Conveyancing

Contract

Once a sale has been negotiated we will instruct your solicitor to prepare a draft contract for the approval of the purchaser's solicitor. The vendor's solicitor will already be in receipt of the Home Information Pack as this is always sent to the vendor's solicitor by PSG as soon as the marketing process commences. The purchaser's solicitor will carry out preliminary enquiries. Relevant Paperwork will be reviewed at this stage including fixtures and fittings list, Planning Consent Guarantees etc.

Approval of Contracts

Contracts are approved when all enquiries from the contract have been finalised. Mortgage approved (if necessary). A mortgage is a loan secured upon the property and the purchase of most property involves some form of mortgage. Following Valuation/Survey of the property and possible further negotiation an offer of mortgage is provided by the lending institution. At this stage normally exchange of contracts is possible.

Exchange of contracts

Following mortgage approval contracts are signed and exchanged and a deposit of normally 10% of the purchase price is transferred to the vendor’s solicitor. Following exchange of contracts, the sale and purchase is legally binding and a completion date may be arranged.

Legal Completion

On the day set for legal completion, the balance of the funds is normally transferred from the purchaser’s solicitor to the vendor’s solicitor and final completion takes place.