STEP ONE – INSTRUCTION
Once you have had an offer accepted and you have gotten in touch with us, we will be able to discuss your requirements and forward across our Client Care letter and our Terms of Business. We will then receive a Memorandum of Sale from the estate agent which will outline the terms agreed and will also include the details of the seller’s solicitor. Once we are in receipt of your signed instructions, identification and proof of funds, we will write to the Seller’s Solicitor to request the contract pack.
STEP TWO – CONTRACT PACKAGE
The seller’s solicitor will then provide us with a draft contract and proof of the seller’s ownership. The sellers will have completed the standard protocol forms, giving general information about the property. At this stage, we check all the forms provided by the Seller, together with any supporting information supplied. You will be provided with copies of these documents along with a copy of the title plan to the property. It is important that you check this carefully to ensure that it accurately reflects the physical boundaries of the property.
STEP THREE – SUBMIT SEARCHES AND RAISE ENQUIRIES
This is the largest stage of the purchasing process. There are many different searches which we offer here at Northern Law Solicitors. However, we only tend to carry out a Local Search and a Coal Search as these are the only two which most Lenders insist upon. A Local search will reveal information specific to the property and includes information relating to the roads, planning, building regulations and a variety of other things. The Coal search reveals information regarding any past, present and future mining and highlights any environmental and stability risks which could affect the property. You can purchase additional searches if you wish to do so. To name a few we can carry out an environmental search, water/drainage search and a flood risk search. Enquiries will be raised on the information provided by the seller’s solicitors and the results of the searches. During this period, you may wish to instruct a surveyor to inspect the property.
STEP FOUR- SIGNING
Once the seller has provided a satisfactory response to all of the enquiries that we have raised, we will arrange for you to sign all of the relevant paperwork.
STEP FIVE – DEPOSIT AND INSURANCE
Prior to exchange of contracts, we will calculate the balance that we require from you to enable us to proceed. Normally at this stage, a completion date will have been suggested. We will then require a copy of your building insurance schedule. Please note that we cannot proceed to exchange of contracts without this, and we will notify you once all parties are ready so that you can arrange cover from a particular date.
STEP SIX – EXCHANGE OF CONTRACTS
This is when the agreement becomes legally binding and a deposit of 10% of the purchase price is paid by yourself to the seller. Please note that we recommend a minimum period of 5 working days between exchange and completion. This will minimise stress for not only yourselves, but for us as well. Most mortgage lenders also require five working days between requesting funds and completion as well, so mortgage funds need to be requested in good time.
STEP SEVEN – COMPLETION
On the day of completion, we send the funds across to the seller’s solicitor. Once the funds have been received by the seller’s solicitor, this element of the transaction is completed. Obviously, if there is chain involved, the monies must be sent up the chain and it can take longer to achieve full completion. We advise all clients that completion should take place by 2pm, but this is not always possible, particularly if you are towards the top of the chain.
STEP NINE – AFTER COMPLETION
Once completion has taken place, a completion letter is sent out to confirm that completion has taken place. We then make an application to the Land Registry to have the property legally registered into your name. Please note that it can take several months before the application completes at the Land Registry. Rest assured once it has completed, you will receive an updated copy of the title register.
Olivia Ball is a Solicitor Apprentice in our Residential Conveyancing Department. For more information, please contact her on 01706 398 398 or email: olivia.ball@northernlaw.co.uk
