We have outlined each step you can expect to follow in the process of buying a house or a flat below. Every transaction is different, as are the timescales. Typically, if there is no chain involved, then you should expect the process to take between 6-8 weeks. If there is a chain involved then whilst the matter might still take the same time, it will also depend upon the needs of the chain.

The Process

 

The Beginning

• You decide to buy a property and will need to instruct us to deal with the legal formalities as soon as you have found the property to purchase (and when a buyer is agreed for your sale property, as necessary).

• We will arrange to satisfy ID and anti Money Laundering requirements and send you our initial forms to complete, including our client purchase questionnaire and our client care letter. We will also ask for some money on account of costs and disbursements.

• We will liaise with the Estate Agents and the seller’s solicitors.

• Your seller’s solicitors will send us a contract pack which will include Land Registry documents and Law Society protocol forms. If the property is leasehold, they will also supply leasehold property enquiry replies.

• Your lender (if any) will carry out a valuation and if satisfied will send you a mortgage offer, a copy of which we will receive, together with instruction to act on behalf of your lender.

• We will put in hand all relevant searches against the property and we will send out a draft Transfer Deed to the seller’s solicitors for approval.

• You may wish to arrange for a building survey to be undertaken, and raise any concerns in relation to the condition of the property.

• When we are satisfied that all of that is in order, we will send you the contract, mortgage deed, and a transfer (as applicable) for signature, together with a detailed report and copies of all relevant documents.

• You will return to us the signed documents, and transfer your deposit monies to us.

• You will need to let us know what dates best suit you for completion (and where there is a chain involved, what date has been agreed by the chain).

 

The Middle

 

• We will proceed to exchange contracts with the seller’s solicitors and pay the deposit monies to the seller’s solicitors. This is the stage where both you and the seller are legally committed to the transaction.

• We will submit a report to your lender (if any) confirming that all is in order and requesting the mortgage advance.

• We will carry out a Land Registry search against the property to ensure that the title is as we have previously seen, and also a bankruptcy search against you if you are having a mortgage.

• We will send you a detailed financial statement giving details of all amounts received and spent, and confirming the balance that will need to be transferred to us by at least the date before completion.

• We will prepare a land tax return for your approval.
  

 
The End
 

• The lender will transfer to us the mortgage money.

• On the date agreed for completion we will transfer to the seller’s solicitors the balance of the purchase money.

• The seller will vacate the property – the keys are usually left with the estate agents for collection by you.

• We will submit a land tax return and arrange for your title to the property to be registered at HM Land Registry.

• We will report back to you and the mortgage lender with a copy of the completion of registration and send you a file closing letter.

We hope that this covers the process, however please let us know if you have any queries.