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email: info@seymourluke.com

 

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Seymour Luke Licensed Conveyancers

Sale and Purchase

We appreciate that when a client is selling and buying a property at the same time, the stress and anxiety is multiplied. That is why we constantly update our clients and ensure they are aware of progress throughout the entire process. We update our client and both selling agents not just when key milestones in the transaction have been reached but also if we are experiencing any delays in response from any party involved. This will assist as you may speak to the buyer or seller direct to report to them for example that their legal advisors are slow to respond, or enable the selling agents to maintain the pressure on the parties involved . We also maintain constant contact with all estate agents involved in the transaction, who will ensure that all parties are working towards a prompt completion.

You will of course require that your sale and purchase proceed at the same time so that your sale and purchase are ready to exchange contracts and then compete on the same date. This is achieved through constant contact with all parties involved in both transactions and by acting immediately on either transaction whether requesting something or providing something to the other parties legal advisor’s.

Prior to exchange of contracts, we will invite you in to the office to consider all of the documentation in relation to your sale and purchase. We will discuss your mortgage offer with you and the completion statement for the sale and purchase. Alternatively, we are able to prepare a full and detailed report and forward it you by post provided all of the necessary Identification requirements have been satisfied. You will be required to return the Contract and any deeds in the post. Once we have any deposit monies required from you to exchange contracts. On a related sale and purchase, we will be able to utilise the deposit provided by your buyer and offer it to your seller. The usual deposit provided is 10% of the purchase price but this is open to negotiation.

Once all parties are in a position to exchange contracts and a completion date has been agreed, we will proceed to exchange of contracts. We will firstly exchange on your sale, by taking what is called ‘a release of contract’. This provides us with an agreed period of time in which to exchange contracts on your purchase. Once we have exchanged on your purchase, we are therefore in a position to revert to your buyers legal advisors and formally exchange on your sale. This legal process protects you so we can ensure that contracts are not exchanged on only one transaction. We are therefore able to ensure that both your sale and purchase exchange simultaneously.

Once contracts are exchanged on both your sale and purchase, we can then proceed to the agreed completion date as confirmed within the contract at the point of exchange. Your mortgage advance is requested, any balance monies required from you will be provided and all the necessary pre completion works undertaken.

On the day of completion, the buyers legal advisors we will forward by way of Bank transfer, the full sale monies to us less any deposit paid. Upon receipt of the sale monies we will pay off any existing mortgage, and send by Bank transfer the purchase monies less any deposit paid to the sellers legal advisors. Once we have received the sale monies and the purchase monies received by your seller’s legal advisors, all keys will be released and transfer of legal ownership will be completed.

Following completion, on your sale, we are required to provide your buyer’s legal advisors with proof that your mortgage has been paid in full. On your purchase, we are required to submit the Stamp Duty Land Tax Transaction return form and any payment due to the Inland Revenue. The Inland Revenue will thereafter return a Stamp Duty Land Tax certificate confirming that the relevant duty has been paid. We then prepare a registration application to submit to HM Land Registry and forward the Transfer Deed, Mortgage Deed, Stamp Duty land Tax certificate and other documents required by the Land registry to register the legal transfer in to your name and register your lender’s mortgage against the property you have purchased.

Once the transfer is registered by HM Land Registry, they will return confirmation and provide new title deeds stating your ownership of the property. We will then forward confirmation and copy title deeds to you and to your lender. At this stage, your lender will confirm whether they require the title deeds or not. If they do not require the legal deeds and documents, we can forward them to you for safekeeping or retain them on your behalf.

SALE AND PURCHASE MILESTONES

  1. On the sale, send protocol forms to seller for completion and send contracts and supporting title documentation to the buyers solicitors. On the purchase, consider contract and supporting documentation received.
  2. On the sale, deal with any enquires raised by the buyer’s legal advisors and on the purchase, raise any legal enquiries and request any additional searches required.
  3. Liaise with all parties on the sale and purchase to ensure an early or exact completion date can be agreed.
  4. On the sale, request redemption figures from existing mortgage lenders.
  5. On the purchase, consider mortgage offer, if applicable.
  6. Upon receipt of redemption figures from existing lenders and mortgage offer for the purchase provide the client with a sale and purchase completion statement itemising all aspects of both transactions and confirming the monies required to complete the sale and purchase.
  7. Once satisfied with seller’s replies to enquires, that all searches are clear, and that the buyer and buyer’s lender are protected, invite the client in to the office to discuss the sale and purchase in detail and to obtain the client’s signature to the sale and purchase documents. Alternatively, a fully detailed sale and Contract Purchase report can be sent out to the client if preferred.
  8. Obtain client’s balance monies required to complete, agree a completion date and exchange contracts with the buyer and seller’s legal advisors
  9. Request the buyer’s mortgage advance from their lender.
  10. On the completion date, receive the sale monies from the buyer’s legal advisors, pay of the existing mortgage and transfer the purchase monies to the seller’s legal advisors and await confirmation that the monies have been received and the keys have been released. Inform the buyer that the keys are available for collection

Following completion, on your sale, we are required to provide documentary confirmation to the buyer’s legal advisors that the mortgage has been paid in full. On the purchase, we are required to submit the Stamp Duty Land Transaction return form and payment to the Inland Revenue and to register the transfer of ownership in to your name at HM Land Registry.

OUR COMMITMENT

Seymour Luke are committed to providing excellent levels of service and communication with a friendly approach

CLC Recognised body number - 505693. CLC website.
VAT Number - 116 503 152
Company Registration Number - 6848916
Director(s) - Philip Luke - Solicitor & licensed conveyancer
Kathryn Donnelly – Solicitor
Kevin Gilbert – Licensed Conveyancer

 

Seymour Luke Licensed Conveyancers