The Settlement Process
The Agreement is unconditional and the settlement day is looming.
What happens next?
The legal process
If the house has a mortgage on it the vendor's solicitor will arrange with the Bank (or other mortgagee) to release the mortgage. The mortgage will be discharged from the title to give clear title on settlement.
The vendor signs a transfer to register a transfer of the property to the new owner.
The purchaser may be getting a mortgage to help finance the purchase. The bank will require a mortgage to be signed along with a Loan Agreement which sets out the amount being borrowed, the interest payable and other terms and conditions.
After the money changes hand for the sale and purchase the legal documents are registered and the purchaser is now the new owner of the property. Registration of a paper dealing can take up to three weeks to complete.
The Land Registry is now electronic (website address) and a number of transactions can be completed electronically via a secure internet link.
Instead of signing a transfer and mortgage the part