At the outset of a transaction we discuss fees with the clients so that they are fully aware of their commitment in that regard and, as told to the clients when a quote is given, these fees will be adhered to unless something unforeseen occurs which involves additional work but in this instance the fee earner will discuss this with the clients so that they are fully aware of such increase.
There are various stages to any sale or purchase which are listed below:-
Stage 1
Agreeing a sale/purchase and obtaining a quote from us. If agreed full details of the sale/purchase are given to the fee earner so that the initial letters can be sent out with any forms that require to be completed by the buyer/seller.
Stage 2 (Sale)
On a sale we obtain a copy of the title and draft papers are sent to the buyer’s solicitors for approval. We will also deal with any enquiries raised by the buyer’s solicitors which may require some input from you.
Stage 2 (Purchase)
On a purchase once we receive your cheque for the various searches (details of these searches will be given in our Information Form sent with our opening letter to you) and draft papers are received from the seller’s solicitors we will go through them to ensure that there is nothing detrimental to the property. We will then call you in to go through the papers and raise enquiries with the seller’s solicitors.
Stage 3
When paperwork is approved, enquiries answered satisfactorily and (in the case of a purchase) a mortgage has been issued and we receive the deposit monies, we will be able to exchange which we will do once a completion date has been agreed.
Stage 4
In connection with a purchase on exchange of contracts we will be requesting the mortgage funds and writing to you requesting the balance of purchase monies. On completion you will be notified that you can either hand the keys over (with regard to a sale) or collect the keys (with regard to a purchase).
Stage 5
On a purchase the post completion formalities will be carried out to register the property in your name as the new owner.
NB This is a synopsis of the key stages involved in the sale and purchase of properties and the aim here is to give potential clients an insight into some of the procedures and requirements involved in the sale and purchase of properties. The solicitor obviously has a bigger role to play here and this is merely a simplistic view of things.