Glossary of Conveyancing Terms

When is the sale complete?

Until contracts are exchanged, both buyer and seller can back out without any contractual liability.

The contract is a legally binding document. The exchange of contracts involves both parties signing the contract and returning it to the relevant solicitor.

Exchanging contracts is unlikely to take place until all of the following have been carried out:

• Completion of the survey or valuation report by both buyer and lender.
• Reciept of a formal mortgage offer, in writing, from the lender.
• Completion of Conveyancing work.
• Agreement on completion date.
• Settlement of outstanding issues and appropriate written agreements.

Completion occcurs when funds are transferred and the buyer gets access to the property. Finally, stamp duty is paid and the purchaser is registered with the Land Registry as the legal owner of the property. Title deeds are then sent to the mortgage lender and the process is complete.

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