Spring is almost here and its the busiest time of the year for moving home. Check out our quick guide to buying and selling for all our top tips to make the process as smooth as possible!

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W: setfords.co.uk
Setfords Legal Guides
For Individuals
Quick guide to buying and selling
T: 01483 408780
E: info@setfords.co.uk

2. T: 01483 408780
E: info@setfords.co.uk
W: setfords.co.uk
Quick guide to buying and selling
PART 1
From Instruction to Exchange
Purchase You instruct us to begin work and you Sale
complete and return our paperwork.
We receive sales particulars from estate
agents.
We receive the Contract Papers and We prepare contract pack and send this
a) Apply for Searches to the buyer’s solicitors.
b) Check Title Documents With your assistance we answer any
c) Raise enquiries enquiries raised by the buyer.
We receive; We arrange for you to sign the contract
a) Mortgage offer in readiness for exchange.
b) Results of searches
c) Replies to enquiries
We then report to you on title and
arrange for you to sign the contract and
send us the deposit.
A completion date is agreed between
you and the other party and then
exchange takes place.
A completion date is agreed between
you and the other party and then
exchange takes place.

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From Exchange to Completion
Purchase Exchange Sale
We receive the Contract Papers and We prepare contract pack and send this
a) Apply for Searches to the buyer’s solicitors.
b) Check Title Documents With your assistance we answer any
c) Raise enquiries enquiries raised by the buyer.
We arrange for you to sign the contract
in readiness for exchange.
A completion date is agreed between A completion date is agreed between
you and the other party and then you and the other party and then
exchange takes place. exchange takes place.

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PART 2
WEEK 1
1. When you have instructed us we will write to you with a number of forms to complete and return. We
will also request money on account from you to cover the initial costs involved on your matter. It is very
important that you return the signed forms as quickly as possible to minimise any delays.
2. The sales particulars will have details of the seller and buyer and their respective solicitors. They will
also indicate any special conditions for example that the seller and buyer wish to exchange within 28
days.
WEEK 2
1. The contract pack will consist of various documents including a copy of the title, seller’s information
forms and a fixtures and fittings list. We will then review this information and raise enquiries based
upon the information provided. We will also order, a local search and drainage search and three
additional searches namely an environmental search, plan search and chancel check search. These
additional searches are optional but we do recommend them.
2. The contract pack consists of the documents referred to in 1 above. As previously mentioned because
some of the contract pack consists of forms, which the seller completes, it is vitally important that the
seller completes these documents as soon as possible or it can delay the contract pack being issued.
When the contract pack has been issued the buyer’s solicitors will raise enquiries. We will consult with
you to obtain answers to the questions.
WEEK 3
1. Provided you made your mortgage application at an early stage the offer should arrive with us around
this time. Your mortgage lender is only required to carry out a valuation of the property before issuing
your offer. This valuation is not a survey and we would recommend that a survey be undertaken in all
cases either by your lenders surveyor or an independent surveyor. The type of survey depends on the
age and condition of the property you are buying. We can provide you with a list of local surveyors if
required. Around the same time as your offer being issued we should receive back replies to enquiries
and your search results. When all these things are to hand we are then in a position to report to you on
title. A report on title is a summary of all the legal matters you need to be aware of before committing
to purchase the property. Once you have read this we then encourage you to attend our office to
answer any questions you may have. If after this meeting you are happy to proceed then we will ask you
to sign the contract and send us the deposit in readiness for exchange of contracts. We do recommend
that you transfer the deposit money by bank transfer rather than sending us a cheque. The standard
deposit is 10% of the purchase price. Sellers will usually accept a lower deposit but not normally less
than 5%.
2. The sale contract will be sent to you to sign and return in readiness for exchange of contracts.

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WEEK 4
1. When both the seller and buyer have signed the contract and are ready to exchange a completion date
needs to be agreed. This is normally arranged via the estate agents who will speak to all the parties
concerned. When a date is agreed then exchange of contracts takes place. This is done over the phone
between the seller’s solicitor and buyer’s solicitor. Once exchange of contracts has taken place both
parties are committed to complete and if either party withdraws after exchange and fails to complete
then they will be liable to pay costs and damages to the other party.
WEEK 5
1. As soon as exchange of contracts has taken place we will prepare a completion statement for the buyer
which details the balance required to complete which will include the stamp duty and all other costs
associated with the purchase. This balance must be transferred to our account in time for completion.
We will order the mortgage money to arrive.
2. When we have the redemption statement and estate agent’s invoice we prepare a completion
statement. This will detail the balance due to you on completion.
WEEK 6-8
1. On the day of completion the money to complete is transferred to the seller’s solicitors. When it has
arrived in the sellers solicitors account the seller’s solicitor will ring the estate agent and confirm that
the keys can be released to the buyer. The estate agent will then ring the buyer and inform them that
they can collect the keys from them and move into the property. On average keys are released around
lunchtime. However this can vary depending on the length of the chain – generally speaking the longer
the chain the later in the day the keys get released.
2. On the day of completion we will pay the stamp duty to the inland revenue and also apply to the land
registry to register you as the owners. When this application is complete we will then send you a copy
of the title for your file. The title is held electronically at the land registry.
3. Once the mortgage and the estate agents fees have been paid we will account to you with any surplus
money from the sale. We will usually send this to your bank via a same day bank transfer.
For further information or to instruct us please contact a member of our team on
01483 408780 or info@setfords.co.uk.
This content is for information purposes only and does not constitute legal advice. For detailed legal advice please contact us and we
will be happy to assist. No liability can be accepted in relation to any reliance on the content of this guide. Copyright in this publication
belongs to Setfords Solicitors. Extracts may not be copied without our express permission. Setfords Solicitors is a trading name of
Meaby and Co Solicitors LLP. Our registered number is OC322672. Our registered office address is 2 Camberwell Church St
Camberwell Green London SE5 8QY. We are regulated by the Solicitors Regulation Authority SRA number 447880