Call us now:
You have decided to buy a new home.
Your offer has been accepted by the Seller.
So, what happens next?
Although it is an exciting time for you, it can also be a fraught one.
To help you understand the process we have set out below some of the key stages to look out for:-
1 Instructing a Solicitor. Your Estate Agent will ask you whether you have instructed a Solicitor to deal with the legal aspects of your new purchase and it is advisable to do this as soon as possible.
2 Applying for your mortgage. Again it is advisable to apply for a mortgage in principle at the start and once your offer has been accepted by your Seller a written mortgage offer will be issued to you and your Solicitor.
3 Draft Contract documents. These will be supplied by the Sellers Solicitor and will contain what is know as Protocol Forms i.e. Sellers property information form and Fixtures, Fittings and Contents form together with other relevant documents relating to the property.
4 Requesting Searches. As part of the process and as a requirement of your Lender we will request a Local Authority Search, an Environmental Search and Drainage Search which all contain valuable information concerning the property
5 Raising enquiries. These are questions that your Solicitor will ask concerning the documents that have been supplied.
6 Final Report. Once all of the enquiries have been satisfied you will receive your final report on the property with the relevant documents to sign
7 Deposit. You will be asked to supply your deposit funds of 10% of the purchase price
8 Exchange. When all parties are ready and a completion (moving in date) has been agreed exchange of contracts will take place. An exchange of contracts is legally binding and the date for completion you have agreed is legally fixed. If you decide at this stage not to proceed then you will be liable to pay costs.
9 Completion. The monies will be transferred to the Sellers Solicitors and the keys will be released to you.
Now it’s time to enjoy your new home!
