Buying A Home
You may be buying your first home, buying a home with more space for an expanding family or you may even be downsizing. Whatever the reason, buying a property is an exciting time.
Tollers Conveyancing Services Explained
Once you have obtained a quotation from Tollers call us to confirm you accept our quotation and we will send you the Tollers instruction pack to complete.
Once all the initial documentation has been received and is satisfactory a file will be opened and we will contact your estate agent for details of the Seller and their Solicitor. Upon receipt we will request the draft contract documentation from the Sellers Solicitors.
We will request evidence of your source of funds so please return this information promptly. The regulations are very strict. If you are obtaining a gift towards the purchase from a third party (eg relative/friend) we will need to know very early in the transaction.
During this time you should be consulting your mortgage advisor and instructing a survey. We always recommend clients have a survey. The survey carried out by the lender is for the lenders protection only so you must be aware of its limitations.
Once the draft contract pack has been received from the Seller’s Solicitor’s we will submit your search applications. These will include; Local search, Water and Drainage search, Environmental search. Dependant on the locality of the property additional searches may be required but we will advise you at the time, eg coal, brine, tin. Reports on the search results will be sent to you.
We will review the draft contract pack and they will raise enquires with the Sellers Solicitors.
The enquiries which may be raised could cover:
- Enquiries on the title to the property.
- Enquiries on the search results.
- Enquiries raised from your survey report (legal title enquiries).
- Enquiries you may specifically have requested we raise.
We will review the replies to enquiries and once they are all satisfactory we will prepare a report for you on the property title and our findings.
The Mortgage Offer
We need to receive your mortgage offer a soon as possible. We need time to review the terms, and notify you on any errors. There may be matters we need to report to your mortgage lender eg gifts, errors, occupiers. Being in a position to report these early in the transaction can save you delays.
When we report to you we will send all the documentation for you to sign and a full report. Once we are in receipt of satisfactory replies to enquiries, search results, your mortgage offer, source of funds documentation, deposit and signed documentation we will be in a position to exchange.
When everyone in the chain is in a position to exchange contracts, all of the parties in the chain need to agree a completion date. The completion date must be a working day due to the need to transfer funds through the banking system.
Exchange of Contracts
Exchange of contracts is the process when the contract becomes legally binding and the completion date is set. Financial penalties will be incurred by the defaulting party if either party wishes to withdraw from buying the property once contracts have been exchanged.
Completion is the final part of the process when we transmit the monies over to the Seller’s Solicitors and you move in and make it home.
After completion we will submit your electronic Stamp Duty Land Tax application and payment to HMRC. We will then submit your application for registration to the Land Registry. Once the title is registered a copy of the title deeds will be forwarded to you and your mortgage lender if you have one.
We will keep you updated throughout the process and a member of Tollers Conveyancing team will be on hand for any queries that may arise during the transaction. Read our Conveyancing Terminology guide for useful information on common conveyancing terms
Talk to Tollers
Contact our expert conveyancing solicitors for all your property buying needs. To talk to our one of our experts, find our contact details and office locations below.