The Property Buying Process Explained

Further Steps To Buying Property

You ensure your mortgage application is moving along and your lender is arranging the survey on the property for valuation purposes. You may also want to consider placing your own survey at this stage.

The seller’s solicitor will send us a Contract together with a copy of the deeds, a Property Information Form, and a Fittings and Contents Form, which will be checked (and copied to you), and we will raise any necessary queries.

We will order the searches to be undertaken on the property. Searches are compulsory if you are having a mortgage. They are also advisable for cash purchases but not compulsory. We will review the search results and send any necessary enquiries to the seller’s solicitors.

The different types of property searches we provide are as follows:

–        Land Registry: We can apply for registration of your property’s title to the land registry on your behalf.

–        Local Searches: Local searches will be used to identify, for example, whether footpaths adjoining the property are publicly maintained or whether there are plans for a new road bypass in the immediate vicinity. The property may have outstanding planning applications or be situated in a conservation area.

–        Drainage Search: These will help define whether the property has suitable drainage and where the major pipes for that drainage are situated.

–        Mining Search: Mining searches will advise you if the property is in a former coal mining area, the distance from the coal mines, and any issues on emissions or other hazards linked to a historic mine.

When you receive your formal mortgage offer, we should receive our copy simultaneously. We will draft the completion statement and include details of any charges and payments required. At this point, we would advise the lender of any third-party payments (e.g., parents’ gifted deposit) and discuss with you whether a co-ownership agreement is needed.

We will prepare a Purchase Report for you once we receive all search results, your mortgage offer, and replies to any enquiries raised. We will send you the Purchase Report, the Completion Statement, and any documents you may not have seen yet. We will ask you to make an appointment to visit us to discuss the matter in detail, sign the required documents, discuss payment details for the deposit/balance due, and finally, agree on a completion date that suits you.

We will contact the seller’s solicitor to agree on the completion date. Once we receive the deposit funds from you and the completion date is agreed upon, Contracts will be exchanged, and the completion date will be fixed.

We will request the mortgage funds from your lender—they usually require five working days’ notice. We will also request any final balance due from you at this time. Completion Day: We will send the purchase price to the seller’s solicitor by bank transfer. Once they receive it, they will release the keys, and we will inform you at that time by telephone.

After completion, we will arrange payment of your stamp duty (if required) and apply to the HM Land Registry to register the property as yours. Once this is finalised, we will send you a copy of your Title Information Document, and your lender will also receive a copy.

Right to Buy and Property Auction

Another area of residential property that we cover includes Right to Buy, assisting those looking to purchase their council-owned home. We also assist in cases of property bought or sold at auction.

These transactions can be quick but must be managed correctly with the correct advice to ensure a successful outcome.