Bank or Lending Institution – Mortgage Approval – Contact lending institution to secure loan approval.
Auctioneer – Agree price with selling agent/auctioneer
Solicitor – Contact your Solicitor to write to the seller’s Solicitor requesting the contracts for sale and title documentation for inspection.
Provide information to your solicitor – PPS number, Photographic ID, Proof of Address.
Surveyor – Nominate surveyor to carry out boundary and structural survey.
Let the bank know your solicitors details – Inform your lending institution of your Solicitors details so that your lending institution can send your Solicitor your mortgage documentation for signing.
Contracts for Sale – Your Solicitor will obtain from the Seller’s Solicitors the contracts for sale and title documentation and will raise a number of queries in relation to the documentation furnished.
Replies to Queries – Those queries will be answered to your Solicitors. Your Solicitor will call you to the office to sign contracts for sale and mortgage documentation when fully satisfied with the answers.
Closing Date – A closing date is agreed between the parties.
Pay Deposit – At the time of signing the contracts for sale the balance of the deposit is payable by the purchaser and generally speaking the deposit payable upon signing contracts is 10% of the purchase price.
Closing of the Sale – After signing contracts the details of the closing of the sale are agreed between the purchasers and sellers Solicitors.
Title Questionnaire – A further lengthy title questionnaire is furnished by the purchaser’s Solicitors for answering by the seller’s Solicitors.
Closing Requirements – A list of closing requirements is drawn up by the purchasers Solicitor and agreed by the Solicitors for the seller.
The Closing Day – On the closing day the purchaser’s Solicitors and the seller’s Solicitors meet to close the sale.
Searches – Before the sale can close, searches are conducted by the purchasers Solicitors to ensure that there are no judgments or burdens affecting the property or planning issues which may affect title.
Sale Closed – If all matters are in order the sale may proceed to closing and the purchaser’s Solicitors will hand over the funds to the seller’s Solicitors at which point the keys will be furnished to the purchasers and the sale is closed.
Register Title – The purchaser’s Solicitor will then proceed to register the title in the name of the purchaser and will proceed to send the title deeds to the purchasers lending institution as the security for the loan that the lending institution requires.
Job Done – Once the title deeds of the purchasers property leave the purchasers Solicitors office the purchasers Solicitors job is complete.