Adam LedgerProperty Lawyers

Useful Information & FAQs

To be read in conjunction with our Terms of Engagement.

Outline of a typical transaction

  1. 1The 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.
  2. 2The buyer's solicitor will examine the draft contract and supporting documentation to ensure it meets the buyer's requirements and those of any lender.
  3. 3The buyer's solicitor makes a number of searches and enquiries with the object of finding out all they can about the property, and the buyer signs the contract.
  4. 4If the buyer is taking a mortgage, the buyer must arrange this and obtain a satisfactory mortgage offer prior to exchange of contracts.
  5. 5Both parties then enter into a formal contract to buy/sell the property. This fixes the completion date and the purchase price. If either party wishes to withdraw or delays completion, the party at fault will be subject to contractual penalties.
  6. 6The buyer's solicitor prepares the purchase deed.
  7. 7The final stage is completion — the buyer pays for the property and the seller hands over the keys and the deeds.
  8. 8After completion the transaction is registered at the Land Registry. At busy times the Land Registry may take many weeks to register your transaction.

Frequently Asked Questions

DOs and DON'Ts

Do

  • ✓Do be patient.
  • ✓Do give us at least 10 working days notice of a proposed completion date subsequent to us confirming that all outstanding matters have been dealt with.
  • ✓Do contact the seller of the property to discuss keys, telephone numbers, burglar alarm codes, gas suppliers, electricity suppliers.
  • ✓Do read all of your mortgage offer and ensure that you have complied with all requirements.
  • ✓If you are buying, do arrange for your Buildings Insurance to commence on exchange of contracts.

Don't

  • ✗Do not pay money direct to the person selling the property. This will cause complications with regard to your mortgage.
  • ✗Don't hand the keys over for your house unless we say it is safe to do so.
  • ✗Don't try to arrange a completion date without confirmation from us that we are in a position to proceed.
  • ✗If you are in rented accommodation, do not give notice to quit to your landlord unless we have stated it is safe to do so.

Fraud & Phishing Warning

Property Alert is an award winning free property monitoring service. We advise and recommend that our clients visit https://propertyalert.landregistry.gov.uk/ to sign up. Our bank details are: Virgin Money UK, Rochdale — Account Number: 24883033, Sort Code: 05 07 22. We will NEVER notify you of a change in bank details by e-mail. Before transferring funds to us, please call our firm to confirm our bank details. Any email from our team will end with @adamledger.co.uk.