Conveyancing guide for Buying
The following are the usual steps involved in a freehold purchase transaction:
| 1 | The buyer’s solicitor must make sure that the property being bought is as advertised and free from defects. The buyer should check through the estate agents particulars of sale and confirm that the description of the property, including any fixtures and fittings (i.e. items attached to the property such as shelves, light fittings and curtain rails), is satisfactory. |
| 2 | If the seller’s solicitors are operating the National Conveyancing Protocol they will send a complete package to the buyer’s solicitor for him to check through. If not the buyer’s solicitors will follow step 3 below. |
| 3 | A search will be made at the local authority to discover whether there are any matters or future plans which might affect the property or the surrounding area. Additional preliminary enquiries will be sent to the seller’s solicitor; these are specific questions about the property of which the seller should have personal knowledge. Sometimes it is necessary to ask further supplementary enquiries, should other matters about the property come to light. |
| 4 | In some cases it is advisable to have a full structural survey of the property. The buyer’s solicitor can arrange such a survey, or if more suitable, an electrical check or timber infestation survey. Unless specifically asked to do so this is something they will leave up to the decision of their client. |
| 5 | If a loan is being arranged from a building society, Contracts will not be exchanged until the buyer has received an offer of a mortgage loan. The buyer should notify his solicitor of any problems in obtaining a loan. |
| 6 | The seller’s solicitor will send a draft Contract for approval by the buyer’s solicitor. The Contract sets out the terms on which the agreement is reached as to the purchase of the property. The buyer’s solicitor will agree amendments with his opposite number, until he is satisfied with the Contract. |
| 7 | When the buyer’s solicitor is satisfied with the results of all searches and enquiries and the Contract is agreed, Contracts can be exchanged (as described under Sale). Remember that the buyer should be prepared to pay a deposit of 10% of the purchase price. |
| 8 | On exchange of Contracts a suitable day is chosen for completion, which is usually about four weeks later. |
| 9 | Although it is usual for a 10% deposit (or sometimes 5% if the seller agrees) to be paid to the seller’s solicitors in many instances we are able to negotiate and a reduced deposit is agreed. However if a reduced deposit is acceptable, please note that in the event of you not completing the purchase, you will still be liable to the seller for the full 10%. |
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