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Glossary of Terms used in the UK's Rental Market
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Residential Sales The Role of the Solicitor for buying and selling property in England and Wales

Stage 1 - The Sale is agreed.

The Seller / Vendor's Solicitor: Obtains your title deeds and asks you to fill in a detailed questionnaire Prepares and sends out a package of legal information and a contract for sale

The Buyer / Purchaser's Solicitor: Requests a settlement figure for your mortgage and any other secured loans.

Liaises with all relevant parties and negotiates a date for moving ('completion').

Stage 2 - Exchange of Contracts

The Seller / Vendor's Solicitor: Receives the deposit as a down payment

Organises final accounts and prepares a final settlement for your approval.

Collects in any balance of funds required Approves the deed of transfer and arranges for you to sign it.

The Buyer / Purchaser's Solicitor: Hands over the deposit to the seller's conveyancers.

Prepares a final completion statement for your approval.

Collects in any balance of funds required.

Prepares the deed of transfer and mortgage deed and arranges for you to sign them.

Organises final searches to checks for debts and bankruptcy

Stage 3 - The Completion of Sale

The Seller / Vendor's Solicitor:Organises final accounts and prepares a final settlement for your approval.

Collects in any balance of funds required.

Approves the deed of transfer and arranges for you to sign it.

Receives and arranges for payment of any stamp duty to the Inland Revenue.

The Buyer / Purchaser's Solicitor Prepares and sends off application to HM Land Registry to register your ownership.

If property is mortgaged send deeds to lender.

The above has been compiled to assist people with rental terminology. We advise that this information is for guidance only and cannot be relied on for accuracy and that you should consult a qualified legal representative if you require full explanation. jml Property Services June 2005

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