Buying a home can be a complex and daunting prospect. This factsheet outlines the process so you can see what is involved at each stage and how we can help you.
Financing your purchase
You will need to secure any appropriate finance either through a mortgage other charge on your property. The Lender will value the property and produce a mortgage offer which will be forwarded to us to deal with any conditions or requirements. Click here for more information on different types of mortgage.
Holding Deposit
The Estate Agent selling the property may ask you to pay a ‘holding deposit’ to secure your purchase. Before paying this check that it is refundable if the Seller withdraws from the transaction. The holding deposit is not a legally binding requirement and does not prevent the Seller from withdrawing from the sale or from selling the property to someone else.
Pre-exchange
We receive paperwork from the Sellers solicitors including a form of contract, proof of the Sellers title, information about the property and any items of fixtures and fittings. We will have the opportunity to ask any questions we may have, or which you raise with us. We implement searches, excluding environmental searches, unless you particularly ask us to do so or if we think it wise to carry out. In the meantime you will be obtaining any mortgage finance and ensure your deposit monies are readily available. Your Lender will only obtain a valuation of the Property and you should consider a fuller survey (see out handout in this respect).
This process can take between 4-6 weeks and once we are happy with the Sellers title and any mortgage conditions have been satisfied, we will see you to go through the paperwork. At this stage you can discuss completion dates with your Sellers.
Exchange of contracts
When the completion date is approved by everyone in the chain contracts are exchanged and all parties in the chain are legally bound to Complete. We will need to carry out final searches against the property and will need to apply to any Lender for your mortgage advance.
Completion
You will need to make your final arrangements to move in and read the various meters and, for your own peace of mind, consider changing the locks. We attend to payment of any Land Tax and register your purchase at the Land Registry.
We hope these notes will give you a brief outline of the various stages of the transaction, which need to be carried out before you can safely proceed. However, they do not take into account any particular circumstances of your transaction, which could be more complex. They are not intended to be a substitute for regular personal contact, which we would encourage throughout your transaction.
For more information or advice, please contact
Jackie Prior.
