Buyers Guide to Conveyancing
Buying a property can be an exciting but stressful time with many complexities, which might not have been considered. This guide provides some brief background information for buyers involved in residential Conveyancing and how Foot Anstey can assist you in the process.
The main things to consider when buying property
1. SURVEY
You must satisfy yourself as to the state of repair and condition of the property as you will be purchasing it in its existing state. You can do this yourself but it is strongly recommended that you instruct a Chartered Surveyor to survey the property on your behalf. If you decide on the latter, it will be more expensive than if you were to arrange for the mortgage lender's surveyor to carry out the inspection for you. This is because the mortgage lender's surveyor also carries out the valuation on behalf of the mortgage lender. It is important to note that you must not rely on the mortgage lender’s survey of the property, as that report is likely to be limited. If you do not require mortgage funds or prefer to have a survey carried out independently from the mortgage lender, we can help you choose the appropriate type of survey and recommend a surveyor.
You may have no legal remedy against the seller for not pointing out any defects of which he was aware and potentially no comeback against a seller in respect of defects of which he was not aware, nor against the mortgage lender’s surveyor who carried out the valuation on its behalf.
2. FIXTURES, FITTINGS and SERVICES
It is also advisable for you to:
a) clarify with the seller before exchange of contracts what fixtures and fittings, if any, are included in the purchase. Usually a Fixtures Fittings and Contents form is provided by the seller listing the items which can be included as part of the contract. If there are any discrepancies between what you were expecting and what is actually being left at the property you should notify us immediately as we cannot renegotiate the fixtures fittings etc after exchange of contracts, and
b) check the state of repair and efficiency of all services to the property e.g. drainage, water supply and all appliances which may be included in the sale price, such as central heating systems (in particular boilers), hobs, ovens, cooker hoods, and extractor fans, electrics, etc. You may feel an independent inspection by a specialist or qualified engineer may be necessary prior to exchange of contracts. Unfortunately there are very limited remedies for discovery of problems after either exchange of contracts or completion.
3. MORTGAGE
You must have finalised your financial arrangements, e.g. received written confirmation of a mortgage loan from a mortgage lender to enable you to complete the purchase.
You should also take careful note of the following:
• LOCAL SEARCH
These will need to be completed for your purchase to proceed. A standard search can take two weeks approximately to be completed by the Local Authority.
• PLANNING
The planning history of the property must be satisfactory including any extensions or alterations to the original structure.
• RIGHTS
All legal rights over or under land owned by a neighbour to enable you to gain access to the property or for services such as gas water electricity and drainage (mains or septic tank) must be in place.
• LAND CONTAMINATION
• RADON GAS
This gas affects a large part of Devon and Cornwall and has been connected with serious lung disorders. Your surveyor will point out the need for further investigation.
• BUILDINGS INSURANCE
Although not always the case, it is generally a buyer’s responsibility to insure the property from the date of exchange of contracts.
• RELATED SALE/CHAINS
If you have a property to sell before being in a position to proceed with your purchase a prospective purchaser must be found and he, in turn, must be in a position to enter into a legally binding contract to purchase your property.
• EXCHANGE OF CONTRACTS
A transaction becomes legally binding when you sign one part of the Contract (which is drawn up in 2 identical parts), and it is sent off to the seller’s solicitors following an exchange conversation between legal representatives. We then receive the other part of the contract signed by the seller in exchange. This process is called exchange of contracts.
• TRANSFER DEED
Once contracts are exchanged the document transferring the property into your name, called a transfer, is prepared and is sent to you for signature.
• MORTGAGE DEED AND OCCUPIERS CONSENT
The mortgage deed and any policy assignment documentation need to be signed by you before completion.
• LIFE INSURANCE
Your mortgage lender may require endowment or term assurance policies to be assigned to it as collateral security for the Mortgage and that it will not release loan monies until such policies are in force.
• KEYS
Normally keys are available for collection from the estate agents in the afternoon of the completion date who will hand them over once they have been notified that purchase monies have been received by the seller's solicitors.
The services Foot Anstey offers
Our Move Forward service helps make moving home simple. Using the latest technology and case management systems we endeavour to make your move efficient and tailored to meet your needs. We will act on your behalf in areas such as searches, obtaining information from your sellers solicitors, advice on mortgage arrangement and at completion attend to all the legal formalities so there is no necessity to come into our offices so focusing on moving into your new home. As well as Move Forward, we have other specialist teams such as Platinum Move and New Homes.
If you would like any more information on our remortgaging services please contact us
This guide is provided for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for specific legal advice. All details are subject to change. © Foot Anstey 2007. All rights reserved.
