Buying a Property

Buying a property be it a house (freehold) or a flat (Leasehold) is probably the most important financial transaction any of us will undertake.

Once you have found your property you need to instruct a  firm of solicitors, hopefully the “Property Centre”. If you buy through an estate agents they will advise both the sellers and buyers solicitors of the basic details of the transaction and then it is up to the sellers solicitors to provide the buyers solicitors with a Contract and the usual initial documentation. While this is being done hopefully you will be arranging your mortgage finance (if needed).

Once your solicitors have received the contract and initial documentation they carry out and Local Search and if required Drainage and other searches ( if not provided by the Sellers) and examine the Contract and title to the property and raise with the sellers solicitors any questions you or they require answering relating to the property and the title to the land.

Once such questions have been answered satisfactorily and your mortgage offer received then we will report to you either personally or in writing or both and it is then that “exchange of contracts” can be considered and a “completion date” (when you move into the property) can be agreed. Once exchange of contracts takes place you become legally bound to proceed.

After exchange we  will carry out some final searches and apply to your lender for the mortgage monies and also request any additional monies that may be required from you to complete the purchase.

On the completion date there is usually no need for us to meet as we should by then have everything we need to complete. We transfer the monies required to the sellers solicitors and once received by them they tell the estate agent that it is safe to release the keys of your new house or flat to you and you MOVE IN

Write to clients for instructions and receive agents particulars.

Receive written confirmation of instructions from clients and “Contract Package” from seller’s solicitors and raise any additional enquiries. Initiate Local Authority and Environmental Search and any specialist searches that may be required i.e. Coal Mining Search or Drainage Search

Approve contract when enquiries are satisfactory and complete. Receive mortgage offer and instructions from lender and deal with any conditions. Ensure life cover and buildings insurance are arranged.

Request Deposit, report to client and arrange for contract to be signed. Prepare and send draft statement of account to clients.

Receive Deposit from client (unless deposit on sale is being used). All parties agree completion dates and contracts are exchanged.

Raise requisitions on title and prepare draft transfer deed. Report on title to mortgage lender and obtain funds for completion.

Prepare final accounts, obtain signature to mortgage deed and undertake final land registry and land charges searches. Receive mortgage funds and any balance due from client to complete.

Receive discharge document from seller’s solicitors. Have Transfer deed stamped, register buyer(s) ownership with Land Registry. Forward Deeds to lender (where appropriate).

Telegraph monies to sellers solicitors; if there is a dependant sale, then monies will have to be received from buyers solicitors before monies can be telegraphed on the purchase.