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Beginners guide

There are three main stages involved in any conveyancing transaction and we have set out below a summary of what each solicitor does at each stage.

	First Stage: Sale Agreed


	Sellers solicitor · Applies for your title deeds and asks you to fill in enquiry forms · Prepares a contract and sends this out with a legal information pack · Answers any additional enquiries buyers solicitor may have · Negotiates the moving (completion) date Buyers solicitor · Asks you for money on account of expenses · Receives contract and other papers from sellers solicitor and asks additional enquiries if necessary · Carries out local authority search · Receives mortgage offer · Reports to you with contract for signature and requests deposit (or uses deposit from sale - if any)

	Second Stage: Exchange of Contracts


	Sellers solicitor · Receives the buyer's deposit · Obtains a settlement figure for your mortgage · Approves the transfer deed and arranges for you to sign it Buyers solicitor · Sends contract and deposit to seller's solicitor · Prepares transfer and mortgage deed and sends them to you to sign · Arranges final searches · Prepares final accounts and requests any monies required from you

	Third Stage: Completion


	Sellers solicitor · Receives balance of purchase price · Pays off the mortgage · Hands over the deeds · Sends you the balance or uses this towards purchase (if any) Buyers solicitor · Sends balance to sellers solicitor and collects deeds · Pays stamp duty (if any) · Registers purchase at Land Registry · Sends deeds to Bank or Building Society (if any)

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