The Buying Process Choice Homes have produced a simplified guide to buying your next property listed below. Firstly get an idea of the location you wish to move to and the type of property you want to buy. By doing this you can narrow down your search criteria and make you house hunting much more effective. View as many properties as you can and once you have found a property you would like to make an offer on contact the seller and your solicitor.
In addition your solicitor will deal with the legal side of buying
a property so it is essential to find one who deals specifically in
property law.
If a mortgage is required Choice Homes suggest you thoroughly research
the range of mortgage options available to you either through an independent
financial advisor or through your bank or building society. The mortgage
lender will then ask for a valuation of the property to be carried
out. For further information please refer to Choice Homes guide to
mortgages.
| • |
Your solicitor will contact the seller's solicitor to initiate
contact negotiations. |
 |
| • |
Have a survey carried out and send the results to your solicitor. |
|
| • |
The solicitor will now carry out a local authority search
and find out if any alterations have been made. This is the
time to negotiate on fixtures & fittings. |
|
| • |
The solicitor finalises the contract details with the seller's
solicitor, and confirms mortgage details with your lender. |
|
| • |
Pay a deposit to your solicitor which is held until the exchange
date. |
|
| • |
The solicitor exchanges contracts with the seller's solicitor
and sends over the deposit for the property. A date for completion
is agreed. |
|
| • |
The solicitor makes sure your mortgage funds are available
for the completion date. |
|
| • |
The solicitor prepares the transfer deed which is signed by
you and the seller and lodged with the seller's solicitor until
the completion date. |
|
| • |
The mortgage lender transfers money to your solicitors account
in time for the completion. |
|
| • |
The solicitor transfers the money to the sellers solicitor
on the completion date in return for the transfer deed, land
registry certificate and house keys. The sale is complete. |
|
| • |
The solicitor arranges for the transfer deed to be stamped,
pays the stamp duty and sends the transfer deed to the land
registry to record you as the new owner. |
|
| • |
The solicitor passes the title deed to your mortgage lender
as security for the loan. |
