Buying a Property - The Process
ARTICLES AND FAQS
Some of the things people ask and problems they have, with our comments and answers.
1. Before you involve a solicitor (but by all means Get A Quote from us now!)
A. Be sure why you want to buy a property
Usually this is pretty obvious, but there could be situations where, for instance, a job is for a limited period or has uncertain prospects, where the trouble and costs of selling after a relatively short period may simply not make it worth while.
When people buy together, issues can arise simply from this factor, and so sometimes it is worth considering right at the beginning whether it is appropriate to do this, and if so, whether any particular agreements between will be needed. Some of these issues are explored further in a page about Joint Purchasers with a further page with examples of situations when things went wrong
You may be able to buy a property from money that you already have, but many people have to arrange some kind of mortgage finance. You may be finding some of the price of your new property from selling another property, and it will generally be necessary to have found a buyer for it who can proceed, before many sellers will consider you as a serious buyer.
C. Choose a House or Flat to buy
Once you know what you can afford, then look for a property to purchase. The link in this heading gives some hints about things to look out for.
D. Make an Offer and Negotiate if necessary
If your offer is accepted subject to contract then the process really gets going! Then you will want to consider a Conveyancing Quote and How to Choose a Conveyancing Solicitor. The next section links you to pages about what happens during the legal process.
2. The period up to Exchange of Contracts.
Once you are happy with the Conveyancing Solicitor that you have chosen then you will need to complete any forms he provides and usually provide a cheque for initial search fees etc. The rest of this explanation assumes that you have instructed this firm and explains how we approach matters, but most firms work in more or less the same way.
We will not do any work at all for you until we have been formally instructed and we have carried out the necessary anti-money laundering checks.
Quite a lot needs to be done now and this is explained on pages about:
When all this has been done we get to Exchange of Contracts Stage. Click the link for more details of what happens.
3. After Exchange of Contracts
You will need to be making some final arrangements about removals, insurance, and any further funds needed, and we will be making final searches and making sure everything is ready for completion. A page about Pre-Completion Matters for Buyer and Solicitor gives more details.
4. Completion
Have a look at a page about What happens at Completion.
After completion we should receive a pack of documents from the seller's solicitors. We submit the Stamp Duty Land Tax (SDLT) form online (this has to be done even if no tax is payable) and send HMRC any tax payable.
When we have the documents from the seller's solicitors and evidence that the seller's mortgage lender has discharged his mortgage, then we can send the documents to the Land Registry to register you as owner and your lender's mortgage as well.
Go to Selling Process
Copyright: Richard Webster & Co 2010
Richard Webster & Co 30 Leigh Road Eastleigh Hampshire SO50 9DT
Conveyancing - the Process of Buying Explained.
Page Last Revised 07/02/12