Outline of a typical transaction

The seller must find a buyer. The seller’s solicitor obtains the title deeds and prepares a contract which is submitted to the buyer’s solicitor. The buyer’s solicitor will examine the draft contract and supporting documentation to ensure it meets the buyer’s requirements and perhaps more importantly, those of any lender.  The buyer’s solicitor makes a number of searches and enquiries with the object of finding out all he can about the property.   If the buyer is taking a mortgage the buyer must arrange this.   Both parties then enter into a formal contract to buy/sell the property.  The buyer’s solicitor prepares the purchase deed.   The final stage is completion.   This is completion of the terms of the contract.   The buyer pays for the property and the seller hands over the keys and the deeds for the property.    After  completion  the  transaction  is  registered  at  the  Land  Registry.     If the buyer has had a mortgage the deeds may be required by the lender as security for the loan. Otherwise the buyer should hold the deeds following completion.