Key stages of buying
Key stages of buying
The time taken to complete each conveyancing transaction can vary. This is dependent on whether the property is freehold or leasehold and the length of the chain. However, we have listed below the key stages involved in a purchase transaction.
1. Instruct Napthens
Complete your client care documentation including ID checks and the payment of search fees.
2. Organise yourself
Organise your finances, apply for your mortgage and arrange a survey or valuation report. If you would like a recommendation for a mortgage broker or surveyor, please do not hesitate to ask.
3. Draft contract
Once the draft contract paperwork has been received from the seller’s lawyer, your lawyer will check the legal title to the property and raise any appropriate enquiries. They will also apply for your searches.
4. Mortgage Offer
We will report to you the contents of your mortgage offer and send you the mortgage deed for you to sign and have witnessed.
5. Reporting
When we are happy with the replies to enquiries and your search results, a full report will be sent to you. We will also ask you to sign the contract and make arrangements to pay the deposit.
6. Agree dates
Parties in the chain will agree a completion date.
7. Exchange of contracts
We will then exchange contracts and send your deposit to the seller’s lawyer. You are now legally bound to the purchase and completion date. Your buildings insurance should also be put in place at this point and we will arrange for all monies needed to be received from the lender and yourself.
8. Final arrangements
Between exchange and completion, we will ask you to pay the balance of the funds and your lawyer will apply to receive your mortgage advance.
9. Completion
On the day of completion, you will receive your keys. We will arrange to pay the Stamp Duty Land tax and apply to register you as the new owner of your property with the Land Registry.
Get a quote
Every transaction is different. Our professional fees will depend on the value of the property. For a tailored quotation for your transaction:
If you require any further help, please do not hesitate to contact our dedicated client services team on 0345 671 0276 or email ClientServicesEnquiries@napthens.co.uk
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