Buying a House – The Process
Upon receiving your instruction we will immediately open a file and send the welcome pack to you detailing our initial requirements. We will also contact the estate agent to confirm we are acting. When we receive the seller’s solicitor’s details we will request the contract documentation from them.
When the contract documents are received we will inspect the documents and raise enquiries of the seller solicitor. This aspect of the transaction often involves delays while the sellers solicitor assembles the necessary information. This is the technical part of the transaction and is crucial in making sure you get a good and marketable title to the property. Knowing what not to ask for is as important as knowing what to ask for. For these reasons this part of the transaction will only be dealt with by a qualified solicitor.
When the replies to our enquiries are received we will then prepare a detailed report on the property and send you the contract for signature. If you are satisfied with the contents of the report we invite you to return the signed contract in readiness for exchange. Provided your mortgage offer has been received a date for exchange and completion can usually be agreed at this point.
Once your mortgage offer is received we will deal with the financial aspects of the transaction. When we are holding the signed contract and your deposit contracts can be exchanged. Once contracts are exchanged the transaction becomes binding and completion must take place on the agreed date. At this point we will request your mortgage advance from your lender.
On completion we will send the purchase money to the seller solicitor and when this is received the keys will be made available for you to collect. This usually happens at about midday on the day of completion.
We will then attend to the registration of the property into your name and deal with any other post completion issues.