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Buying a
Property -
Basic Procedure - See Disclaimer
For most people, buying a
house or a flat is the biggest financial transaction they ever
get involved with. It can be quite a complicated business. Your
solicitor can help to guide you through the process.
Having found the right
property, you have to
arrange a survey,
arrange finance
to pay for it and make a formal
offer to buy. You’ll need someone who can guide you through this
process and offer you sound advice. It’s a process which starts
before you actually make an offer and isn’t quite finished even
when you get your keys. Throughout the whole procedure, Austins
are there to explain the procedure and offer you expert advice
and experience.
Finding a
property
We can provide general information
on current property available in the area and can use our local
knowledge to assist in finding a property to suit you. Once you
have found a property you like, ask your solicitor to ‘note
interest’ for you with the selling agent. A note of interest
does not oblige you to buy; it simply indicates that you are
interested in the property and wish to be kept informed of
developments, such as the fixing of a
closing date for offers.
Arranging a survey
You will now need to have a survey carried out to
find out the value of the property and to find out if there are
any problems with the structure of the building. There are
several different types of survey and your solicitor will advise
you on the best one for the property you have chosen. He or she
can also instruct a surveyor on your behalf, if you wish.
Arranging a Loan
At the same time, you will have to arrange your
loan. Ask your solicitor for advice regarding this. With many
different kinds of loan available at any time (e.g. repayment
mortgages, endowment mortgages, fixed rate, capped rate, slow
start, deferred payment etc) it can be very confusing. It is
important to have a reliable adviser, so that you are confident
that you have chosen the loan repayment method which is best
suited to your circumstances. Austins can give you advice on
this and, if you want, can arrange your loan for you.
Submitting an Offer
If you wish, your solicitor will arrange the
survey, Thereafter, he or she will give you advice about how
much you might need to offer. If there are other people
interested in the property, the sellers may well fix a ‘closing
date’ when all the interested parties will submit their best
offers. However, if you are the only person interested in
purchasing the property, or if the property is advertised for
sale at a ‘fixed price’, it may be possible to put in an offer
right away. On your instruction the solicitor will prepare an
offer, sign it on your behalf and submit it to the selling
agents. Any offer prepared in this way has legal consequences
for you, so it is essential that your loan arrangements are
agreed beforehand.
Insurance
Your solicitor will be able to
advise you about insuring the property and its contents.
Negotiating the purchase
Assuming your offer is successful, there will
probably be negotiations with the seller, to agree various
things such as the date of entry (i.e., the date on which you
will obtain the keys and the titles of the property, in exchange
for payment of the purchase price). There could be other matters
to be negotiated too, such as the items to be included in the
purchase, guarantees in respect of the central heating system,
how to deal with alterations for which there are no local
authority consents and many other practical matters. Your
solicitor will help you to deal with these issues and, once they
are resolved, you will have a binding contract for the purchase.
Checking the
titles
While all this is going on, your
solicitor will also be checking over the titles and reporting to
you on the exact description of the property and any ‘title
burdens’, that is, conditions which will have to be obeyed by
any owner of the property. These could include an obligation to
pay a proportion of common repair costs, or a restriction on the
possible uses to which the property can be put.
Transferring
the title into your name
A new title deed (a ‘Disposition’)
will also have to be prepared for signature by the seller,
transferring the title into your name. If you have a mortgage
arranged, a Standard Security will also have to be prepared (to
be signed by you, the purchaser) giving the Lender (i.e. your
mortgage provider) certain rights over the property, including,
in certain circumstances, a right to take possession of the
property and sell it. Your solicitor will advise you in detail
about the effect of granting a security of this kind over your
property.
Completing the
Purchase
Once all
these matters have been dealt with, the transaction will be
completed on the
date of entry,
the deeds will be delivered, the price will be paid to the
seller and you will get the keys to your new home. There are
several other matters which you may have to deal with and which
your solicitor can assist you with. For example, if you have not
already done so, it is a good time to consider drawing up a
will,
especially if you are buying the property along with another
person. If you are not married to the joint owner, there may be
other issues to consider and your solicitor can advise on these.
Estimates of fees and outlays
Austins can provide you with an estimate of the
fees which you will be charged for the house purchase and any
will etc, and the various outlays you will also have to pay,
such as Stamp Duty and survey fees.
Your solicitor can generally
deal with everything from the start of the transaction to the
moment when you move into your new home. So, if you are thinking
of buying a house or a flat, the best advice is
SEE AUSTINS FIRST.
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The material in
this Web Site is provided for general
information. It does not constitute legal or other
advice. Austins assumes no responsibility for the
accuracy of the material and accepts no liability for
any loss or damage which may arise from reliance on the
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Property Particulars Disclaimer (1)These
particulars are set out as a general outline only for
guidance of intending purchasers and do not constitute a
part of, an offer or contract.(2) All descriptions,
dimensions, references to conditions and necessary
permission for use and occupation and other details are
given having (for the purpose of the Property
Misdescriptions Act 1991) taken all reasonable steps to
avoid committing an offence. Nonetheless such statements
do not constitute any warranty or representation by the
Vendor;(3) No person in the employment of Austins has
any authority to make or give any representation or
warranty whatever in relation to this property, nor is
any such representation or warranty given whether by
Austins or the Vendors of this property.(4) It is the
responsibility of any intending Purchaser to satisfy
himself as to the basis upon which he make an offer. The
making of any offer of this property will be taken as an
admission by the intending Purchaser (a) that he has
relied solely upon his own judgement and (b) (To the
extent that he has not personally verified the
information in these particulars) he has noted and
accepted the qualification and disclaimer set out in (2)
above and (c) that in entering into any contract
pursuant to any such offer, he shall have relied solely
upon his own inspection and enquiries and the terms of
such contract.(5) Nothing in these particulars or any
related discussions forms part of any contract unless
expressly incorporated within a subsequent agreement. |
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