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Draft Contract |
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Proof of ownership, usually a title information document |
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A property information form which comprises questions of a standard nature answered by the seller |
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A fixtures fittings and contents list, again completed by the seller; |
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If the property is leasehold, more information about the terms of the lease |
Step 2 – The Searches
Searches need to be carried out to make sure that the property is an appropriate one for you to buy. We need to check with the local authority, with the water and drainage departments and, for example, the Coal Board if the property is within the Coal Field as well as undertaking other specialist searches, as required. These search results should be back within 7-10 days of being submitted.
Step 3 – Mortgage Offer
If you are having a mortgage, then obviously we need to have the mortgage offer so that we can study the special conditions.
Step 4 – Signing the Contract
Once we have all the documentation listed in steps 1-3 we will contact you regarding the signing of the contract. You may come into the office, in which case your legal advisor will go through the details with you, or we can send it to you in the post with a detailed report on contract. If you are happy with everything, we should then be ready to exchange contracts, subject to our receiving cleared funds from you in respect of the deposit.
Step 5 – Negotiating Exchange Date
When both buyer and seller are ready to proceed to exchange and completion
date (the moving date) is agreed. If there are several people in the chain this
date
may require a good deal of negotiating. At this stage any party is still free
to walk away from the deal as contracts have not yet been exchanged.
Step 6 – Exchange of Contracts
Once a completion date has been agreed, we are able to exchange contracts. Once contracts have been exchanged, you are now committed to the purchase and cannot pull out of the transaction without incurring major expense. You can now confirm the arrangements and dates with your removal company.
Step 7 – Completion
This is the day that you actually move house. We send the balance of the purchase price to your sellers’ solicitors and, once they receive the funds, the keys will be released to you by the estate agents (unless other arrangements have been made).
You can now move in.
Please be aware that delays can sometimes occur in the transfer of money and this can delay the release of keys. These delays are unavoidable, but we will do what we can to minimise any problems. Ideally, you should aim to be ready to move in by lunchtime at the earliest.
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