Short Guide To Buying

Here you will find important information about buying your new home or investment, we have broken the information down into bitesize points. If you would like to discuss the process in more detail please make an appointment here and we’ll be delighted to share our knowledge with you.

Instructing A Solicitor & Due Diligence

When your offer has been accepted, you will need to instruct a solicitor to act on your behalf. We can put you in touch with solicitors we can recommend as thorough and efficient.

Solicitors carry out ‘due diligence’, including local searches to make sure there are no unexpected surprises, reviewing the lease and point out any possible problems. Most people also have the property surveyed.

If you are taking out a mortgage this is normally carried out as part of the mortgage valuation, in conjunction with your mortgage provider. This whole process generally takes between two and six weeks.

Stamp Duty

Stamp duty is payable by the purchaser on all property purchases of over £125,000 on an increasing scale of 1% to 4%. We can tell you exactly how much you will have to pay. You should include this, together with removal and legal costs, in the total amount you need to buy the property.

Exchange Of Contracts

When you and your solicitor are happy that all the necessary investigations have been carried out, you are ready to exchange contracts with the vendor.

At this stage the purchaser usually exchanges with 10% of the purchase price, which is lost if you subsequently pull out of the purchase. On exchange of contracts it is normal to agree a completion date, usually 28 days ahead, when ownership of the property will transfer to you.

Throughout this, we will liaise with the vendor to chase up information and keep things moving. We also try to negotiate a timescale that is acceptable to you, the vendor and any other people involved in the transaction.

Completion Of Contracts

This is when you pay the remainder of the money, including stamp duty and legal fees. At the same time, you become the owner of the property. Completion is usually electronic, carried out by your solicitor, without you signing any documents on the day.

On completion, we will give you the keys and you are able to move in to your new home. We will also provide you with details of utility companies and other information that you will need, wherver possible.

Throughout this, we will liaise with the vendor to chase up information and keep things moving. We also try to negotiate a timescale that is acceptable to you, the vendor and any other people involved in the transaction.

Utilities & Other Practicalities

It makes sense to contact utility suppliers in advance to ensure that all supplies are connected and in your name when you move in. You should also contact the local council about council tax.

We will provide you with these details where possible after exchange of contracts.

Land Registry

Details of the ownership of all land and freehold buildings are held at the Land Registry. Your interest will be registered with them, usually by your solicitor.

Title Deeds

Title deeds prove you own the property (whether freehold or leasehold). If you own the property outright you will receive the deeds (usually from your solicitor) but if you have a mortgage your mortgage provider may well require them as security against the loan.