English Conveyancing

The hallmark of property purchase in England is the rather long preliminary stage during which offer and acceptance are made "subject to contract". That is to say that during this stage neither the prospective vendor or purchaser are legally bound to the other notwithstanding that they may have agreed on the transaction and its price. Matters remain fluid and reversible and either party may withraw at will, without having to show good cause or ascribe any reason, and without incurring a penalty in the process, until contracts are formally 'exchanged' (along with payment of a deposit) between them. The interval between non-binding agreement and exchange proper is used by the "purchaser" to raise inquiries of the "vendor", conduct searches with the local authority and cause a survey of the property to be carried out.

Information secured as a result of these inquiries, searches and survey will often lead to a re-negotiation of the price, or to the falling through of the transaction.  Once contracts are exchanged, pre-completion inquiries and searches are effected, and, thereafter, completion takes place in the form of a deed of transfer signed by the vendor in favour of the purchaser upon receiving the price outstanding. This deed of transfer is then registered with the Land Registry office upon payment of stamp duty (if applicable) and by this registration the purchaser acquires a title which is good against third parties.