Why purchase a property now?
At Paul Robinson we have again seen record levels of new transactions which ultimately we attribute to present market conditions and the fact that we have continued as business as usual throughout the lockdown which is a great credit to our team. With this we thought we would share our property purchase flow chart which takes you through the whole transaction of buying a property, whether that be freehold/leasehold, first time buyer or property portfolio holders.
It seems that some of the government’s financial packages, the changes to SDLT and people reflecting on their own lifestyle choices have combined to create a very busy market and in the last few weeks (house prices were reported to be at a record high not something that seemed at all likely a few months ago).The guardian reported that the average house price in August was £224,123 according to Nationwide citing the desire for more space, pent up demand and the SDLT cut as the factors behind the boost in the market. This was the highest monthly rise in 16 years with Nationwide’s chief economist Robert Gardner stating that it has been an “unexpectedly rapid recovery in housing market activity.”
If you are ready to purchase or sell a property and want to take advantage of an independent, efficient and reliable service, get in touch with us today to discuss how we can help you through the process.
Instruct Solicitors to act on your behalf and complete the property purchase questionnaire, sign the terms and conditions of business, provide your identification documents and make payment on account.
Once Contract papers have been received from the seller’s solicitors we will put in hand searches on the property. We will raise any enquiries with the seller’s solicitors and then provide you with a Contract report enclosing the Contract for signature and return.
Once your mortgage offer has been received from your lender we will review the same and send you a mortgage report with the Mortgage Deed for signing.
In order to move forward to exchange of Contracts you would need to have returned the following: –
- Signed Contract;
- Deposit monies;
- Signed Mortgage Deed;
- Signed Equity Charge (if applicable).
We will also need to be in receipt of: –
- Reply from your lender;
- The Help to Buy Authority to Exchange (if applicable);
- Satisfactory Replies to Enquiries from the seller’s solicitors.
We will then take instructions from you as to a suggested completion date and put this date forward to the seller’s solicitors. If you have a related sale, we will also put the suggested date forward to your purchaser’s solicitors. Once a date has been agreed, we will exchange contracts on your behalf.
We will prepare your file for completion and send you any documentation which you need to sign.
Prior to completion you will need to provide the balance of funds, in order to complete, to this firm.
We will draw down your mortgage monies from your lender and deal with the Help to Buy completion paperwork if applicable.
On the day of completion we will send the completion monies to the seller’s solicitors. If you have a related sale and you’re relying on funds from your sale, we will need to await receipt of the sale money from your purchaser’s solicitors before we send the balance required to complete to your seller’s solicitors. Once completion has taken place we will phone you to confirm. We will then deal with the post completion formalities with regard to paying your stamp duty and registering the property at the Land Registry. Once completion of registration has been received we will send you a copy of the same. Your file will then be closed and your deeds will be stored in our Deeds Safe free of charge for safe keeping.
Download the Conveyancing Process PDF Here:
This article does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. If you require specialist advice on this topic, please contact us to discuss how we may assist you.