|
Purchasing your home will probably be the biggest single financial transaction you ever make. What should be a joyful experience can sometimes also be stressful, especially if you do not understand the terms used by solicitors and estate agents when talking of your transaction.
This guide is intended to explain the various stages of the transaction and to advise you on what is happening in your particular matter. Please feel free to print this guide for your moving file.
On Your Sale
Phase 1
As soon as you have decided to sell your property please let us know. Even if the estate agent you have instructed has not sold the property it is very useful for us to have your deeds, which may well be with the building society or other lender, so that we can be ready to send out a contract as quickly as possible.
We will prepare an information pack about your property to provide to the purchasers solicitors. This consists of :-
i) A copy of the title deeds (sometimes referred to as office copy entries or epitome).
ii) A contract.
iii) A property information form.
iv) Fixtures and fittings.
Phase 2
The property information form and the fixtures and fittings form are filled out by you. There are questions about the property and these are generally easy to answer. It is important to be accurate as they will form part of the contract and will be binding upon you in due course.
Phase 3
If you already have a mortgage on your property then the deeds will be held by your building society, bank or other lender. If there is no mortgage on the property then you will undoubtedly know where the deeds are kept and you should inform us. We have to let the buyer's solicitors have a copy. This is to show that you have title to, i.e. own the property. The deeds will contain details of any restrictive covenants, rights of way and other matters to which the property may be subject.
Phase 4
Once we have obtained your deeds we can prepare the contract. The contract sets out the main terms of what has been agreed between you and the buyer. It will include the all important price.
Phase 5
Once the buyer and seller are ready a completion date is agreed. We then exchange contracts. A deposit is paid by the buyers. Should either party now fail to complete the transaction they will face substantial expense.
Phase 6
On the day of completion we will receive the balance of the sale price in return for which we hand over the deeds. We will use the money that we receive on your behalf to repay the mortgage and any other costs of sale i.e. the estate agents and our own fees. If there is any money left over then this will be sent to you unless the money is being used in relation to a purchase by you.
On Your Purchase
Phase 1
We will first contact the sellers solicitors and ask for the information pack mentioned earlier. In addition we will need to carry out local authority and other searches. Searches are simply a list of questions about the property that are sent to the local authority and to other parties who hold information about the property. We will base enquiries of your sellers solicitors arising either from the information in the documents or searches or from questions raised by you or your surveyor.
Phase 2
The only other thing we will need before we can proceed is a copy of your mortgage offer (if you are having a mortgage). This will generally be sent to us by your building society, bank or other lender. We will then report to you on the documents either by way of a written report or in interview, including providing the contract for signature.
Phase 3
Once the buyer and seller are ready a completion date is agreed. As a Buyer you will need to provide a deposit (see "Terms Explained".)
We will then exchange contracts. The position is as in a sale as explained above. We will provide you with a Completion Statement showing the balance (if any) you need to pay to us to enable us to complete. We obtain the mortgage monies direct from your lender. We will then exchange contracts. The position is as in a sale as explained above.
Phase 4
On the completion date we will hand over to the sellers solicitors the remainder of the purchase money and in return receive the transfer document and the title deeds.
Phase 5
Within 28 days we will arrange for the payment of any stamp duty and then apply to register your new ownership at the land registry. If you have a mortgage the deeds will be sent to your lender, but if not we we'll ask you where you want them sent. We can hold clients deeds for safekeeping free of charge.
The above is a brief guide which we hope you will find useful. Whilst the procedures to be followed in all conveyancing transactions are broadly the same sometimes there are minor matters which are unique to the particular property and we will advise you should this apply in your case.
You may always contact us by e-mail, telephone or fax should you have any queries about your matter.
back to top
|
Residential Property