Buying and Selling an Apartment or Flat
Ford Banks Irwin Solicitors are committed to providing the optimum level of legal services to all clients. We are always striving to improve the service we offer. We positively encourage feedback and suggestions from clients.
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Legal Jargon in Plain English:
Exchange of Contracts:
this is the date the deal becomes binding. Before this date either party may withdraw from the transaction.
Completion:
this is the date you can pick up the keys if you are buying or hand over the keys if you are selling.
Exchange of Contracts & Completion:
the two can occur simultaneously on the same date. However, the deal is not binding until exchange of contracts. Most clients require more certainty in planning removals.
Special Conditions:
the small print of the agreement between the parties.
Transfer Deed:
the document used by the Land Registry to formally transfer the Property.
Selling an Apartment or Flat - The Process:
The Procedure is similar to buying or selling a House. However for an apartment you also need to take into account the service charge, insurance, management company and Lease aspects of the transaction.
Summary of the steps to be taken by the Seller's Solicitors or Conveyancers.
(a) Prepares or obtains the Home Information Pack.
(b) Collates all the ancillary Property Title Deeds and Lease Documents. Seller's Solicitors also collates the Management Company accounts, service charge and insurance details.
(c) Prepares the Agreement / Contract for the sale of the Property.
(d) Sends the Agreement, Home Information Pack and Management Company bundle to the Buyer's Solicitors.
(e) Sends the client a duplicate Agreement, Property Information form, Leasehold Information form and Fixtures Fittings form.
(f) Receives any questions or enquiries from the Buyer's Solicitors.
(g) Obtains answers to the Buyer's Solicitors questions from the client and / or Property Title Deeds and / or Management Company and replies to the Buyer's Solicitors.
(h) Obtains a mortgage redemption statement, if applicable
(i) Obtains any other consents to the sale, if applicable. For example Parents who have given Children deposits to initially buy the house may have chosen to place a restriction on the Property Title Deeds that the house cannot be sold without their consent. Housing Association consent for some Properties in shared ownership.
(j) The Buyer and Seller liaise to agree dates for exchange and completion. The timescale is often dependent upon booking removal vans.
(k) The Agreement / Contract is exchanged and made binding between the Seller's Solicitors and Buyer's Solicitors for completion on a fixed date. The clients, having already signed the Agreement do not need to attend the Solicitors office on the day.
(l) The Seller's Solicitors posts to the Buyer's Solicitors the Seller's signed agreement. The Buyer's Solicitors posts to the Seller's Solicitors the Buyer's signed agreement and deposit.
(k) Seller's Solicitor receives the Transfer Deed from the Buyer's Solicitor and arranges for the Seller to sign this document. In many cases the Seller's Solicitors will receive the Transfer Deed at an early stage and already have it signed and on the file prior to exchange of contracts.
(m) The Seller and Buyer arrange removal vans in readiness for completion.
(n) The Seller's Solicitors and Buyer's Solicitors attend to pre-completion matters such as undertaking to repay mortgages, service charge apportionments and the code for Completion.
(o) Completion day: The Buyer's Solicitors send to the Seller's Solicitors the balance money due. Seller's Solicitors receive the money and authorises the Estate Agents to release the keys.
(p) Seller's Solicitors pay off any mortgage. Pay any apportionment of service charge to the Management Company. Sends the balance of the money to the Seller or uses it on related purchase.
(q) Seller's Solicitors send to the Buyers Solicitors the Transfer Deed and Property Title Deeds and Documents, if applicable.
Buying an Apartment or Flat - The Process:
Summary of the steps to be taken by the Buyer's Solicitors or Conveyancers.
(a) Buyer's Solicitors receive the Home Information Pack.
(b) Buyer's Solicitors receive the ancillary Property Title Deeds and Documents. Including the Management Company accounts, service charge and insurance details.
(c) Buyer's Solicitors receive the the Agreement / Contract for the sale of the Property.
(d) Buyer's Solicitors receive the Property Information forms, Leasehold Information form and Fixtures Fittings forms.
(e) Buyer's Solicitors submit searches.
(f) Buyers Solicitors ask any questions or enquiries and submits them to the Seller's Solicitors.
(g) Buyer's Solicitors receive answers from the Seller's Solicitors.
(h) Buyer's Solicitors receive a mortgage instructions, if applicable.
(i) Buyer's Solicitors receive replies to searches.
(j) Buyer's Solicitors report to the Buyer.
(k) The Buyer and Seller liaise to agree dates for exchange and completion. A quick check to see if removal vans can be arranged.
(l) The Buyer gives the deposit to the Buyer's Solicitors.
(m) The Agreement / Contract is exchanged and made binding between the Seller's Solicitors and Buyer's Solicitors for completion on a fixed date. The clients, having already signed the Agreement do not need to attend the Solicitors office on the day.
(n) The Seller's Solicitors post to the Buyer's Solicitors the Seller's signed agreement. The Buyer's Solicitors post to the Seller's Solicitors the Buyer's signed agreement and deposit.
(o) Buyer's Solicitor send the Transfer Deed to the Seller's Solicitor. In many cases the Seller's Solicitors will receive the Transfer Deed at an early stage and already have it signed and on the file prior to exchange of contracts.
(p) The Seller and Buyer arrange removal vans in readiness for completion.
(q) The Buyer's Solicitors submit the certificate of title and requests the mortgage advance
(r) The Seller's Solicitors and Buyer's Solicitors attend to pre-completion matters such as undertaking to repay mortgages, service charge apportionments and the code for Completion.
(s) Completion day: The Buyer's Solicitors send to the Seller's Solicitors the balance money due. Seller's Solicitors receive the money and authorises the Estate Agents to release the keys.
(t) Buyer's Solicitors receive the Property Title Deeds and attends to the Stamp Duty, Management Company notices and Registration formalities.
Please contact Ford Banks Irwin Solicitors if you require any further information or assistance.