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#10249 - Sale And Purchase Of Freehold - Property Law and Practice

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Seller	Both	Buyer
Take instructions: Due diligence checks on client’s identity (and ensure that it is a company, etc.) Check for money laundering		Take instructions: Due diligence checks on client’s identity (and ensure that it is a company, etc.) Check for money laundering
Prepare pre-contract package: Draft contract Evidence of seller’s legal title to the property Pre-contract search results to forewarn them of any problems Any consents for Planning Permission/Building Regs
		Investigate title: Analyse pre-contract package Identify defected titel Does seller have good title? If also acting for Lender, prepare a report on title for them at this point. Is it worth the money advanced
		Pre-contract searches: Note: caveat emptor This is very important Check buyer’s finances: does he have enough, considering deposits, fees and SDLT?
		Approve draft contract: Return the contract to Ssol State that you approve it 2 final copies are prepared Agreed method of exchange of contract is carried out
	Exchange of contracts: B signs one, S the other Binding contract arises B receives S’s copy, S receives B’s copy Buyer pays 10% deposit Before, anyone can leave Note: telephone exchange may be agreed prior. If so, contract exists then
		Requisitions with Seller: Deals with mechanics of completion: when, where, how?
		Prepare transfer deed: Send to Ssol with any requisitions for approval If acting for the buyer’s lender, request undertaking from seller to discharge existing mortgage
Approve transfer deed: Do at same time as answering any requisitions Engross transfer feed (i.e. prepare the final copy)
		Pre-completion searches Ensure no last minute problems
Prepare for completion Discharge mortgage		Prepare for completion Deal with buyer’s lender and ensure buyer has properly executed new mortgage deed
	Completion 1. Bsol to send to Ssol the remaining purchase price 2. Bank receives funds and notifies Ssol 3. Ssol telephones Bsol to confirm completion 4. Both note the time and what was said on the deed 5. Both solicitors inform clients
Post-completion Discharge mortgage with proceeds and inform LR Account to client for the proceeds of sale		Post-completion SDLT within 30 days of completion Send HMRC details of transaction Apply to LR to register client’s title using a Title Information Document (without it, legal title is not passed) – need SDLT info Send receipt showing discharge of old mortgage to LR and register any new mortgage

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#10249 - Sale And Purchase Of Freehold - Property Law and Practice

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