Buying
You have decided to buy a new home/investment property.
The way forward:
1 You view the Home Information Pack for the property.
2 Your offer, subject to survey and contract is accepted.
3 You agree your financial arrangements in principle with your lender if necessary.
4 Instruct us to deal with the legal formalities:
Discuss with us:
- Your ideal time-scale for the speed of the transaction.
- The advisability of a survey report in addition to your lender's valuation, as appropriate.
- Your intended use of the property – as a home/an investment.
- Any alterations or change of use, which you wish to make to the property.
- The financial implications of your purchase including inheritance tax, capital gains tax, and how best to maximise reliefs and exemptions and any trust implications.
- The costs of your purchase.
5 We will make the necessary searches and enquiries and agree the terms of the
purchase contract on your behalf.
6 Once your mortgage offer has been received and we are in a position to confirm that the
property has a good and marketable title, we will arrange for you to sign the contract in
readiness for exchange of contracts.
7 Exchanging contracts
The point at which you and your seller are contractually bound to go ahead and the completion date is fixed. A deposit of up to 10% of the purchase price is payable by you. We will deal with the exchange of contracts and the post-exchange formalities on your behalf, which will involve your signing various documents and payment of any additional purchase monies and costs.
It is advisable for you to notify the utility companies and your contacts of the completion date and your new address.
8 Completion date
On your behalf we pay the balance of the purchase monies to the seller's solicitors and complete your purchase. The legal ownership of the property is transferred to you. You collect the keys to your new home!
We deal with the Inland Revenue formalities and register your ownership and your mortgage, if appropriate, at the Land Registry.
Selling
You have decided to sell your property.
The way forward:
1 Commission the preparation of a Home Information Pack
(we or your selling agent can prepare/arrange this).
2 Instruct your selling agent to market the property.
3 Instruct us to handle the legal formalities:
Discuss with us:
- Your ideal time-scale for the speed of the transaction.
- The whereabouts of your title deeds – we will need these.
- Any planning and Building Regulation approvals guarantees / warranties for your property – we will need these too.
- Completion of the required information and enquiry forms.
- The financial implications of your sale including the repayment of any mortgage/borrowing secured on your property.
- Potential liability for tax; capital gains tax and how best to maximise reliefs and exemptions and any trust implications.
- The costs of your sale.
4 Exchanging contracts
The point at which you and your buyer are contractually bound to go ahead and the completion date is fixed. We will exchange contracts on your behalf. Your buyer will pay a deposit of up to 10% of the purchase price.
It is advisable for you to notify the utility companies and your contacts of the completion date and your new address.
5 The completion date
We receive the balance of the purchase price and the ownership of the property is transferred to your buyer.
You are required to provide a vacant property to your buyer on completion.
If your property is subject to a mortgage we will repay this from the proceeds of sale and deal as instructed by you with the balance of the proceeds.
This guide is a simple outline only of the basic stages of a sale and purchase transaction. The documents and issues behind these stages however are very detailed and often complex. We will explain and advise you as to the practical and technical aspects of the contract, mortgage and title documents and how these will affect you.