Buying a property?
Once you have had an offer accepted you should contact us.
You may need to arrange a mortgage. Shop around. You can ask your estate agent to put you in touch with their financial adviser. It is possible to arrange a mortgage ‘in principle’ before you have found a property and this can save delays.
The bank or building society you choose will carry out a valuation of the property. This valuation is prepared for their benefit and not for your benefit. Although it will say whether the property is worth the price you are buying, it may not detail all the defects at the property. You should either have a full structural survey carried out, which is the only way to be confident about the structural condition of the property, or a less expensive home buyers report. Your estate agent will probably be able to recommend some surveyors. The agreement between you and the seller will say that you are to buy the property in its current state and condition. If you do not have a survey or home buyers report carried out you could be in for a costly surprise when you move into the property. You would have no comeback against the seller nor against the valuer if he failed to notice any defects.
We will go through all the information sent by the sellers solicitor and carry out a Local Authority Search which will reveal, amongst other matters planning permissions and road proposals. You should note that the Local search will not reveal planning applications for neighbouring properties. If you are buying a flat or maisonette we will have to check additional information regarding ground rent, service charges and repairing obligations. We will also check your mortgage offer and make sure that all the conditions have been complied with. Once we have received satisfactory replies to all enquiries, the results of the local search and you mortgage offer you will then be ready to exchange contracts.
Exchange of Contracts
You will then be asked to sign the contract in readiness for exchange and the seller will sign an identical copy. We will also ask you for a building society cheque or bankers draft for the deposit payable on exchange. (By law, cash cannot be accepted). This is normally 10% of the purchase price but if you are getting a 95% mortgage it may be possible to negotiate a lower deposit. Please tell us at the beginning of the purchase how much you can afford to pay. We must have the deposit money in our account before exchange can take place.
You are not legally bound until contracts are exchanged but if you pull out after exchange you will lose your deposit. The seller will be entitled to keep it as compensation.
We will apply to your lender for the mortgage advance and will let you have a financial statement showing the balance you need to pay before completion
You will be asked to come in to our office to sign the mortgage deed. We will need to see original identification documents. You should bring with you a passport and driving licence.
You should arrange with the gas board, electricity company, water authority and telephone provider for the accounts to be put into your name. You should also notify the council tax department at the local authority of your moving date.
On the day of completion we will send the balance of the purchase price to the sellers solicitors. This is done by the Bank’s telegraphic transfer system. It can sometimes take a few hours for the payment to be processed particularly on a Friday or at the end of a month. You will not be able to pick up the keys until the money has reached the sellers solicitors bank account which is normally about midday but can be as late as 2pm.
We will sort out the paperwork and ensure that your name and your mortgage lenders registered at the Land Registry. The Land Registry will send confirmation of this to us which we will send on to you and your lenders. Most lenders will not accept any other documentation even though this may be vital for any future sale. We can store those documents for you for a small fee. If you choose to store them yourself please do so in a safe and secure place as any loss could cause delays in a future sale.
For further information, feel free to telephone us on 020 8299 0021 or email : email@example.com