THE
MARSHALL & GALPIN CONVEYANCING GUIDE
TO PURCHASING RESIDENTIAL PROPERTY
This
guide has been prepared to explain the legal process involved in buying
a property.
* Letter
to Sellers Solicitors Requesting Draft Contract
As soon as a client confirms instructions we will write to the sellers
solicitors requesting a draft contract, replies to standard pre-contract
enquiries, a fixtures and fittings list and office copy entries from the
Land Registry or copies of the title deeds. When dealing with a
leasehold property we will also require a copy of the lease, 3 years
management accounts (if applicable) and a current buildings insurance
policy.
* Draft
Contract and Supporting Papers Received
As soon as the draft contract and other documents arrive we will go
through them to find out everything is in order. It is unusual for
everything we need to arrive at once; it may take the seller’s
solicitor a little while to provide us with everything.
* Further
Enquiries Made
In
some cases the information we receive may not be detailed enough or may
in fact prompt further questions, if further information is needed we
will request it immediately.
* Local
Search Fee Received
An important part of our enquiries involves us obtaining detailed
information from the local authority about planning issues which are
relevant to the property. We request the fee for this at the point of
instruction.
* Local
Search Sent/Fee Paid/Estimated Return
Most local authorities require a title plan detailing the relevant
property along with the local search application. Different local
authorities work at different speeds. The estimated return time will
always be shown on the report.
* Local
Search Returned
The results of the local search may prompt the need for additional
questions to be asked, most commonly the need for copies of any planning
permissions.
* Sellers
Solicitor Fully Replied to Enquiries
Once all of the information is received from the seller’s solicitors
we can approve the purchase to our client and send an approved contract
to the seller’s solicitor.
* Draft
Contract Approved and Sent to the Sellers Solicitor
The
approved contract will be sent to the seller’s solicitor for the
seller to sign in readiness for exchange of contracts.
* Mortgage
Offer Received from Lender
As
well as acting for the buyer we act for the building society if they are
taking a mortgage. Before we can proceed to exchange of contracts we need
instructions from the building society. When this is done we ask them to
sign the contract.
* Appointment
Made with Client for Signing of Contract and Report sent to Client
We will need to explain to the client all of the information that we
have received and the responsibilities that they have as owner and as a
borrower from the building society. When this is done we ask them to
sign the contract.
* Contract
Received/Signed for Exchange
Contract
now signed by client ready for exchange.
* Deposit
Received Or Arranged from Sale File
A
deposit will be required by the seller’s solicitor from the buyers.
This is usually between 5% and 10% of the purchase price. If the buyer
is selling a property themselves the deposit paid to them by their
buyers can sometimes be used. If not we will request a building society
cheque or bankers draft from the buyers so as to eliminate further
delays for cheque clearance.
* Proposed
Completion Date
Completion
is the point at which the purchaser pays for the property and it changes
hands. The date needs to be agreed before exchange of contracts can take
place.
* Sellers
Solicitor Informed Ready to Exchange
When
we have a signed contract, mortgage offer, and an agreed completion date
we will inform the sellers solicitor that we are ready to exchange.
* Contracts
Exchanged
Once
contracts have been exchanged the two parties involved are legally
committed to buy/sell the property in question.
* Completion
Date
The completion date which is agreed between the parties on exchange
of contracts is the date upon which the seller of the property must give
vacant possession and the buyer can take up occupation having first paid
the balance of the purchase price. Failure to complete will result in
the party at fault being in breach of Contract
For further information please contact:
Ronald Peet (Abingdon) 01235 557003 email - mailto:ronald.peet@marshallgalpin.com
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