What is the procedure when buying a property?
When buying a property there are a number of procedures and guidelines that your solicitor will need to follow to ensure a smooth completion of your transaction. The general procedure that we will undertake on your behalf when purchasing a property is as follows:
* Once you have accepted our quotation, we ask that you send in your Identification, signed paperwork and money on account in respect of searches.
* When we receive your instructions, we will contact the vendor’s solicitors to request a draft contract and other documentation relating to the property being purchased.
* Upon receipt of these papers, any relevant searches will be made and enquiries raised about the contract and the property itself.
* Enquiries will then be made as to whether there are any covenants that apply to the property and we will check that the vendor owns and has ‘good and clear title’ to it.
* Once we receive the replies from the sellers solicitors, we arrange for you to sign the contractual documentation. It is important at this stage, prior to exchange of contracts that you make a final visit to the property to satisfy yourself and ensure there are no other concerns that you would like to raise.
* If we believe that the terms of the contract are fair to you and once you’re happy with your final visit to the property, contracts will be exchanged with the vendor’s solicitors.
* In the case that you are taking out a mortgage to help with your purchase, we will ensure that the instructions have been received, a suitable offer made and that any attached conditions can be met before proceeding to completion.
* Any further enquiries about the ownership of the property and all relevant title searches will be made prior to completion.
* An application will be made to your lender for the mortgage money in plenty of time. It may be necessary to provide them with a ‘report on title’ to show that you have sufficient title on the property for the mortgage to be secure.
* When the purchase reaches completion (the day that you are entitled to receive the keys and move in ), arrangements will be made for the payment of the purchase price to be made direct to the vendor’s solicitors. We will also obtain documents to prove title to the property.
* Following completion, the relevant registration and stamping at H.M. Land Registry will be carried out.
* To finalise the process, the deeds will be sent either to yourself or your mortgage company, as appropriate. If they are sent to the mortgage company, you will be provided with copies for your own records.
Our specialist conveyancing team at Douglas Wemyss Solicitors have been awarded the Law Society’s Conveyancing Quality Scheme (CQS) mark for excellence in conveyancing. Call us today on (0116) 2999199 for your FREE QUOTE.