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I am afraid it is not just the case of your Buyer signing and returning the Contract at this stage.
The Buyers Solicitor will need ot put in hand searches, which take approx 1 week to receive. The Buyer will need to arrange a Mortgage (if applicable). If he is a cash Buyer, he will be advised to have a Survey.
Your Solicitor should be sending you a Property Information Form (PIF) (this asks various questions about the property to include the utility details/which boundaries you have maintained/are there any guarantees/has ther ebeen any extensions) and Fittings and Contents list, to complete and which is then sent on to the Buyers Solicitor.
Further enquiries which are raised by the Buyers Solicitors normally arise from the Sellers replies to the PIF, so I can't be any more specific than that.
Apart from forwarding the above documents to the Buyers Solicitor and dealing with any additional enquiries, and obtaining an up to date mortgage redemption statement, there is no other work for your Solicitor to do.
With all the goodwill in the world, it will normally take a Buyers Solicitor at least 4 weeks, from receipt of all the paperwork, to be in a position to exchange Contracts.
Once he is happy with any replies to enquiries, and he has the searches and his client's Mortgage Offer, if applicable, he will get his client signed and then needs to request a 10% deposit from him and the Buyer will also need to arrange Buildings Insurance to be put into place on the date Contracts are exchanged.
I hope this set sout the legal position to you and answers your question.
Al thank you
to confirm -
The buyer do not require a mortgage
No searches are being applied for
Survey has been carried out
Fixtures fittings and sellers questionnaire has been completed
The contract is being sent via DX today
Assuming there are no enquiries raised and the mortgage redemption statement is available
I. Is there anything else for the solicitor to do
2. Will I need to sign the a contract prior to exchange
Thanks for yor reply.
The Buyers Solicitor will need to check the legal title to the property, to make sure everthing is in order. I can't of course say whether any queries will need to be raised in this regard, but normally there wouldn't be.
Subject to this, the Buyers Solicitor would then be in a postion to get their client signed up and you will also need to sign your Contract (each party signs a separate Contract). It is also good practice for your Solicitor to obtain a mortgage redemption figure, just to check there is not negative equity, as he will be under a duty to pay off your Mortgage on completion.
Provided your Buyer and his Solicitor act quickly therefore, I see no reason why
Contracts couldn't be exchanged within the next 7 days.
I hope this helps.