What to Expect
If you would like to find out what the procedure is for your transaction please click below:
Purchase of a Property
This is a brief outline of the process involved in respect of purchasing a property:
- Upon receiving your instructions to act on your behalf, we write to the seller’s solicitors to request draft contracts and papers.
- On receipt of the papers, we negotiate the terms of the draft contract in your favour as much as possible. We will also raise any relevant enquiries about the property as are required after reviewing the paperwork received.
- We will check that the Seller owns the property and has good title to effect the sale.
- We will carry out relevant local searches, including Local Authority, Water and Drainage and Environmental and any additional searches we deem necessary from the documentation supplied.
- Upon receipt of replies to enquiries and the local searches we write a Report on Title for you to read. This will summarise our findings and highlight any issues you would need to consider before committing to the purchase.
- We will resolve any title issues, problems arising out of searches etc where possible as effectively and economically as possible.
- If you are satisfied with the report and are happy to proceed, we will exchange contracts with the seller's solicitors. On the day of exchange of contracts we agree the completion date and a deposit (usually 10% of the purchase price) is paid to the seller’s solicitors. After exchange both you and the seller are bound to the transaction (so you cannot be gazumped from thereon!).
- If you are obtaining a mortgage to assist you with your purchase, we will ensure that instructions have been received and a satisfactory offer is made. We check that any conditions attached to the mortgage offer can be complied with before completion.
- We carry out all appropriate title searches before completion.
- We applied your mortgage lender (where applicable) for the mortgage advance in good time before completion. We provide them with a certificate of title to satisfy them that your title to the property is sufficient to secure a mortgage.
- On the day of completion, which is the day you can move in, we make arrangements for the payment of the purchase price to the seller's solicitors. Once payment has been received by the seller’s solicitors, completion is deemed to have occurred and they will release keys to you accordingly. On completion, the seller’s solicitors will send us the title deeds in the post.
- After completion has taken place, we pay the stamp duty land tax to HM Revenue and Customs and deal with the registration of the property at HM Land Registry.
Finally the deeds are sent to your mortgage lender or to you as appropriate.
Sale of a Property
This is a brief outline of the process involved in respect of the sale of a property:
- Upon receiving your instructions to act on your behalf, we obtain your title deeds.
- Once we received the title deeds, we investigate title to ensure that you own the property and can therefore effect the sale.
- We prepare a draft contract, which is sent to buyer's solicitors for consideration.
- You will be required to fill in standard questionnaires (Seller’s Property Information Form, Seller’s Leasehold Information Form and Fixtures, Fittings and Contents List ), which will also be sent to your buyer's solicitors.
- The buyer's solicitors will raise enquiries about the contract and your property. We will need to take your instructions to be able to answer the questions they raise; all matters affecting the property have to be disclosed. We will assist you when answering the questions.
- We negotiate any amendments made by the buyer's solicitors in respect of the contract to ensure that the amended terms are favourable to you.
- Once contracts are agreed, we will affect exchange of contracts, obtaining your instructions to do so beforehand. At exchange of contracts the completion date is arranged.
- After exchange of contracts we will get you to sign the transfer deed, which transfers the property from you to the buyer.
- Where you have a mortgage over the property we will obtain a redemption statement from your mortgage lender in order to redeem your mortgage on the date of completion.
- On the day of completion, the date by which you must have moved out, we will receive money from the buyer's solicitors and use those funds to pay off your mortgage.
- On completion we will hand over the title deeds to your buyer's solicitors and arrange for formal discharge of your mortgage.
- Finally, we will credit your account money that is owed to you and pay any commission out of the net proceeds of sale to your estate agents (if applicable).
Re-mortgage of a Property
This is a brief outline of the process involved in respect of re-mortgaging a property:
- Upon receipt of your instructions we will write to your current mortgage lender asking them to send us any title deeds in their possession.
- On receipt of the title deeds, which we will review, we will make appropriate local searches. These will include Local Authority, Water and Drainage and Environmental searches. Where necessary additional searches will be carried out if deemed necessary from the documentation supplied.
- We investigate title and ensure that you own the property and have good title to it.
- Upon receipt of your new mortgage offer we will make sure that instructions have been complied with and that the offer is satisfactory. We will check that any conditions attached to the mortgage offer can be complied with before completion.
- Will make any enquiries about the ownership of the property before completion and iron out any title issues.
- Will make all appropriate title searches before completion.
- We will apply to your present mortgage lender for a redemption statement in good time before completion. We will provide a certificate of title to your new mortgage lender to satisfy them that your title to the property is sufficient to secure their mortgage.
- After completion we will make sure that all appropriate registration at HM land Registry is completed.
- Finally the deeds are sent to your new mortgage lender and a copy is sent to you