Buying a Property

The average purchase process takes between 12-16 weeks, however this could vary depending on a number of factors. It can be quicker or slower, depending on the parties in the chain.  For example, if you are a first-time buyer, purchasing a property with a mortgage in principle and no chain, it could take 12 weeks. However, if you are buying a leasehold property that requires an extension of the lease, this can take significantly longer, between 4 and 6 months.  In such a situation an additional charge would apply.

We strive to fast-track your transaction while providing guidance every step of the way through our expert team.

Get a free quote today for our transparent conveyancing package. No hidden costs, just one fixed fee.

Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  Disbursement costs are standard across all Solicitors.  We handle the payment of the disbursements on your behalf to ensure a smoother process.

Stamp Duty or Land Tax may be payable depending on the purchase price of the property and your personal circumstances (i.e. first-time buyer, owning a second property).  You can calculate the amount you will need to pay by using HMRC’s website (Stamp Duty Land Tax Calculator) of if the property is located in Wales by using the Welsh Revenue Authority’s website (Calculate Land Transaction Tax | GOV.WALES ).

 

 

STAGE 1: INSTRUCTION

Please return our paperwork to us as soon as possible so we have everything ready to move forward when as offer is accepted.

The Estate Agent will let you know when your offer has been accepted.  At this point they will ask you for your solicitor’s details.  Please pass our details on.

At this stage we recommend that you make mortgage arrangements if required – arrange to see your mortgage provider.

As part of the client sign up process, and to meet our professional regulations, we are required to verify your identity and explore any potential money laundering risk. We also need to verify where any funds are coming from. This is usually done very quickly and is straightforward however, if you have any questions about this please call us.

If your deposit is coming from savings ensure that you have given notice on the savings account if required.

STAGE 2: CONTRACT RECEIVED, SEARCHES SUBMITTED AND ENQUIRIES RAISED

The seller’s solicitor is responsible for starting the process.  They send us a contract and other documents such as Land Registry title information.  We then read through this.  If we find any issues we will discuss and advise you on these immediately.

We rely on you to give us accurate information in the questionnaires and throughout the transaction; it is all we have to work with and we are on your side. If you have made any informal arrangements with the seller you must notify us as you may not be able to rely on any verbal representations later.

Standard checks on the property you are purchasing are required (searches are submitted), along with questions (enquiries) to the seller’s solicitor about the property; such as

1. Are there any legal restrictions or rights e.g. public footpaths or rules of use?
2. Are there any planning restrictions on the property?
3. Are certain services to the property, like water and drainage, connected to the property?
4. Have there been any structural alterations or extensions which need local authority consents

The lender will provide its mortgage offer valuation to us.  You will also receive a copy.  You should consider undertaking a survey of the property you are purchasing – the lender’s valuation only protects the lender.

STAGE 3: EXCHANGE OF CONTRACTS

Once happy with the contract and answers to any enquiries made about the property, a report advising what we have found, along with a copy of the contract, will be sent to you.  Should issues be discovered, we will advise you and explain your options to you.

Once we are both happy, it is time for you to sign and return a copy of the contract.

We will provide you with a completion statement setting out the financial aspects of your purchase including stamp duty, and any breakdown of funds we will receive such as mortgage advance and money from your sale (if applicable).  You will need to:-

1. Provide us with evidence of the source of your funds
2. Send us the deposit and any other monies we set out in the completion statement
3. Ensure we have a copy of your mortgage offer (if you need finance)
4. Please ensure that you have buildings insurance from the date of exchange

When your deposit has cleared in our account, the contracts are signed by you and the seller, finance is in place and all enquiries, including a moving date, have been agreed, we will exchange contracts with the seller’s solicitor.

At this point the purchase becomes legally binding and you cannot back out of the deal without a financial penalty. We will explain more about this when we send you the contract to be signed.

Once contracts have been exchanged, we will send you the transfer document for signature (if necessary), and a draft completion statement for you to check.

STAGE 4: THE DAY OF COMPLETION

If you have a mortgage your lender will send us your mortgage funds. Similarly, if you are selling a property on the same day, your purchaser’s solicitors will send us the balance of funds on your sale once that has completed.  Any other funds such as stamp duty we will have discussed with you and received from you by this stage.  We will therefore have all the funds needed to buy your new property.

On the day of completion the following things occur:

1. The funds are transferred from us to the seller’s solicitor.
2. The legal documents needed to transfer ownership are handed over to us.
3. The seller moves out and leaves the property in a state agreed in the contract.
4. The seller hands over the keys to you, usually via the Estate Agent.
5. The property now belongs to you

If you are buying as well as selling or there is a chain below you it is likely the keys will not be available to you before 10.30am and possibly as late as 5pm on the day of completion. If there are any delays with receipt of funds by our bank, this may delay release of keys.  We will keep you informed of progress throughout the day.

STAGE 5: AFTER THE DAY OF COMPLETION

When you move in you should take meter readings and consider changing the locks.

We will have already collected any stamp duty due and will pay it on your behalf to the Inland Revenue.

We will register your ownership at Land Registry and give you a copy of your title when this is completed. This may take a few weeks as the Land Registry process takes time and can be complex. Sometimes the registration process can take months, we will advise you of this if it is appropriate.

Investing in a property is a crucial decision. Let Williamsons simplify the legal process for you. Our team ensures a quick, efficient service that protects your rights and minimises stress.

Buying a property at auction can be a cost-effective way of getting onto the property ladder or increasing your property portfolio. It can also be a daunting process. We can assist and guide you through the complexities of the auction process.

Let us check the legal pack for you. Properties in auction are often unmortgageable, have loopholes or hidden costs associated with them i.e. inadequate rights of access, Japanese knotweed, tenants that will not vacate, extortionate service charges to name but a few. By instructing us to check the auction pack in advance of the auction, any issues can be brought to your attention quickly.

The Right to Buy Scheme affords public sector housing tenants the chance to own their home at a discounted rate. Our advisors are at hand to help you understand eligibility requirements and the steps involved, facilitating the transition from tenant to homeowner.

Acquiring a repossessed property can often be more complex due to the nature of the purchase. Our team stands ready to provide rigorous legal support, ensuring that your investment is protected and due diligence is meticulously conducted.

Purchasing a New Build off-plan is an exciting prospect, and our role is to safeguard that excitement by addressing all legal details before your property is even constructed. With our tailored advice, we ensure that you are financially safeguarded against any potential risks associated with off-plan investments.

The distinction between leasehold and freehold can have significant implications for property owners. We will provide clarity on your rights and responsibilities within these oft-misunderstood property types, enabling you to make choices that best suit your long-term interests.

The allure of owning a freehold flat is strong, bringing the promise of control over your living space without the ties of leasehold agreements. However, this type of property comes with its own set of complexities due to the nature of its construction and ownership structure, where freehold titles for flats are literally stacked one on top of another. It’s a path filled with potential legal challenges, from the division of maintenance responsibilities to insurance considerations. Our firm possesses the expertise to guide you through these difficulties, ensuring that your investment is sound and your rights are secured.

For those aspiring to step onto the property ladder, Shared Ownership is a viable option. Our team is dedicated to clarifying the terms of the scheme and its potential for future full ownership, ensuring you understand both the benefits and limitations that come with a partial property purchase.