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Before you buy a Property, you need to work out how much it will cost. The cost will depend on what you are buying, the main costs are: |
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Stamp Duty |
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Removal Fees |
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Land Registry Fees |
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Survey Fees |
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Legal Fees |
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Insurance |
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Search Fees |
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Mortgage arrangement fee |
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When you see a Property you want to buy, contact the selling Estate Agency and put in an offer. At this point the Estate Agent will expect you to provide them with your Solicitor’s details. A good Estate Agency will be able to recommend a Solicitor to you. You will then need to arrange your mortgage. |
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The Estate Agency will provide details of the sale to both Solicitors. Your Solicitor will then begin the conveyancing process. This will involve checking the details of ownership (“title”) to the Property. If you are buying a Leasehold Property, this will include details of rent and service charge. This process can take some weeks, as your Solicitor will want to make sure that you and your mortgage lender are completely satisfied that the title to the property is good, and to provide you with a report on the property you are buying. |
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During the course of these investigations, your Solicitor works closely with the Seller's Estate Agent to ensure that everybody knows what is going on. |
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When your Solicitor is satisfied with all the information about the Property, a date for completion of the purchase will be agreed and your Solicitor will exchange contracts. Both the Seller and the Buyer are then legally committed to the transaction. |
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Upon exchange of contracts, it is usual to pay the Seller (via the Solicitor) a deposit. The deposit is usually (though not always) 10% of the purchase price. The deposit secures the purchase and if you pull out you risk losing the deposit. This is why the deposit is usually 10% - as it is more money than a Buyer would want to lose. |
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When contracts are exchanged, a 'completion' date is set. This is the day that you will pick up the keys for the Property. Completion is usually about 2-3 weeks after exchange of contracts. This allows enough time for everybody to make their removal arrangements. You will also have to make arrangements top sign the mortgage deed and provide any funds, which may be needed to enable the Solicitor to complete. |
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Completion day is the big day for everyone! It is the day that you buy the Property. When the Seller's Solicitor receives the purchase money the Estate Agent is told and will then hand over the keys to you. |
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After completion, your Solicitor will still have a lot of work to do - including settling all outstanding costs and registering the property at the Land Registry. |
