You can download this Guide To Buying A Property, for easy reference.
Buying a house will probably be one of the biggest financial transactions that you’ll ever make.
This should be an exciting experience, but more often than not, it can be quite stressful.
Our aim is to take the stress and unpredictability out of the buying process so that you know exactly what to expect. This guide will take you through the process of buying a property from start to finish, outlining all the steps involved.
If you’ve got any questions before you start or you’d like a quote from us, please call the conveyancing team on 0117 926 4121 or contact us online.
Once you’ve instructed us to act for you in your property purchase, we’ll contact the seller’s solicitors and ask them for the draft contract documentation.
This usually includes:
- Draft contract
- Property Information Form
- Fittings & Contents Form
- Any guarantees or paperwork relating to the property such as planning permissions or FENSA Certificates for example
- A copy of the title to the property or title deeds if the property is unregistered
- Leasehold information, if the property is a flat
Searches and Enquiries
Once we’ve received the contract papers, we’ll carry out a number of searches against the property.
These searches usually consist of:
- Official local authority search
- Coal mining search, only if your property is in a coal mining area
- Environmental search
- Flood search
- Water and drainage search
If any other searches are needed because of where the property is, we’ll inform you of them and then also complete the searches.
In addition, we’ll also make any additional enquiries to the seller’s solicitor. This will only happen if we think they’re necessary from the paperwork we have been given.
You should also make your mortgage application if you’ve not already done so.
Mortgage Offer and Property Report
Once we’ve received your mortgage offer, the search results and any replies to enquiries from the seller’s solicitor, we will send you a report on the property. The report will give you information about all of the paperwork we’ve received on the property. You can keep this for your records.
The report will also include copies of all the searches and paperwork on the property. If you’re happy with everything, you’ll sign the paperwork and pay your deposit.
Completion Date and Exchanging Contracts
As soon as you and the seller are ready, we’ll negotiate a completion date that works for you both. We’ll exchange contracts and pay the deposit to the seller’s solicitors.
Once contracts are exchanged, your purchase becomes legally binding. At this point, neither you nor the seller can withdraw, without breaching the contract.
Most high street lenders ask for a minimum period of 5 working days between exchange and completion to send us the mortgage advance, but it can be longer if required by all parties in the chain.
It’s move day!
On the day of completion, we’ll arrange for the purchase monies to be sent to the seller’s solicitors. Once the seller’s solicitor receives the money, they’ll notify the estate agents.
The Estate Agent will then release the keys to you. This usually happens around mid-afternoon, so don’t worry if you have not heard before then.
After completion, we’ll pay your stamp duty and register the title with the Land Registry in your name, along with your lender’s legal charge over the property, if you have a mortgage.
Once completed, we’ll write to you with a copy of the title and any additional documents received from the seller’s solicitors. We’ll close our file and archive it for 12 years.
You can start unpacking!
If you have any questions about buying a property or you’d like a quote, please call us on 0117 926 4121 or contact us online.