Purchase of a Property
Once you have
accepted our quotation we will provide you with this firm’s terms of engagement
and introduction to the conveyancing department. We shall liaise with
your Estate Agents (if applicable) and request a Memorandum of Sale from them
which will have details of the vendor’s solicitors. We shall then
contact those solicitors and request a contract package from them. This
package should contain the contract, plans of the property, copies of deeds,
office copy entries and completed protocol forms to assist us with the
purchasing of the property.
Following receipt of the contract package we will apply for necessary searches
which we feel are necessary to be carried out for the property you are
purchasing. We will also give you the option of having further searches
carried out at the property you are purchasing at this stage. Please note
that if you are obtaining a mortgage, your lender may require us to carry out
additional searches (at your expense). We may use a local search provider
in order to speed up the conveyancing process and keep costs at a minimum.
Once we have all appropriate documentation we will raise any additional
enquiries about the property you are purchasing and chase the replies. We
shall let you have copies of the enquiries that we raise so you can see exactly
what problems may have arisen and give you the opportunity of asking any
specific enquiries about the property you are purchasing which you may wish to
raise, no matter how trivial you may think these are.
If you are obtaining a mortgage we would expect to receive your mortgage offer
at about this time. We will read your mortgage offer carefully and go
through the same with you in detail. There may be special instructions
which need your attention such as there may be retention of monies for works
required at the property you are purchasing. Please note that you will
receive a copy of the mortgage offer at the same time as us and you must read
this carefully.
Once we are satisfied with everything we will prepare a legal report on the
property and send this to you. We will also prepare the transfer deed and
submit this to the vendor’s solicitors.
You will then be asked to sign the contract, mortgage deed, transfer deed
and stamp duty land transaction form. You may also then be asked to
provide a deposit, typically l0% of the purchase price. If you have a
related sale we may be able to use the deposit that we receive from your own
purchaser as the deposit on your own purchase transaction. Contracts can then
be exchanged with the vendor’s solicitors. A completion date will
inserted within the contract. The purchase is now legally binding.
Once contracts have been exchanged we can request your mortgage funds, carry
out final searches and let you have a final account or completion statement.
On the day of completion we will forward the balance of the monies to the
vendor’s solicitors and receive the deeds from them. We shall then attend
to payment of all stamp duties and will arrange to register the property you
are purchasing into your name (s). Once your registration has been
completed we will contact you and let you have a copy of the documentation
proving your ownership. This then completes the conveyancing process –
until you move again, when we hope that you will return to us.
