A GUIDE TO PURCHASING YOUR FIRST HOME

You've found the home you want and your offer has been accepted so what happens next?

1. The Estate Agents will forward details of your proposed purchase both to me and the Sellers Solicitor/Licensed Conveyancer.
2. On receipt of those details we will notify you and ask you to call in with ID and to let us have a cheque for £400 to enable us to carry out the Local and other Searches.
3. The Sellers Solicitors prepare a contract to send to us. They will also get the seller to fill in certain forms such as a fixtures and fittings list and other supporting documents which they will send to me with the contract.
4. Whilst we are awaiting the draft contract and supporting papers from the Sellers Solicitors you should be putting in hand your survey and organising your mortgage (if you have not already done so)
5. This part of the transaction can take between 3 - 4 weeks so you will probably not hear anything from us but rest assured as soon as we hear anything we will let you know.
6. When we receive the contract and the results of your searches we will confirm the legal position and raise any additional enquiries about the property.
7. On receipt of your mortgage offer we will then contact you and send you the contract and supporting documentation together with a written report on the property or alternatively, you can come to the offices if you would prefer to go through the paperwork and we can discuss this at that time. However, if you do receive a Report you should read through all the documentation and the Report and if you have any queries whatsoever please do not hesitate to raise same with us and we will endeavour to clarify the position.
8. At this time you should let us have your deposit which is usually 10% of the purchase price. If you are paying a lesser amount please let us know how much you will have available for deposit. The deposit must be cleared funds into this firm's bank account and we will supply you with details at the appropriate time.
9. When we have your signed contract and deposit we will ask you to tell us the date on which you want to complete your purchase (i.e. the date you move into the property)
10. We will then proceed to exchange of contracts and agree the completion date with the Sellers Solicitors. We will telephone you before exchanging contracts to check with you that you still wish to proceed as this is "the point of no return" i.e. once you are exchanged you will have to go ahead with your purchase so you cannot change your mind or the date of completion.
11. Only when exchange of contracts has taken place you can safely proceed to make all your removal arrangements and to advise all the service providers, i.e. the gas, electric, council, water board etc. that you will be moving in on the completion date so that they can amend their records. YOU MUST ALSO ENSURE THAT YOUR BUILDINGS INSURANCE IS IN PLACE FROM EXCHANGE OF CONTRACTS if you are responsible for insuring the property.
12. After exchange of contracts we will proceed with all the post exchange preparations such as searches which are required to be carried out at the Land Registry and Land Charges offices and requesting your mortgage monies. We will also prepare a Completion Account showing how all monies in the transaction are to be expended and showing the balance we will require from you in order to conclude matters on completion.
13. If you have not already done so, we will ask you to call in to sign the Mortgage Deed and any other relevant documents.
14. On the completion day we will send the balance of your purchase monies to the Sellers Solicitors and, all being well, these should be received by about 1pm on that date. When the Sellers Solicitors have received the monies they will telephone the Estate Agents and authorise the release of the keys to the property to you and you can then move in. We would therefore recommend that on the date of completion you telephone the Agents to find out when you can collect the keys.
15. After completion we will attend to all the legal formalities of paying any Stamp Duty, registering you as the new owner of the property etc. and when all those formalities are complied with a copy and/or the originals of the Title Register will be sent to you and to your mortgage company.

....AND THAT'S ALL THERE IS TO IT!!!

NB: The above is a guide to a typical transaction assuming that everything runs smoothly.

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