oBeginners Guide - Just Buying

Step 1. (of 6) Request for information pack

Firstly your solicitors contact the seller's solicitors and ask for an "information pack" about the property you are buying. This consists of :-

Copy of the Title Deeds

Contract

Property Information Form*

Fixtures, Fittings & Contents Form

* Leasehold properties need an additional Property Information Form

It can take a while for the Sellers' Solicitors to get hold of all this information. In addition, a local authority and (if the property is in a mining area) mining searches need to be carried out. Searches are simply a list of questions about the property that are sent to the local council and the Coal Authority.

Step 2. Request for mortgage offer

The only other thing that is needed before proceeding is a copy of your mortgage offer (if applicable). Once all of these following documents are held:- Contract, Copy of the Title Deeds, Property Information Form, Fixtures Fittings and Contents Form, Local Authority Search, Mining Search (if applicable), and Mortgage Offer (if applicable) - you will be asked to sign the contract. If you are just buying then you will be asked to bring a deposit with you (you will be told how much is needed), but if you are buying and selling then this will generally not be needed.

Step 3. Enquiries raised and answered

All the above documents are checked and any problems there may be with the property are discussed with you. Once you are satisfied that there are no major problems, you are ready to exchange contracts.

Step 4. Exchange of contracts

Once the buyer and the seller are ready, a Completion Date (the 'moving date') is agreed. Contracts are then exchanged (this simply means swapping the contract signed by the seller for one signed by the buyers - together with a deposit provided by the buyers). After contracts are exchanged the contract is binding and neither party can withdraw without incurring massive expense. At this stage you should have buildings insurance arranged as the property is at your risk from this time.

Step 5. Completion day

On the Completion Date, the remainder of the purchase money is transferred to the seller's solicitor and in return the transfer document and the title deeds are received.

Step 6. After Completion

Within twenty-eight days your solicitor arranges for the payment of stamp duty (if appropriate) and, within two months of the completion date, applies to register the buyer's ownership at the Land Registry

[End of guide]