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Purchase
Sale
Remortgage
Wills
Transfer of Equity
Probate
Power of Attorney
Tax and Trusts
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Purchase Guide
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 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.
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 applicable) 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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