Buying a Property

Our streamlined yet thorough process is designed to make your buying experience as smooth as possible.

The estate agent will contact Funnell & Perring Solicitors and we will commence the process, which is summarised below.

Documents and Searches: 

We will receive the contract, deeds and documents from the seller’s solicitor, examine them and carry out searches on the property.

There are three searches to be carried out: 

• Local Search – this search obtains information from the local authority about issues such as any proposed planning applications, adopted highways and compulsory purchase orders.
• Environmental Search – this provides you with details of the environmental context of the property and will advise you of the proximity of anything which may contaminate the area, such as landfills or industrial property.
• Water and Drainage Search – this checks where the pipes are in relation to your property and confirms whether the property is actually connected to the mains drains.

With the introduction of Home Information Packs, some of these searches may have already been arranged by the seller. If you are taking out a mortgage, you will need to do all three searches. If you are a cash buyer, it is ultimately your decision as to whether you want the searches done on your prospective property.

If there are any issues which need to be raised, either as a result of the searches or upon the checking of the deeds, these will be dealt with between the buyer's and seller's solicitors.

You are responsible for arranging your own  financing. If you require a mortgage, you should contact the mortgage company or a broker to arrange for a survey to be carried out as soon as  possible. This will avoid unnecessary delays.

Once we are satisfied with the paperwork,we will either ask you to come in so we can go through the contract with you, or we will send you a report to read. You can then raise any issues that you have, and these can be dealt with before you commit yourself to buying the property.

Exchange of Contracts:

If you are happy to proceed, contracts will be signed in anticipation of Exchange of Contracts.

Exchange of Contracts is the stage when you are legally bound to buy the property.  This is also the point at which you agree a Completion Date. The Completion Date is the actual day you will get the keys to the property. If you are also selling a property your solicitor will make sure the Completion Date is the same on both properties.

You will need a deposit to proceed to Exchange of Contracts. If you are also selling, you can use the deposit on your current home to put down on your new property. It is usual to provide 10% of the purchase price; however, this figure can be negotiated. If you cannot provide 10% please advise us  as soon as possible.

Between exchange and completion, we will provide you with a completion statement showing any additional monies which will need to be paid prior to completion. These include solicitor’s costs and  disbursements and the balance of the purchase price if the mortgage doesn’t cover it.

Completion Date:

On the day of completion, we will arrange for your mortgage monies to be released, and will send the purchase monies to the seller’s solicitor. As soon as the seller’s solicitor receives the money he will contact the estate agent and will release the keys. You can then go and pick the keys up from the estate agent and enjoy your new home.