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Buying your own home should be an exciting experience and at times it can also be stressful. This guide explains the various phases in the purchase transaction and guidance which will help you to understand what is happening. We have included a ‘glossary of terms’ which explains all the legal terms used in plain English.

The Purchase Process:
Once you have agreed the price of the property then please let us know as soon as possible and we will assist you until the keys are delivered to you and the property is registered. We will endeavour to complete your purchase within the shortest possible timescale.

The following are the major phases in the transaction:-

• Phase 1. We will contact the Estate Agents and the Seller’s Solicitors. We will obtain the Memorandum of Sale from the Estate Agents and from the Sellers Solicitors the copy of the Title Deeds, Draft Contract, Property Information Form and Fixtures, Fittings & Contents Form.
• Phase 2. We will carry out the necessary searches (Local Authority, Water & Drainage, Chancel Repair, Mining, Environmental etc.). We will make sure that the property being bought is as advertised by the seller and is free from title defects. We will raise preliminary enquiries based on the information we have and if necessary raise further additional enquiries.
• Phase 3. By this stage we might have received the Mortgage offer (if necessary) and will comply with the requirements of your lender.
• Phase 4. At this stage we will report to you with the legal details of the property. Once you are fully satisfied that there are no major problems then we will ask you to sign the contract and give us the Deposit required by the seller. We should have the cleared Deposit money in our account in order to proceed to the next phase. You should also arrange the buildings insurance for the property.
• Phase 5. Once the Seller’s Solicitor’s are ready, we will Exchange the Contract and pay the Deposit money to the Seller’s Solicitors and will fix a mutually convenient date for Completion. After the contracts are exchanged, the seller and buyer cannot withdraw from the transaction. We will request the lender (if applicable) for the mortgage funds in readiness for completion. We will give you a completion statement detailing our costs and disbursements, which should be paid to us before completion.
• Phase 6. Finally Completion day!! The remaining purchase money is to be paid to the Seller’s Solicitor and in return receive the Transfer document and the Title Deeds. The Keys can be collected from the Estate Agents or as agreed between the Seller.
• Phase 7. We will then deal with the Stamp Duty Land Tax and register the ownership at the Land Registry.

The above guide is for a Freehold property and there will be a slight difference if it is a Leasehold property or shared ownership.

Purchase Guide:

  We will only tell you about things which might affect your decision to buy the property.

• You are buying the property as seen with all the hidden defects and faults.
• You must conduct a Survey of the property through an independent surveyor. The valuation report of your lender is not survey and you must not rely on it as a survey.
• The guarantees for works carried out on the property are often not enforceable. You must check yourself whether the guarantee can be transferred to you and also whether the company giving the guarantee still exists.
• The completion date will be fixed only on exchange of contracts.
• Do not confirm the arrangements for your move until contracts have been exchanged.
• You must arrange the buildings insurance cover from the exchange of contracts.
• Once the contracts are exchanged you cannot pull out of the transaction. If you do so seller can keep the Deposit money and claim substantial compensation.
• If completion is delayed due to your fault (eg. your money was not cleared), you will be responsible for the sellers wasted costs and compensation claimed.
• Make necessary arrangements for the collection of keys with the Seller to avoid any surprises on the completion day.