At this point, you can instruct a solicitor/conveyancer to act on your behalf during the sale, known as conveyancing. Once you have provided us with the details of your chosen solicitor/conveyancer, a document known as a memorandum of sale will be created providing the terms of sale. This will then be issued to both the solicitor/conveyancer of both parties.
Your chosen solicitor/conveyancer will check through all the legal documentation and ask numerous questions (known as Enquiries) on your behalf to ensure everything is in order ready for you to Exchange Contracts and Complete.
Prior to Exchange of Contracts you will need to have supplied your solicitor your deposit (normally 10% of the value of the share you are buying). Once both parties have agreed on the Completion date Exchange of Contracts can occur (Completion usually occurs 7 days after Exchange of Contracts). The time between Exchange of Contracts and Completion gives your solicitor/conveyancer time to finalise outstanding paperwork and arrange for the remainder of the proceeds to be available for Completion.