The legal process

1. Pre-contract

Once the offer is accepted, a contract is drawn up by the seller which covers all details of the sale, selling price, if anything in the property is included in the price and the date of completion.

2. Contract exchange

Once both parties have agreed on the contract, copies are signed and exchanged. At this point it is a legally binding contract, and compensation will need to be paid should either party decide to pull out of the transaction.

3. Between exchanging and completing

The conveyancers will need to make the necessary checks and then when everything is confirmed, the money is paid to the seller.

4. Completion

If everything presented in the offer was in good order and the process has been completed, the property now belongs to the buyer, keys are handed over, and removal vans can be booked.

5. After completion

The change of ownership is now registered by the buyer's conveyancer; the buyer now has to inform their insurer that completion has been reached and has to pay stamp duty.