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Completion Date
The seller and buyer should discuss dates between themselves ad then notify their respective solicitors who will try to fit in with the suggested date. If there are unforeseen delays, for example, if the buyer does not receive a search or mortgage offer in time, or the "cash buyer" turns out to have a related sale then the completion date may have to be revised. For this reason you should not make any firm commitments such as giving notice on a job, arranging removals or making holiday bookings without first contacting us so that we can advise you of the situation.
Only when contracts are exchanged and a completion date is fixed can you be virtually guaranteed that the completion date will be met. It is not essential for you to be present on the completion date but if you are going to be away, then you should let us know so that we can arrange for one of your relatives (or ourselves) to act for you through a Power of Attorney.
Contract
This is the agreement between the buyer and the seller. It sets out the main terms of what has been agreed such as the property, the price and the names of the parties. It also deals with the process if something goes wrong. Rather than making the buyer and the seller meet to sign the same contract, the seller's solicitor draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.
Deposit
This causes a lot of confusion. When most people talk about the deposit they mean the part of the purchase price that the buyer is putting down him/herself (i.e. usually the difference between the amount of the mortgage and the purchase price). When Solicitors talk about the deposit they are talking about the money that is handed over to the seller's Solicitors upon exchange of contracts. This might be the same amount, but it might not.
On exchange of contracts the seller can insist on receiving from the buyer a 10% deposit of the purchase price. However as many people are not contributing as much as 10% to the purchase, reduced deposits are often agreed. You should be aware, however, that if you are a buyer and you pay a reduced deposit then fail to complete the purchase through no fault of the seller, you will, under the terms of the contract, be required to make the deposit up to the full 10%. You may also have to pay compensation to the seller if the seller loses out through your failure to complete.
Exchange Contracts
Mortgage Deed
Transfer Deed
This is the document that passes the ownership of the property from the seller to the buyer.
It is dated with the completion date, and will be sent to the Land Registry after completion. The Land Registry need this deed to change their records, and show the buyer as the new owner of the property.
Title Deeds
These documents firstly act as evidence that the person selling the property actually owns it, and secondly set out any rights or obligations that affect the property.
If you are selling, then valuable time can be saved if your title deeds can be obtained by us at an early stage. If you have a mortgage then your bank or building society will be holding your title deeds. We will need to know your mortgage account number and the name and address of the lender. Some lenders charge a fee to send out your deeds but this will normally be added to your mortgage account.
