Purchases

What are the steps in a typical purchase?

There are a number of things that have to be done. Every case is different but in the main a typical purchase will consist of the following:

1. Obtaining information from your sellers

2. Checking that the seller has good title

3. Agreeing the terms of the contract for purchase

4. Producing a written report together with all relevant copy documents before you sign a purchase contact.

5. When everyone is ready and a moving date has been agreed with all concerned, exchanging contracts : this is the stage at which you will be committed to buy

6. Making all the necessary pre completion legal arrangements and checks

7. Obtaining the mortgage money from your lender (if any) and any balance that we may need from you

8. On the moving day paying for the property and sending any surplus to you

9. Registering your ownership at the Land Registry

10. If so instructed acting for any lender to make sure that its interests are properly protected or otherwise dealing with the requirements of the lender's solicitors; and

11. Placing the deeds of your new property in our strongroom for safe keeping on your behalf, unless you wish to store them elsewhere or you have a mortgage: in the latter case the lender will keep them until the mortgage is repaid, although it may wish you keep any old deeds which are no longer needed for conveyancing purposes, but which may nevertheless be of interest to you.

What else has to be done?

Finance:

Obviously you will need to consider how you are to finance your property. If you require a new mortgage and have not already made the appropriate arrangements, we shall be pleased to assist you. We can obtain quotations and advice from independent financial consultants.

Survey:

We should point out that the property will be sold to you on the principle "let the buyer beware". We would therefore strongly recommend that you arrange for it to be surveyed on your own account by a chartered surveyor in order that you may be sure it is free from major structural defects and that it represents a sound financial investment.

Inspection for mortgage valuation purposes tend to be cursory and such inspections are of course undertaken primarily to protect the lender.