Awaiting Approved Transfer from Sellers Solicitors

mini_lidi

We are in the process of buying our first house and curious what the above update means in layman terms. We have signed the contract but not yet exchanged so am I little confused. 

Is anyone able to help advise please  

ss2020jd

I’m no expert but it could be related to the transfer deed. Although you say you have not yet exchanged. Your solicitor should be able to clarify. It sounds like you’re heading towards exchange so that has to be good news! I think there’s something called the TR1 form that deals with the title transfer. 

From co-op legal site: 

1. Seller and buyer agree on a completion date and contracts are formally “exchanged” - meaning both parties are legally committed to the transaction. Seller’s Conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. Buyer’s Conveyancer drafts a transfer deed and sends to the Seller’s Conveyancer.
2. Seller’s Conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.

Tiglet2

 Below is the usual timeline.

The seller's solicitor drafts the contract (and collates all associated paperwork), sends it to the buyer's solicitor for approval.
The buyer's solicitor approves the contract, raises enquiries and sends a draft Transfer to the seller's solicitor for approval.
The seller's solicitor reviews the draft transfer, deals with the enquiries (some they can answer, others are answered by the seller, lender, council, man co, land registry etc), then, once replies are received, sends them to the buyer's solicitor along with their approval to the draft transfer (or makes amendments - could be minor spelling corrections or legal clauses to be inserted).

Once both solicitors are in agreement, the Transfer will be sent to the sellers for signature and return.  If there are any legal clauses to be entered into Box 11 of the Transfer, then the buyers will have to sign as well.

Bear in mind that the enquiry stage can take some time, so therefore this is often where there is a period of quietness while the solicitor is waiting for all responses from third parties to come in.  Where responses are not clear or are not satisfactory, the solicitor may insist on further information or documentation.  

mini_lidi

Thanks both!

we have signed the TR1 form so hopefully they are waiting for that to be signed by the other party!