Whether you are a first time buyer or a dab hand on the property market, buying a property is a huge investment.
It is our job to explain and guide you through the property buying process so that you know you’ve made the right choice for you.
There are a number of key stages throughout the buying process, which are regulated by both the Home Charter Regulations and the Law Society General Conditions of Sale. Our team of conveyancers understand the importance of complying with each and every one of these regulations throughout every stage of the conveyancing process.
Before you begin your search it is important to ask yourself “how much of a mortgage do I need and more importantly how big a mortgage can I afford”. Once funding is in place we will correspondence with and work closely with your mortgage lender throughout the process to ensure that funds are readily available for completion.
Your mortgage lender will conduct a valuation prior to granting your mortgage. It is important to note that this is a survey for loan purposes only and whilst it may highlight major defects it may not disclose many potential physical defects. We would always recommend that you obtain an independent Home Buyers Report before exchanging contracts.
Once funding is in place and the vendor has accepted your offer, the vendor’s solicitor will provide us with the title to the prospective property together with all the requisite property searches and certificates. Our team will explain the importance of the principle “Caveat Emptor”. Having inspected the searches and certificates we will be in a strong position to advise you whether you require an additional survey.
The onus is on the vendor’s solicitor to draw up and forward the draft contract of sale. The contract is in no way binding at this stage. Once we receive the contract we will meet with you and go through the contract and raise any queries you may have with the vendor. You will not sign the contract until all enquiries have been made and we are satisfied that this is a good investment for you.
Once the contract has been signed by both parties, the contract becomes binding and the countdown to completion is on. At this stage, you solicitor must ensure that the mortgage funds are in place and that all requisitions have been answered.
Prior to completion taking place, your solicitor should advise whether there will be any stamp duty payable on this property and whether the legal title to the property must undergo compulsory first registration after completion.
On the day of completion we will transfer the purchase monies to the vendor’s solicitor. Only once the vendor’s solicitor has received these monies will he give the estate agent the green light to release the keys. It is at this stage that you become the proud owner of a new property.