“Searches” – We will make enquires with various government and other information holding authorities to discover if there are any adverse matters affecting a property. In the midlands for example we will check that there are no old coal mines which might affect the property. We will check that there are no sewers passing under the property and check with the local authority that they have no plans to carry out works which might be detrimental or affect your decision to purchase. These searches take time to process, usually just a few days. In some cases the information required may be in a Home Information Pack (HIP) supplied by the seller. Often however the information in a HIP is incomplete and further searches will need to be done.

“Exchange of contracts” The contract for the sale of a property is drawn up by the solicitor acting for the seller. It is drawn up in duplicate and one part is signed by the seller with his solicitor and the duplicate is signed by the buyer with their solicitor. When both the seller and the buyer are ready to proceed and have agreed a date for completion of the transaction then contracts can be exchanged and it then becomes binding on both parties. An exchange of contracts cannot take place until the buyer is satisfied with the legal title to the property, the results of the conveyancing searches and if needed has received a mortgage offer which is acceptable.

“Completion” This is the process whereby the purchase price less any deposit already paid on exchange of contracts, is paid over on the completion date agreed in the contract. On receipt of the money by the seller’s solicitor the keys to the property will be released, usually from the estate agent. The money is usually sent electronically between the solicitors banks. On the completion day the seller must have moved out of the property and the buyer becomes the legal owner of the property.