Buying a Property
The following steps give you a general idea of the steps throughout your freehold property purchase.
(We would refer you to our Terms of Business, which will be forwarded with our Client Care pack, as these details the full scope of work included and not included in our Charges).
- Once we’ve received full instructions and details of your purchase from the selling agents (if applicable) we can issue our Client Care Pack to you.
- When you have returned your forms and ID we’ll need to carry out certain checks (e.g. checking the information you have provided regarding finances to fund your purchase such as mortgage or third party gifts/loans). We will also request funds on account from you to cover the cost of the searches, which will be detailed in our Client Care Pack.
- The contract pack will arrive from your Sellers Solicitor which we will review, approve and raise any necessary enquiries. We should also then be in a position to request the required searches (e.g. local authority search, coal mining, drainage, environmental).
- We’ll report to you with the information forms completed by the Seller and also the search results as these are received.
- If you are purchasing with the assistance of a mortgage, once we receive our copy of the offer we will check for any special conditions to be complied with. Your lender will instruct a surveyor to carry out a Valuation Report. This is not a full survey and if you do require a more in depth survey we would recommend you either speak to your Lender or a qualified surveyor about instructing a Homebuyers Survey.
- Once we have received satisfactory replies to all enquiries, search results and mortgage conditions are satisfied (if applicable) we will then report to you with the documents for you to sign. We will also let you have our Completion Statement which sets out the full finances of your purchase and will detail any balance required from you
- When you have returned your signed documents, we should be in a position to discuss possible completion dates with you and your Sellers Solicitor. Once a date has been agreed, we will advise you when to transfer your funds to us and, if applicable, we will apply for any additional finances such as your mortgage advance, Help to Buy ISA Bonus.
- Once all parties in the chain are ready, and release of mortgage funds are confirmed, if applicable, we will exchange contracts to make your completion date legally binding. This can range from weeks, days or even simultaneously with completion in some cases.
- On the day of completion, funds will be transferred to your Sellers Solicitor and once received at their end they will authorise keys to be release to you either via the estate agent or directly with the seller.
- We will then attend to post completion matters such as submitting the SDLT Return and application to the Land Registry to register your purchase. A copy of the new title document and any other deeds will forwarded to you once the Land Registry have completed our application.
Right to Buy
This scheme was introduced by the Government in 1980 and gives eligible social housing tenants the opportunity to purchase their home at a discounted price.
If you have been a tenant of the Council, housing association or Government department for 3 years or more you are likely to qualify for this scheme. Check with your Landlord to find out if you are eligible and what discount will be offered to you.
Please be aware, if you sell the property within 5 years of purchasing under this scheme, you will be required to repay all or part of the discount. If you sell within 10 years then you must offer the property back to the Landlord for first refusal. If the Landlord does not wish to buy-back the property then you would be free to sell on the open market.
Please don’t hesitate to get in touch with our Conveyancing Team who will be happy to assist you.
Buying a New Build Property
Combined with the basic guide to the purchase process detailed on our website, the purchase of a new build property is a little more complex than the purchase of an existing freehold property. You will more than likely be buying ‘off plan’ and so the completion date would not be known until the property is structurally complete. The builder may impose an exchange deadline at the outset.
The builders Solicitor will issue us with a plot contract pack which contains vast information about the new build property which will be thoroughly investigated by one of our specialist New Build Conveyancers. We will deal with obtaining searches and will raise any necessary enquiries.
If the builder has offered any incentive(s) to you, we will need to report these to your Lender (if applicable).
When the property is complete the builder will serve notice which will specify a timescale in which you will need to complete, usually within 10 working days. This allows sufficient time for us to request mortgage funds from your Lender, if applicable, and obtain any final balance required from you.
Help to Buy for New Build Properties
You may qualify for a Help to Buy Equity loan, which is provided by the Government, up to 20% of the cost of your new build property. Therefore, you’ll only need to contribute a 5% deposit and a 75% mortgage to cover the difference. Click here for more information. Our costs for dealing with Help to Buy Equity Loans are listed under our Fees section.
Buying at Auction
If you have your eye on a property that is being sold at auction please feel free to get in touch with us if you have any queries about the process for purchasing.
The auction pack which is prepared by the sellers Solicitor should be available from the Auctioneers and we can review this for you prior to the auction date. We can check if there are issues which may affect your purchase before you make a bid.
You would be advised to ensure that your finances are in place swiftly as once you make a successful bid you are contracted to purchase the property and completion would usually be required to take place within 20 working days.
This is a Government Scheme and enables you to buy a share of the property, usually between 25% and 75% of the value, and to pay rent on the remaining share.
Once you have purchased the share, you get the opportunity to purchase further shares. This is called staircasing. You can continue to staircase up to 100% so you’ll then own the property outright and rent will no longer be payable.
This scheme is often quite complex but you can rest assured knowing that you are in the hands of our dedicated team who will guide you through this process.