Steps in Simple Property Transaction

Steps in Simple Property Transaction

A simple property transaction typically involves the sale and purchase of residential property in England and Wales. Here is an outline of the key steps involved in such a transaction:

Initial agreement: The buyer and seller negotiate and agree on the terms of the sale, including the purchase price, completion date, and any special conditions. Once the parties reach an agreement, they enter into a legally binding contract, usually in the form of a written contract or agreement.

Instruction of conveyancer: The buyer and seller each engage the services of a conveyancer or solicitor to handle the legal aspects of the transaction. The buyer's conveyancer typically takes the lead in progressing the transaction.

Preliminary checks and searches: The buyer's conveyancer conducts various checks and searches on the property. This includes obtaining the title deeds, conducting local authority searches, checking for planning permissions, and examining any other relevant documentation.

Mortgage application (if applicable): If the buyer requires a mortgage to fund the purchase, they submit a mortgage application to a lender. The lender assesses the buyer's eligibility and carries out a valuation of the property.

Drafting and reviewing documentation: The seller's conveyancer prepares a draft contract, which includes details of the property, sale price, and any special conditions. The buyer's conveyancer reviews the draft contract and raises any necessary queries or concerns.

Enquiries and additional information: The buyer's conveyancer submits inquiries to the seller's conveyancer, seeking clarification on various aspects of the property and transaction. The seller's conveyancer responds to these inquiries and provides additional information as required.

Exchange of contracts: Once all inquiries are addressed and both parties are satisfied, the buyer and seller sign identical copies of the final contract. The contracts are then exchanged, and at this stage, the transaction becomes legally binding. The buyer typically pays a deposit (usually 5-10% of the purchase price) to the seller's conveyancer.

Pre-completion steps: The buyer's conveyancer prepares for completion by requesting the necessary mortgage funds (if applicable), conducting final searches, and finalising any outstanding matters, such as insurance.

Completion: On the agreed completion date, the buyer's conveyancer transfers the balance of the purchase price to the seller's conveyancer. Once the funds are received, the seller's conveyancer confirms completion, and ownership of the property is transferred to the buyer.

Post-completion: The buyer's conveyancer completes the necessary post-completion tasks, including registering the buyer's ownership with the Land Registry and paying any applicable stamp duty (if applicable). The buyer receives the keys to the property, and the transaction is officially concluded.

The steps outlined above provide a general overview of a simple property transaction, and the actual process may vary depending on the specific circumstances and any unique aspects of the transaction. Additionally, it is always advisable to seek the assistance of a qualified legal professional, such as a conveyancer or solicitor, to navigate the complexities of a property transaction and ensure compliance with all legal requirements.
Back to blog
UOL Case Bank

UOL Case Bank

Upon joining, you become a valuable UOL student and gain instant access to over 2,100 case summaries. UOL Case Bank is constantly expanding. Speed up your revision with us now.

Subscribe Now

Where are our students from?

Yale University
Council of Europe
Baker Mckenzie 
University of Chicago
Columbia University
New York University
University of Michigan 
INSEAD
University College London (UCL)
London School of Economics (LSE)
King’s College London (KCL)
University of London
University of Manchester
University of Zurich
University of York
Brandeis University
University of Exeter
University of Sheffield
Boston University
University of Washington
University of Leeds
University of Law
Royal Holloway, University of London 
Birkbeck, University of London
SOAS, University of London
University of Kent
University of Hull
Queen’s University Belfast
Toronto Metropolitan University
Hong Kong University of Science and Technology
University of Buckingham

  • Criminal Practice

    Diagrams and Charts

    Our carefully designed diagrams and charts will guide you through complex legal issues.

  • Criminal Law

    Clear and Succinct Definitions

    Key concepts are concisely defined to help you understand legal topics quickly.

  • Property Law

    Statutory Provisions

    Statutory provisions are provided side by side with legal concepts to help you swiftly locate the relevant legislation.

  • Public Law

    Case Summaries

    We have summarised important cases for you so that you don't need to read long and boring cases.

  • Evidence

    Rules and Exceptions

    Rules and exceptions are clearly listed so that you know when a rule applies and when it doesn't.

  • Company Law

    Terminology

    Legal terms and key concepts are explained at the beginning of each chapter to help you learn efficiently.

  • Case Law

    Case law is provided side by side with legal concepts so that you know how legal principles and precedents were established.

  • Law Exam Guide

    Law Essay Guide

    You will learn essential law exam skills and essay writing techniques that are not taught in class.

  • Law Exam Guide

    Problem Question Guide

    We will show you how to answer problem questions step by step to achieve first-class results.

  • Conflict of Laws

    Structured Explanations

    Complex legal concepts are broken down into concise and digestible bullet point explanations.

  • Legal System and Method

    Legal Research

    You will learn legal research techniques with our study guide and become a proficient legal researcher.

  • Jurisprudence and Legal Theory

    Exam-focused

    All essential concepts, principles, and case law are included so that you can answer exam questions quickly.