Eamonn Wright, Senior Advisor to Vincents Solicitors' Conveyancing Department provides a step by step guide to the process of purchasing a property.
September 2009
Zeus Public Relations Ltd
Zeus Public Relations LTD is the appointed communications agency for Vincents
1 September 2009
Moving house is stressful enough, without being blinded by science from solicitors.
At Vincents Laverys, our highly experienced and approachable Conveyancing team believe in offering you a wholly transparent, service – so you feel as comfortable with the process as we do.
To prove it, we have produced a Step by Step Guide to talk you though the whole process of purchasing a property:-
Step One: - Appoint a solicitor. It is preferable to choose a Firm with a specialist, and experienced conveyancing team.
Step Two - Apply for a mortgage (if applicable). Speak to a mortgage advisor who will guide you through the application process. They will arrange for a Valuation, which you will have to pay for, but you must remember that this is for lending purposes only and will not be a detailed survey.
Step Three - Arrange for a detailed independent survey to be completed at the property to highlight any aspects that require work. You must remember that the property is ‘sold as seen’ and it is your responsibility to inspect and survey the property. The Seller will not be liable for issues in this regard that arise once you have bought the property.
Step Four – Solicitor will applies for Searches, i.e. local search, water and drainage search, chancel search, environmental search and mining search (if appropriate). The fees will be required on account, to enable these to be processed, but as many of these searches are conducted online the results usually come back within days.
Step Five – Solicitor requests the contract with supporting title documentation. Your solicitor may have to raise enquiries on the documentation but should keep you advised as to how this is progressing
Step Six - Solicitor reports back and arranges the contract signing. Once all the searches, mortgage offer and replies to enquiries are received, your solicitor will then be in a position to report to you on the property and arrange for you to sign the contract documentation and mortgage deed.
Step Seven - Solicitor arranges Exchange of Contracts. Once all parties to the transaction have signed the documentation and deposit / balance monies received, your solicitor will be able to discuss completion dates and arrange for an exchange of contracts.
Step Eight – Completion. A time gap between exchange of Contracts and Completion is usually required to allow the mortgage monies to arrive and final searches to be applied for. Once exchange of contracts has taken place you must buy the property on the agreed date. Any delay will result in penalties to be paid.
The completion date is the day you can move into your property and the day that your mortgage begins. Your solicitor will advise you on the day as to when you will be able to collect the keys. This will usually be from the agents unless you have made your own arrangements.
Step Nine – Your solicitor registers you as the owner of the property.
Step Ten – Enjoy your new home!