The Initial Process
If we are acting for you on a purchase of a property we would send you a client care pack which would normally contain proof of ID forms, our Terms of Business and a confirmation of Instructions Form.
We would then ask you to pay money on account in order for us to instruct a company to carry out the searches required on the property. The cost of the searches is approximately £250-£300.
The conveyancer acting for your seller will send us a contract package which will include, the Property Information Form, a Fixtures and Fittings Form, a copy of the Legal Title to the property and a contract for sale.
If you are obtaining a mortgage to purchase the property we will ask for details of the Lender and the person arranging the mortgage so that we can track the process of your mortgage application because we will need to receive a copy of the mortgage offer before we can exchange contracts.
If you are arranging for a survey to be carried out in addition to your mortgage valuation report we will ask to see a copy of the survey so that we can raise any enquiries related to potential issues with the property raised by the surveyor. We advise you to have a full structural survey as your mortgage lender's survey is likely to be a valuation only.
When all the searches have returned and all enquiries and issues have been resolved we will send you a full report in writing to ensure that you understand the nature of the transaction you are entering. We will enclose the contract, transfer and mortgage Deed with the report and as soon as this is returned to us we will be able to agree a completion date for your purchase.
Exchange of Contracts
In order to exchange contracts we will need you to transfer a deposit to our account which should be 10% of the agreed asking price.
We will carry out pre completion searches at the Land Registry to make sure all mortgages or other financial interests registered against the property are known about, to ensure that these are removed by the seller on completion.
We will then exchange contracts with your seller conveyancer and at this point you will be committed to the purchase and cannot change your mind without paying a large financial penalty.
On completion we will transfer the remaining purchase funds to you sellers conveyancer who on completion will release the keys to your new house.
We will need to pay stamp duty land tax (SDLT) to HM Revenue and Customs and register your purchase at the Land Registry, therefore we will need the full amount of our costs and disbursements one working day prior to your completion date.