The Process of Buying

When the seller has accepted your offer and solicitors have been instructed, the buying process begins as follows:-

The seller's solicitor will request all relevant information from the seller by means of a fixtures and fittings list and a form asking questions about the property and your use of it and draw up a draft contract of sale. To do this, he will also need to obtain the title deeds. If the seller has a mortgage, the title deeds will be held by the building society or bank.

The draft contract is sent to your solicitor. This process typically takes 10 - 14 days.

Your solicitor will do the majority of the work, which begins after they receive the draft contract of sale.

Enquiries can be raised by your solicitor with regards to any aspect of the property purchase. Queries may be, for example; whether planning consent was obtained for an extension, rights of way issues, guarantees for past works etc.

Searches are applied for whilst your solicitor waits for the enquiries to be answered. The usual searches are:-

Local Authority Search This is done by the local authority and addresses issues such as future planned developments or highways changes that may affect the property in future.

Mining Search This is only done in areas where mining has taken place to determine whether it may affect the property.

Environmental Search

Drainage Search

The searches typically can take 7 - 14 days.

Survey/Valuation Whilst the solicitor is dealing with the enquiries and searches, most buyers instruct a surveyor to provide them with a report on the structure of the property and an independent valuation of it. This is optional (but recommended) for those buying with cash, but where a mortgage is required the lender will almost certainly require one.

Mortgage A buyer would usually apply for a mortgage at the very start of the purchase process. A mortgage offer will be issued to you once all your details have been processed by the lender eg. proof of identity, salary details, credit history, survey etc.

Exchange of Contracts At the point where all enquiries have been answered, all searches are back and your solicitor has a mortgage offer (if required) then you are ready to exchange contracts.

Exchange of contracts is where you legally oblige yourself to purchase the property and the seller legally obliges himself to sell. This process is usually done on the phone between the solicitors. You would normally be asked for a deposit of 10% of the purchase price at this point which is transferred to the seller's solicitor.

Completion can be on the same day as exchange of contracts or any day after agreed between buyer and seller. This is the day that the full balance of the funds are paid over to the seller and the property becomes yours.