We understand that the purchase process can be a little daunting and we have therefore put together a step by step guide to assist you in the purchase of your new property:
When sending to you our initial client care letter, you will also be asked to complete a number of standard forms, including the Purchase Details Form, Stamp Duty Land Tax Declaration Form, and Source of Funds Form. If you are taking out a mortgage, you will need to provide your mortgage lender/mortgage broker with contact details for your case handler to ensure there are no delays in issuing the mortgage offer to our firm, these details can be found on your initial client care letter
Your case handler will contact the seller’s solicitors to confirm that they are instructed on your behalf and will request the draft contact paperwork from them. The seller’s solicitors will then provide your case handler with the draft contract together with a pack that includes information on the property’s title and the standard forms which the seller is required to complete i.e. Property Information Form, Fittings and Contents Form and Leasehold Information Form (if applicable). If the property is leasehold, a copy of the lease will also be provided at this stage.
Your case handler will peruse the draft contract and supporting documentation provided and will raise any enquiries that they feel necessary with the seller’s solicitors. Your case handler will also provide you with a copy of the forms completed by the seller. Please review these documents and let your case handler know if everything is as you expected. If you believe anything to be incorrect or if there are any additional questions you may have, please let your case handler know of the queries so that they can review and if required, raise the queries with the seller’s solicitors accordingly.
At the same time of reviewing the contract documentation and raising enquiries, your case handler will apply for property searches to be carried out. If you are taking out a mortgage, your mortgage lender will require property searches to be taken out. Please refer to our Searches Factsheet herewith for further information on the searches that would be carried out together with further information in relation to each search. Please bear In mind that some of the searches can take up to 21 working days to be returned and this length of time can vary.
If you are cash buyer, property searches are optional, however we do recommend that you take them out.
If you are obtaining a mortgage to purchase this property, please be advised that you will need to arrange your mortgage directly with your mortgage lender/mortgage broker. You will also need to carry out a mortgage valuation with your mortgage lender directly. This valuation is carried out on behalf of your mortgage lender to ensure that they are not lending you more than the property is worth.
Your case handler would act on behalf of your mortgage lender and would receive instructions from them together with receiving the mortgage offer and conditions. Your case handler would review the mortgage offer and conditions associated with the mortgage offer and will provide you with details of the same.
Once all the property searches have been received and all enquiries have been dealt with the seller’s solicitors, your case handler will provide you with you a thorough review and will arrange to send to you the contract, transfer deed, legal charge (if applicable) and any other relevant deeds and documents for signing. Your case handler will require the original hard copy signed documents in his/her possession before exchange of contracts/completion can take place.
You will also receive a completion statement which sets out the agreed purchase price, any apportionments (if applicable) agreed for the purchase together with any fees and disbursements that have been carried out or will be carried out for the purchase. You will need to transfer the balance across into our account so that is cleared in time for exchange and completion.
Once we have received your hard copy signed documents, an exchange and completion date will be agreed between all parties associated with this transaction. If you have agreed to exchange contracts with completion scheduled for a later date, your case handler will exchange contracts with the seller’s solicitors and will transfer a deposit across to them. The deposit is normally 10% of the value of the property. This acts as security for the seller in case you change your mind or for some reason are unable to pay the balance and complete the purchase.
Once contracts have been exchanged, please note you will be in a legally binding contract to buy the property with a fixed date for completion once exchange has taken place. Should either party back out the other will be entitled to claim compensation for losses arising. If you fail to complete the transaction on the completion date stated, you will lose your deposit and the seller may be able to take you to court if the deposit paid is not enough compensation for breaking the contract. Similarly, if the seller fails to complete on the completion date stated, they will be in breach of the contract and you will be able to take further legal proceedings. It is rare for a sale note to complete once contracts have been exchanged.
Completion is the ‘moving day’ and the balance of the purchase price (together with any apportionments, if applicable) is transferred across to the seller’s solicitors. Once the seller’s solicitors have confirmed receipt of the balance funds, it is at this point that we have completed the transaction.
If keys have been agreed to be collected from the estate agents, you will be able to pick up the keys directly from them. If alternative arrangements have been made regarding key collection, you will need to pick up the keys accordingly.
Once completion has taken place, your case handler will carry out the following:
Please keep any paperwork that you have received for the property safe as should you ever wish to sell the property in the future, you will be required to provide this information.
What should I do next?
For an instant quote at a competitive price, please do contact a member of our Property Team on:
T: 0116 2999 1999 Option 0