Congratulations, you have found your dream home and had your offer accepted!
What do you need to do next?
1. You need to choose a solicitor
There are many conveyancing firms out there, I would advise to phone for a quote rather than looking at online pricing. They may have a great automated pricing system, but can you actually speak to someone if you need to? Does the person who will be dealing with your transaction have a direct phone number and email address, and more importantly, can you get through to them? Will the person you do end up getting through to have sufficient knowledge of your case and be able to deal with your enquiry quickly?
A cheap headline figure on a quote does not always mean you are getting a good deal. Some firms will have their basic legal fees set quite low but then have a whole host of extra charges linked to the quotation that are then applied at various points during the course of the transaction and become payable when they bill you upon completion. If a quote is coming in dramatically lower than you would expect or in comparison to other quotes you have obtained – you do have to question why.
The saying ‘you get what you pay for’ could not be more applicable here. If you want a dedicated, personal and thorough, professional service then you should contact Brethertons Conveyancing team for a ‘no obligation’ quote. At Brethertons there are no sneaky hidden fees added and our quotes cover all disbursements.
It is worth noting that if you are also selling a property, whilst not compulsory, it makes things easier if you use the same solicitor for both transactions.
2. Instruct your solicitor and inform relevant parties
Once you have chosen your solicitor, they will open a file for you and send you paperwork to complete. We would recommend that you fill this in and return it as soon as you can. Your solicitor is not authorised to commence any work on your behalf until they have your completed paperwork in their possession either in hard copy or an electronic format. At Brethertons, any member of our conveyancing team are happy to talk you through this initial paperwork, we can do this by email, over the phone or in person, whichever works for you.
Once you have chosen your solicitor, you should provide the estate agent and your mortgage broker/lender (if applicable) your solicitor’s details so that this information can be shared amongst the other organisations involved in the transaction and effective communication can begin right away.
3. Provide your solicitor with ID and proof of funds
Your solicitor will need to take copies of your ID and meet with you (virtually or in person) so as to verify your identity. If you are providing any cash towards the purchase, you will also be asked to prove the source of your funds.
If you are providing any money towards the purchase that is not coming from a mortgage or sale of your existing property, your solicitor will need to understand where this is coming from. If it is savings from your salary, if it is from the sale of an asset, if it is a gift from a family member. There can be any number of sources of funds being used towards the purchase of a property and so it is best to discuss this with your solicitor as early as possible so that any queries can be dealt with straight away and any delays in the transaction be avoided
It is also worth noting that you solicitor is bound by legislation to ensure they are performing their duties adequately and correctly when it comes to verifying any funds and the source of them so please do not be offended by the questions being asked and the documentation being requested.
4. If you are having a mortgage, ensure your lender has all the required information
If you have a mortgage broker, check with them that they have everything they need in order for your mortgage application to progress as quickly as possible.
Your solicitor will not have any contact with your prospective mortgage lender until your mortgage offer is produced and sent to them so up until that point it is for your broker, if you have one, and you if you do not, to follow up with the lender and keep the application moving.
5. You should instruct a surveyor
It is completely up to you whether you have a survey, but a house is probably the most expensive and important thing you will buy so we would always recommend having a survey undertaken. There are a number of different types of survey available to you all at varying costs. A good survey will provide you with a thorough report on the condition of the property as it stands, pin point any expenses you may face in the coming years and will help you to avoid any nasty surprises once you move in.
6. Your solicitor will carry out searches and raise enquiries
Your solicitor will check the documentation received from the seller’s solicitor and will raise any necessary legal enquiries. If you have noticed anything unusual about the property or have anything in particular you wish to raise from your own visits, any conversations with the sellers or agents or off the back of your survey, now is the time to let your solicitor know.
Your solicitor will also carry out the legal searches. Here at Brethertons we carry out a local authority search, drainage search and environmental search on your behalf as standard. These searches reveal matters such as planning permissions and building regulations affecting the property and any conditions imposed therein, whether the property is connected to mains water and drainage or has a sewer running under it, and whether the property is in an area affected by radon gas or flooding, amongst many other things.
The enquiries stage is often the bit that takes the longest as there is an element of back and forth between the solicitors especially if information from the seller or any other third party is not readily available or needs to be sourced from elsewhere. At Brethertons we pride ourselves on our communication and will endeavour to keep you updated at every stage. We will also update the estate agents so that they can be communicating the progress we are making with the rest of the chain with the aim of us all progressing in a cohesive way. .
7. Exchange of contracts
Once all enquiries have been satisfied, all search results have been received and reviewed, your mortgage offer received (if applicable) and all the other parties in the chain are ready, contracts can be exchanged.
Exchange of contracts happens when everybody is ready and makes the transaction legally binding. This means that after this point, nobody can change their mind without incurring financial penalties.
At this stage, you should make sure you have buildings insurance in place as you are now legally bound to purchase the property. It is also the time the make any arrangements for the move such as contacting removal companies and utility companies – TV/Broadband etc
8. Completion
This is the day when you move house!
On completion, monies are transferred to the seller’s solicitor and you become the legal owner of your new home. This can be at any point of the day as we are reliant on the speed of the banking system. You’ll be the first person we call when we know all money has transferred successfully and the property is now legally yours with keys ready for you to collect from the Estate Agents.
All that is then left to do is collect the keys, unpack, soak it all in and enjoy your new home!
If you would like any further information or you would like to instruct Brethertons to act on your behalf please do not hesitate to contact me on 01788 557683.
We have offices in Rugby – 01788 579579, Banbury – 01295 270999 and Bicester 01869 252161 and our team of experts are ready to assist you every step of the way.
