I TAKE NO RESPONSIBILITY FOR THIS. IF YOU USE THIS KNOWLEDGE, YOU DO SO ENTIRELY AT YOUR OWN RISK.
I CANNOT GUARANTEE THIS IS CORRECT. ITS JUST MY EXPERIENCE OF MOVING.
Solicitor = Conveyancer in this document.
- Line up a solicitor while you’re house hunting (or before) so you're not hunting later
- Get an agreement in principle for a mortgage?
- Estate agent needs ID and proof of funds/ mortgage in principle. Might be able to show them your current mortgage if it’s equivalent.
- Instruct solicitor and give them your ID
- Your solicitor needs contract from sellers solicitor to start searches and these are a rate determining step. Make sure this is done. Ideally get everyone along the chain to check. We had a scenario where we thought we were ready to exchange, but someone in the chain hadn't even started
- Land searches - take 3-8 weeks depending on time. Get people up and down the chain to ensure searches have been started. A sale can't complete without searches.
- Sort mortgage - check your lender will trust your solicitor. Some lenders have requirements for solicitors if the sale is over a set amount (e.g. over £300K). If your lender doesn't trust your solicitor, they will have their own solicitors review the data once your solicitor is happy. This can take weeks.
- Valuation and building survey (usually part of sorting the mortgage - some mortgage companies have 'approved suppliers' so maybe don't try to get ahead on this - just treat it as part of the mortgage application)
- Review fixtures and fittings list
- Review Buildings Survey (RICS HomeBuyer Report should be OK for newer properties, RICS Building Surveys is all in - meant for older properties or if you are unsure of the buildings structural integrity?)
- Notify solicitor of any issues with buildings survey (or let them know you've had it and are happy).
- Land searches come back - review them and tell solicitor when you’re happy with them (or what you're not happy with). You may have to nudge your solicitor after a few weeks to check they are back and have been reviewed by your solicitor (who should advise on any issues)
- Solicitor sends you a contract - sign and return - agree an exchange and completion date with other buyers/sellers at this time.
- You need buildings insurance on the new property, effective on (or before) the exchange date in order to exchange. Even after signing and returning your contract, you must instruct your solicitor to exchange - at this point, you’re committed to buy. UK - if mortgaged, may need at least 5 working days between exchange and completion. If no mortgage, could even be same day.
- Make sure your boiler/gas certificates are up to date. You don't need an electrics certificate (at the time of writing), but a buyer may insist.
- You will need an EPC (energy performance certificate)
- Line up a solicitor so not hunting later. Having the same solicitor for Buying/Selling can make things easier.
- When you have accepted an offer, instruct solicitor and give them your ID.
- You need to fill in a fixtures and fittings form and return it to your solicitor (your solicitor will provide it).
- Your solicitor needs to send buyers solicitor to send them a contract so they can start land searches. They might not do this until you have filled in the Fixtures and Fittings form (not 100% sure on requirements for the initial contract between solicitors to start, but make sure it's done else risk big delays)
- Gently check your buyers solicitor has started the searches (via your estate agent). They take 3-8 weeks and can't be sped up, so need to make sure they have been started so everything else can run in parallel.
- Answer questions.
- Regularly check in with your estate agent that all’s good with the buyer.
- When all buyers searches done, survey done and all questions answered/issues resolved, can talk to solicitor about getting "the contract". This is the document your sign to make the sale.
- Need to sign and return the contract - at this stage, discuss exchange/completion dates beforehand. Need to instruct solicitor all good to proceed.
Signing the contract and returning it does not give the solicitor the right to exchange. You must explicitly tell them when to exchange, having agreed a completion date up/down the chain.
Issues can arise just before completion, as people have a closer eye once it's getting real.
Must know the completion date in order to exchange. But contracts can be signed and returned to the solicitor before knowing this date.
Prior to being able to exchange, the bottom of the chain must have provided a deposit to travel through the chain. The deposit should legally be 10%, but usually people allow whatever comes from the bottom to travel up the chain (so less than 10% by the time it reaches the top of the chain).
Money transfer can take time if the person has a cap on how much they can move from their savings in a day (e.g. £25K). Allow a business day for the money transfer through from the bottom of the chain to their solicitor (though obviously they may take longer to get to the bank in the first place).
Think the bottom of the chain might be sent a 'final statement' (though this might be what they are sent in order to send over the money). Once money is received, everyone needs to discuss the completion date and can then exchange.
It can take a while to push through the exchange. Everyone must agree on a date and tell that date to their solicitor as the “final - let’s go”. It seems to take a while to get this agreed up and down the chain - especially if removals slots are tight. Sometimes the solicitor at the bottom of the chain will want word from solicitors above them in the chain of the agreed completion date. This is NOT required, but some do it to avoid re-doing paperwork if there has been a mis-communication somewhere.