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You
have decided on your budget, type of property and the area in which you want
to purchase.
You can either go
to a Mortgage Broker who will suggest Mortgage Products to you (usually for a
Fee), or you apply for the mortgage you want directly, should you know which
Mortgage Product you want.
Once you have applied for a Mortgage, you will get an Offer in Principle
based on your circumstances, occupation and salary etc. (these can vary from
lender to lender).
You should now
register with several Estate Agents in the area you wish to purchase and
specify your price range and type of property to them to ensure their
suggestions meet your criteria.
You should now
think about which Solicitor to use and ensure you get quotes for all fees
where possible (some third party fees, Stamp Duty Land Tax or Local Search
Fees for example, will not be known until the property and purchase price has
been agreed in principle). Check on extras as some Solicitors may charge
extras for services (e.g. Transferring money on your behalf).
You have now viewed
some properties (or seen the plans if Purchasing Off-Plan) and you make an
offer on the one you want.
The Estate Agent will now inform the Seller of
your offer and it is at this point that the Seller can Accept or Reject your
Offer.
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Your
offer is accepted and you now Instruct your Solicitor, after which a Client
Care Letter will be sent to you outlining the Terms and Conditions of acting,
including Fees and other potential costs. You will be requested to send them
proof of Identification for Money Laundering unless your Mortgage Broker can
send them a certified copy of the ID supplied to them (providing the
Solicitor accepts Certified ID from the Broker)
Your
Solicitor contacts
the Seller’s Solicitor once they have received the details, requesting for a
Draft Contract and any title deeds they may hold.
Your
Mortgage Lender
will usually carry out a Valuation of the property.
You find a Surveyor to request a survey or a homebuyer’s report to
be carried out on the Property.
Your
Mortgage Lender
accepts the property valuation and send you a Mortgage Offer (a copy is also
sent to your Solicitor providing you have notified them)
You receive your Survey Report and send it to your Solicitor who
will advise you of any legal problems that may have arisen in the report.
Your
Solicitor
carries out all Searches required by the Mortgage Lender (these can sometimes
vary) and start to negotiate on Fixtures and Fittings should you so wish.
Your
Solicitor now
finalises the Contract with the Seller’s solicitor on
your behalf (including any points you may have highlighted/requested) and
confirms your Mortgage with the Lender.
You pay a 10% deposit (or whichever has been negotiated with the
Sellers) to your Solicitor, who holds this money for you ready for Exchange.
If you are borrowing 100% of your mortgage, you will need to find the deposit
somehow, possibly via short-term borrowing, which can be repaid on receipt of
your Mortgage Monies.
Your
Solicitor now
Exchanges contracts on your behalf with the Seller’s Solicitor and Transfers
your deposit to their Bank Account. A date for Completion is agreed (taking
your wishes into account).
Your
Solicitor
contacts the Lender to ensure that your Mortgage
Funds will be released in time for the Completion Date.
Your
Solicitor
prepares the Transfer Deed which is signed by you and the Seller, and is held
by the Seller’s Solicitor until Completion.
Your
Mortgage Lender
then transfers the money into your Solicitor’s account in time for
Completion.
Your
Solicitor
then sends over the remainder of the Purchase Price (less the deposit already
paid) in exchange for the Transfer Deed, Land Registry Certificate and the
keys to the property (the keys are usually available for collection from the
local Estate Agent).
Your
Solicitor now
arranges for the Transfer Deed to be Stamped, pays the Stamp Duty on the
property (if there is any) and sends it off to the Land Registry where it
will record you as the new owner of the property.
Your
Solicitor
will then send the Title Deed of the property to your Mortgage Lender as
security for the loan, transfers any monies left over from the mortgage
monies (less the Solicitors Fees, Third Party fees and Purchase Money) to
your bank account. You should receive a full breakdown of all fees along with
the official final Solicitors Invoice.
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Registered Office: Market Chambers,
27 Eastgate, Aberystwyth, Ceredigion SY23 2AR
Powell Davies Solicitors is a trading name of Powell Davies
Solicitors Limited who is registered in England & Wales with Company Registration No: 5288033
VAT Registration No: 869 3723 76
Powell Davies Solicitors are Regulated by Solicitors
Regulation Authority
Privacy Policy. Design by Mark Ashton @ GBL Designs.
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