This guide is a simple outline only of the basic stages of a sale and purchase transaction. The documents and issues behind these stages however are very detailed and often complex. We will explain and advise you as to the practical and technical aspects of the contract, mortgage and title documents and how these will affect you.
You have decided to buy a new home/investment property. There are six steps that now need to be followed.
- Your offer, subject to survey and contract is accepted.
- You agree your financial arrangements in principle with your lender if necessary.
- You instruct us to deal with the legal formalities.
- You then need to discuss with us:
- Your ideal time-scale for the speed of the transaction.
- The advisability of a survey report in addition to your lender's valuation, as appropriate.
- Your intended use of the property – as a home/an investment.
- Any alterations or change of use, which you wish to make to the property.
- The financial implications of your purchase including inheritance tax, capital gains tax etc.
- The costs of your purchase.
- We will make the necessary searches and enquiries and agree the terms of the purchase contract on your behalf.
- Once your mortgage offer has been received and we are in a position to confirm that the property has a good and marketable title, we will arrange for you to sign the contract in readiness for exchange of contracts.
Exchanging contracts
This is the point at which you and your seller are contractually bound to go ahead and the completion date is fixed. Usually a deposit of up to 10% of the purchase price is payable by you. We will deal with the exchange of contracts and the post-exchange formalities on your behalf, which will involve you signing various documents and payment of any additional purchase monies and costs. It is advisable for you to notify the utility companies and your contacts of the completion date and your new address.
Completion date
On your behalf we pay the balance of the purchase monies to the seller's solicitors and complete your purchase. The legal ownership of the property is transferred to you. You can then collect the keys to your new home. We deal with the Inland Revenue formalities and register your ownership and your mortgage, if appropriate, at the Land Registry.
