Conveyancing - When Buying A House

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Make sure you know everything when it comes to conveyancing.

Make sure you know everything when it comes to conveyancing.

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  • 1. Conveyancing Free information guidewhen buying a house FIRST ATTRACT A BUYER FIND A HOUSEAccess Legal from Shoosmiths will... You need to... Mortgage Lender will...Contact the Seller’s Conveyancer to obtain Provide suitable evidence of identity and Carry out a valuationand check residence to satisfy regulations of the propertyyy Property title Arrange a survey (See Q&A Section)yy Proposed Sale Contract Undertake appropriate searches Arrange buildings insurance Check that you are eligible Arrange life cover for the mortgageCheck search results Raise any neighbouring planning concerns with the CouncilReceive mortgage instructions from your Ensure that all the necessary papers are Send Access Legal from Shoosmiths thelender signed and returned to mortgage lender mortgage offer and instruct them to check: yy title deeds of the propertyRaise issues arising from papers Investigate removal companies yy the proposed contract withwith sellers conveyancer the sellerPrepare all documentation for your Read all reports that we send to yy Conveyancing Searchessignature and report to you with you, raise any concerns with us and return yy Mortgage Offer conditions todocuments to sign documentation signed be satisfiedCheck your signed documents and Pay your deposit to Access Legalsettle deposit from ShoosmithsNegotiate exchange and completion datesand associated issuesExchange contracts Put buildings insurance and life Receive request for mortgage funds fromPay deposit to cover on risk (see Q&A section) Access Legal from Shoosmithsseller’s conveyancer Confirm removal company booking Mortgage funds paid to Access Legal from Shoosmiths in advance of completionConduct final Searches Book utilities connectionsRequest mortgage funds from Agree arrangements for hand over of keysyour lender with agents Notify change of address to Council, banks, building societies, credit card companies, insurance companies, DVLA, doctors, dentists, post office etcPay purchase monies to Collect keys COMPLETIONseller’s conveyancer MOVE INReceive deeds and documents fromseller’s conveyancerPay any Stamp Duty Land Tax Settle in to your new homeRegister your ownershipwith the Land RegistryDeal with storage of deeds
  • 2. Questions, Questions Here are some of the most commonly asked questions How long will it all take once a sale contracts are dated and “exchanged” between the Can I transfer an existing secured is agreed? conveyancers. At this point the contract becomes loan to my new property? No two transactions are the same. It is possible binding which means there is no turning back. At All secured loans outstanding on a property (e.g. for new build transactions, with no chain, to be the same time the date for “completion” is usually a business overdraft facility, Legal Aid Charge or effected in four weeks. Straightforward transactions agreed. Completion is the date on which the personal loan) must be paid off out of the sale typically take 8 weeks to reach exchange of keys and deeds are handed over in return for the proceeds unless the lender concerned agrees to contracts but this will depend on the length of purchase money and the buyer can move in. secure the loan on your new property. This may the chain of transactions, the personalities of the take some time for the lender to organise, and if parties and their need to secure mortgage finance. What is a Local Authority search? you want to do this you should contact the lender This is an investigation to find out any important for consent as quickly as possible. When the Don’t make any financial commitments for moving information affecting the property, which may lender gives their approval, they will send written until contracts have been safely exchanged and a be on the Council’s records. For instance, it may confirmation to us. definite completion date agreed. reveal that an extension on the property has been in breach of Building Regulations or the nearest When are the estate agents Should I have a survey done? road is not maintained by the Council. It will not and conveyancers paid? If anything is found to be wrong with the give any information about proposals affecting If you are selling, the Estate Agents will send their property after exchange of contracts the seller neighbouring property and if you have concerns in invoice to us after exchange of contracts and we is not liable and the buyer will have to pay for any this respect, contact the Local Authority Planning will settle the amount on completion from your All documents should be read and used in accordance with our terms and conditions which can be viewed at www.access-legal.co.uk. This document is for your general information only and is not a detailed statement of the law. It is provided to you free of charge and should not be used as a substitute for specific legal advice. If you require specific legal advice please contact our helpline on 03700 86 86 86. necessary repairs. Officer for advice. proceeds of the sale. If you are arranging a mortgage, a valuer will Why is a written mortgage offer Prior to completion we will require you to provide inspect the property on behalf of the lender. so important? sufficient funds to settle our fees, expenses and It is not advisable to rely upon the valuation Before we commit you to buying the property Stamp Duty Land Tax liability. report alone because it does not consider the (by exchanging contracts) we need written condition of the property in detail and offers confirmation that your lender will provide the funds Why does completion have to take place you limited protection. you require. There are often many conditions in on a working day? the mortgage offer that need to be satisfied before Purchase monies are transferred between It is often possible, for an extra fee, to arrange funds are released. You need to be happy with the conveyancers electronically. At present, banks only for the same valuer to carry out a more detailed product you are being offered, and to be able to transfer money electronically on a working day inspection called a “Home Survey and Valuation take advice on it prior to legal commitment. and, therefore, completion cannot take place at the Report” or even a full building survey, if the weekend or on a Bank Holiday. property is very old or needs extensive repairs What should I do about life cover? or alterations. We recommend that you arrange sufficient life How do I sort out the keys? cover for your mortgage liabilities to protect your Unless special arrangements are made, the Is a deposit necessary? dependants. The type of cover will depend upon keys are handed over on the completion day in When contracts are exchanged, a deposit is the mortgage you take out so you will need to exchange for the purchase monies (the seller paid to the seller’s conveyancer. liaise with your financial adviser and lender. Life having previously handed them to the Estate cover must go on risk from exchange of contracts Agent). It frequently happens that this is not The seller’s conveyancer will often ask for at least and some lenders will insist on the policies being convenient and the seller will hand them direct 5% of the price. Please contact us if you have assigned or deposited with them. to the buyer. It is important that you find out and agreed a lesser deposit. Where your purchase is agree the arrangements for the keys. dependant on a sale, we will endeavor to use your What do I do about building insurance? buyer’s deposit on your related purchase. A second hand property should be insured by If the buyer fails to complete the purchase on the buyer from exchange of contracts. A brand time, the seller can keep the deposit as part- new property should be insured from completion. compensation and retain the balance of up to 10% Houses should be insured not necessarily for the (although this is more complex with chains). price paid but for the estimated cost of rebuilding. Sometimes this is different to the actual market What does “Exchange” & value. You should be able to arrange buildings “Completion” mean? insurance through your mortgage Two identical contracts are drawn up, one to be adviser or your lender. Otherwise you signed by the seller and the other to be signed by will need to make your own arrangements the buyer. When both sides are ready to commit as quickly as possible. themselves to sell and to buy, the two signed contactus For more details please contact us on: T 03700 86 86 86 W www.access-legal.co.ukConveyancing Employment law Legal disputes Medical negligence Motoring law Personal injury Small business advice Wills, family & wealth