A Buyer's Guide

Pre-contract enquiries and searches

The first step is to request a contract from the sellers' solicitors. This will comprise of the contract itself, the documents of title, replies to standard enquiries and a fixtures and fittings list.

As Home Information Packs (HIPs) have now been scrapped, no searches will be provided. It is necessary for us to obtain a local search and, in Nottinghamshire, a mining search. There may be other searches, such as a drainage search, that it is prudent to carry out, but we will advise of this if the situation arises.

The local search comprises of a series of standard enquiries dealing with information that the local authority has on its records, such as planning permissions, proposed major road improvements or nearby environmental matters. The search is against the property itself and does not provide information about neighbouring land. If you are concerned about developments nearby, it will be necessary to make further enquiries. The search usually takes about two weeks to be returned, depending on the local authority.

Once we have the result of our searches, the replies to standard enquiries and your mortgage offer, we will advise you to call to see us to sign the papers and to consider with you what further questions may need to be answered in order that we can proceed.

Exchange of contracts

This is normally done by telephone by the respective solicitors. At that point, you are bound to complete on the agreed date, otherwise you will face financial penalties.

The question of deposit

On exchange of contracts, a deposit will be paid to the seller, although the monies may continue to be held by us. A deposit is usually between 5% and 10% of the purchase price. It is often the position that if there is a chain of transactions, the deposit in only paid by the person at the bottom of the chain (although each party is effectively required to pay 10% so that if, for whatever reason matters do not proceed to completion, that sum may then be due and outstanding).

Synchronising a sale with a purchase

When both buying and selling, it is usual for contracts on both transactions to be exchanged simultaneously. This means that you can move out of your old property and into your new one on the same date.

Pre-completion matters

Once contracts have been exchanged and prior to completion date (i.e. the move date), we will collect any monies that are due from yourselves or the mortgage lender. We will also carry out the necessary pre-completion searches and ensure that transfer and mortgage documents are signed.

Completion

On the completion date, monies are transferred between the parties' solicitors by telegraphic transfer between banks. Keys are usually released via estate agents once funds have been received at the sellers' solicitors' bank. As the bank does not guarantee the timing of funds, there can sometimes be a time lapse before keys can be released. Consequently, you should not necessarily expect that keys would be available to you until late in the day.

When buying a house, make sure that you have all the relevant information so as to transfer supplies of gas, electricity, telephone, TV and broadband. This can be done by obtaining information as about suppliers beforehand. This ensures that everything is in working order when you move in. Remember to notify everyone else with whom you hold accounts of your change of address (e.g. TV licensing authority, Inland Revenue, your pension provider and others).

Post-completion

We will submit a Stamp Duty Land Tax return and, if payment is due, pay the required amount from the funds we hold on your account. The transaction must then be registered with the Land Registry so that your name, and any mortgage you may have, appears on the property title. We will then send you a copy of the title for your own records. This marks the end of the matter.