The Property Purchase Process
Are You Buying a Property?
Our property and conveyancing solicitors are based in Beaconsfield, Buckinghamshire and Ascot, Berkshire, and also cover the neighbouring towns of: Amersham, Chorleywood, Rickmansworth, The Chalfonts, Gerrards Cross, Beaconsfield, Berkhamsted, the surrounding home counties and West London.
The Conveyancing Process
As soon as you have found the property you want to buy and agreed a price with the seller, this is the time to appoint your solicitor. Once instructed we will make a start on before-contract procedures, including carrying out local searches and making pre-contract enquiries. If you need a mortgage, IBB’s property solicitors are Panel Solicitors for most building societies and banks. This means that we will normally be able to act for the lender as well as you, which minimises costs and helps to make the process as quick as possible. It is essential to have a written offer of finance from your mortgage lender prior to exchanging contracts. We will check that all the conditions in the offer are satisfied before you are committed.
- The mortgage lender will carry out a valuation of the property. A standard valuation is not a survey – it is merely a valuation report for the lender’s benefit. However, different types of survey are available, and we can discuss these with you and advise you which one will suit your individual circumstances and needs
- On exchange of contracts you need to pay a deposit – likely to be at least 5% of the purchase price. If you are selling as well, this can often come from the deposit from your sale
- If you are buying jointly with a spouse or partner you will need to consider whether to opt for a joint tenancy or a tenancy in common – we can advise you on this
- We will look at the information provided by the seller, help you to interpret technical documentation and advise you of any potential issues.
Exchange of contracts and completion
Once all the searches and enquiries are completed and satisfactory we will prepare to exchange contracts. This is when both sides are ready to go ahead, the two signed contracts are “exchanged” and dated, and the deposit is paid over. The contract is legally binding and both parties are committed. Completion is the date when the rest of the money is paid, the keys released and the deeds handed over to the buyer’s solicitor. The date for completion is fixed on exchange of contracts and is typically two weeks ahead.
It takes on average 10–12 weeks to complete a conveyancing transaction, but some transactions are quicker, and others take longer due to a number of factors that may be legal, personal, social and/or financial.
Moving house can be stressful. At IBB Law we are totally committed to giving you a friendly, efficient and professional service to help minimise that stress.
The House Purchase Process
- Your conveyancing will be carried out by an experienced and dedicated property solicitor guiding you through the whole process from start to completion
- We will provide you with an estimate of our costs, which are highly competitive at the outset
- We will advise you of the circumstances in which they may have to be increased, such as a fundamental problem with the seller’s Title or expected difficulties over planning aspects
- We will also give you details of Stamp Duty Land Tax, Land Registry fees and other expenses that go with the buying or selling of your home.
Where can you come and see us for advice?
We can meet you at any of our offices or any other location to suit you. If you wish this to be arranged, or would like to discuss your home purchase please contact us today on 01494 790013 or 01494 790071 or email firstname.lastname@example.org.
Meet the team