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Looking to buy a home?
This is the procedure for your transaction:
1. Instruct your Solicitor
They will take your instructions and receive the details of the transaction from the Estate Agent.
2. Request Documentation
They will request the documentation from the Seller's Solicitors, and will let you know when this arrives.
3. Investigation of Title and Searches
On receipt of the documentation they will proceed with the investigation of Title and carry out the necessary searches.
4. Pre-Contract Enquiries
Your Solicitor will raise Pre-Contract enquiries with the Seller's Solicitors, if not already supplied. You will have inspected the property and you should let your Solicitor know if there are any aspects you would like clarified. For example, there may be someone in occupation of the property who is not the owner or the boundaries may appear to have been altered.
5. Mortgage and Survey
After you have arranged your mortgage application, you will receive a Mortgage Offer and documents which will also be sent to your solicitor. There are some points that should be drawn to your attention:-
(a) Please note carefully the Special Conditions.
(b) If it is an Endowment Mortgage, please let your Solicitor have details of the Life Policies to be assigned and the name and address of the person arranging any new Policy. Any existing Policies should be sent to your Solicitor unless they are with your Title Deeds having been previously assigned to the Lender.
(c) You may receive a copy of the Lender's valuer's report and you should look at this carefully. At this stage you might also like to consider having an independent survey carried out. It is obviously important, where you do not require a Mortgage, to have a survey carried out.
6. Report to You
When all the preliminary matters have been dealt with your Solicitor will report to you and let you have copies of any important documents. This will usually include a plan of the property and details of any relevant rights and restrictions.
7. Signing Up and Deposit
Your Solicitor will deal with the approval of the Contract. On exchange of Contracts, a non-returnable deposit is usually payable. When you see your Solicitor they will discuss the time scale for exchange and completion.
8. Exchange and Insurance
Exchange of Contracts takes place and the date for completion is inserted in the Contract. You are then contractually bound to buy the property and you will be able to take possession as from the completion date. If you are obtaining a Mortgage, the Lender will normally arrange the buildings insurance. If there is no Mortgage or if you wish to arrange insurance with a company of your choice (and this will usually have to be approved by the Lender), you must effect adequate insurance cover as from the date of exchange.
9. Statement and Final Searches
Your Solicitors complete the final searches and if any money is required will send you a financial statement. They will also obtain the Mortgage Advance cheque a few days before completion.
10. Completion Arrangements
We suggest that a few days before completion you contact the Seller's Agent to arrange the handing over of the keys. The usual arrangement is that the Seller will leave the keys at the Estate Agents for you to collect on the morning of completion. Your Solicitor will, of course, report to you at your new address. Sometimes there is money due to you and your Solicitor will then send you a statement together with a cheque unless you have instructed them to have the money invested direct in a Bank or Building Society account.
11. Post Completion
Your Solicitor will then deal with the stamping and registration of your Title at the Land Registry. The registration will usually be completed within three months.
12. And Finally
When the Deeds are returned, your Solicitor will check that the Title is registered correctly. The Deeds will then be sent to the Lender, or if there is no Mortgage your Solicitor should be pleased to hold your Deeds at their office in safe custody. You will normally be sent a copy of the title for your records showing you as the registered owner.
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