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Instructing A Solicitor & Due Diligence
When your offer has been accepted, you will need to instruct a solicitor to act on your behalf. We can put you in touch with solicitors we can recommend as thorough and efficient.
Solicitors carry out ‘due diligence’, including local searches to make sure there are no unexpected surprises, reviewing the lease and point out any possible problems. Most people also have the property surveyed.
If you are taking out a mortgage this is normally carried out as part of the mortgage valuation, in conjunction with your mortgage provider. This whole process generally takes between two and six weeks. |
Stamp Duty
Stamp duty is payable by the purchaser on all property purchases of
over £125,000 on an increasing scale of 1% to 4%. We can tell you
exactly how much you will have to pay. You should include this, together
with removal and legal costs, in the total amount you need to buy the
property. |
Exchange Of Contracts
When you and your solicitor are happy that all the necessary investigations have been carried out, you are ready to exchange contracts with the vendor.
At this stage the purchaser usually exchanges with 10% of the purchase
price, which is lost if you subsequently pull out
of the purchase. On exchange of contracts it is normal
to agree a completion date, usually 28 days ahead,
when ownership of the property will transfer to you.
Throughout this, we will liaise with the vendor to chase up information
and keep things moving. We also try to negotiate a
timescale that is acceptable to you, the vendor and
any other people involved in the transaction. |
Completion Of Contracts
This is when you pay the remainder of the money, including stamp duty
and legal fees. At the same time, you become the owner
of the property. Completion is usually electronic,
carried out by your solicitor, without you signing
any documents on the day.
On completion, we will give you the keys and you are able to move in
to your new home. We will also provide you with details
of utility companies and other information that you
will need, wherver possible.
Throughout this, we will liaise with the vendor to chase up information
and keep things moving. We also try to negotiate a
timescale that is acceptable to you, the vendor and
any other people involved in the transaction. |
Utilities & Other Practicalities
It makes sense to contact utility suppliers in advance to ensure that all supplies are connected and in your name when you move in. You should also contact the local council about council tax.
We will provide you with these details where possible after exchange
of contracts. |
Land Registry
Details of the ownership of all land and freehold buildings are held at the Land Registry. Your interest will be registered with them, usually by your solicitor. |
Title Deeds
Title deeds prove you own the property (whether freehold or leasehold). If you own the property outright you will receive the deeds (usually from your solicitor) but if you have a mortgage your mortgage provider may well require them as security against the loan. |
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