#4869 - Pre Exchange, Exchange Of Contracts And Between Exchange And Completion - Property Law and Practice

Pre-exchange, exchange of contracts and between exchange / Completion 1) Pre-exchange Buyer's solicitor 1) Check all documents received and the results of the searches * Raise issues and deal with them satisfactorily 2) Check the surveys that have been carried out * Raise issues and deal with them satisfactorily 3) Check that a member of the firm is authorised to exchange 4) Check the financial arrangements a) Make sure the deposit fee has been agreed b) Make sure you have either: 1) The cleared deposit funds in the buyer's client account; or 2) In a residential transaction (incorporating SCS 2.2.5) is the deposit received from the buyer's sale of his property being used for this deposit c) Make sure the price is correct, taking into account any last minute negotiations / reductions in the purchase price 5) Check, in commercial transactions, the certificate of title has been sent to the mortgage provider's solicitor * This is because in commercial transactions, there will invariably be separate solicitors acting for the buyer and the lender 6) If haven't already, prepare and send financial statement to buyer client detailing required funds for completion Buyer's solicitor 1) Checks that purchase money will be sufficient to redeem existing mortgage 2) Checks that, on a sale of part, permission is obtained from lender to release the part being sold from the mortgage 3) Replies to enquiring and agrees amendments to contract d) Make sure that the mortgage funds (if applicable) have been or will be cleared by completion