GUIDE TO PURCHASING A PROPERTY

A R SOLICITORS Property Specialists... Solicitors Established 1954 AUSTIN RYDER & CO Property Specialists... SOLICITORS

 AUSTIN RYDER GUIDE TO PURCHASING A PROPERTY

Buying a property is invariably an exciting prospect and possibly one of the most

important occurrences of your life.  It is therefore essential that you receive professional

advice not only to acquire the property itself but to avoid potential problems and to

protect your interests throughout the process in order to achieve a smooth and ideally

worry free transaction.

Austin Ryder & Co is an accredited member of the Law Society’s Conveyancing Quality

Scheme.By choosing a member of this scheme you can be sure that your solicitor meets

the high standard set by the Law Society.

The partners and staff of Austin Ryder & Co always endeavour to assist you in purchasing

your property in a seamless and efficient manner at a very reasonable cost.  We accept

that service and charges sometimes vary considerably between solicitors and of course

the cheapest estimate may not always be your best option.  However, we believe that our

charges for such transactions are extremely reasonable for what is after all perhaps one

of the most significant purchases or acquisitions in your life.  It should also be

remembered that you may also need to pay a variety of other expenses such as stamp

duty, land tax, Land Registry fees, VAT and search fees in addition to our basic costs.

The Information that we will require from you

When you first instruct us in connection with the purchase we will invariably ask you for certain information and documentation.

These are likely to include:-

Personal identification

The purchase price of the property

A copy of the Energy Performance Certificate (EPC) for the property if there is one

How you are planning to pay for the property

When you would wish ideally for the purchase to complete

We will also need to know whether you are purchasing with someone else

You have or are applying for a mortgage

Whether you have a property to sell

Whether the seller is buying another property

Whether you plan to carry out work on the property

Energy Performance Certificates (EPC)

When the house or flat is put on the market the seller or the Estate Agents selling it must have commissioned someone to prepare an EPC if

there is not already one in force for the property.     The EPC contains a rating for the energy performance of the property and any

recommendations for improving it.  We will advise you in relation to this.

Survey Advice

If you are applying for a mortgage to assist you with the purchase your mortgage lender will require an independent valuation of the property.  

Usually they will appoint their own surveyor to do this and you will have to pay their charges. However, such a valuation is for mortgage

purposes only and not a survey.  Thus, you should consider instructing your own surveyor to carry out a survey or to prepare a home buyers

report on the property.  It is up to you to satisfy yourself that the property is structurally sound before buying it.   If the surveyor’s report

suggests that building work is required then you must tell us.  This may enable you to re-negotiate the price.   

Contacting Seller’s Solicitor

At an early stage of the transaction we will contact the seller’s solicitor who will provide us with various documents including a draft contract

and any other items that we have requested.  A form listing the fittings and contents which will be included when you buy the property will

have been given to us at this point. It will be necessary for you to check the list most carefully.  

Searches

We will make various searches including enquiries of the local authority.  Such searches can reveal any planning issues affecting the property

such as road improvements and details of any planning permission previously granted on the property. These searches will only provide

information about the property itself and not necessarily about any neighbouring properties. We would therefore carry out flooding, mining

and contaminated land searches if necessary.If any of these searches show matters of concern to us then we will discuss them with you and

advise accordingly.

Leasehold properties

If the property you are purchasing is leasehold which is often the case when purchasing a flat there will be detailed terms and conditions set

out in the lease.    We will check these carefully and will also make various enquiries with the seller’s solicitor or the managing agents of the

property about what service charges and management costs you will have to pay.    

Mortgage Offer and Terms

If you are taking out a mortgage to purchase a property you will usually need to obtain a satisfactory mortgage offer before exchanging

contracts. You should satisfy yourself that you will meet any conditions contained in the offer. For this reason you will need to read the offer

letter and mortgage conditions very carefully and we will advise you as necessary.     

Signing the Contract

We will report back to you on all the investigations that we have made on your behalf to date. If you are still happy to proceed then we will

finalize the terms of the contract and explain it to you. You will then need to sign the contract and provide the deposit money which is usually

between 5% and 10% of the purchase price.

Exchanging Contracts

This is a very critical moment of the agreement between you and the seller. We will exchange contracts with the seller’s solicitors so that you

have the contract that the seller has signed and the seller has the contract that you will have signed.  At this stage we will also agree the date

for completing the sale. The transaction is then binding upon you and the seller and the deal will be completed on the agreed date set out in

the contract.

Final Balance

Between exchanging contracts and completion we will receive the mortgage money from your lender if there is one and the balance of the

money from yourself. This will include our costs, VAT, Land Registry fees and stamp duty land tax if any. We will carry out final searches and

make  arrangements with the Sellers Solicitor for paying off any existing mortgage that is on the property.  We will also prepare the Deed of

Transfer and send it to the seller’s Solicitor for signing.   

Completion

This is the final stage in the conveyancing procedure when we hand over the purchase money to the seller and the keys are released to you.

We will subsequently pay the stamp duty land tax and Land Registry fees on your behalf as necessary. We will register the interest of your

mortgage lender and record you at the Land Registry as the new owner of the property.

Other Potential Issues

Various other issues may arise in respect of which we shall advise you. These might include:-

If you are purchasing a property with your spouse in joint names then you will need to consider how the property will be owned if one

of you dies.

If you are purchasing a property with someone who you are not married to then you may need to consider entering into a deed of trust

to set out what share of the property each person owns

If you do not have a will you should consider making one and even if you do have a will you may need to up-date it.

Throughout the process we shall provide you with legal advice as part of a complete professional service. The foregoing is only intended to be

a general outline of the procedure when purchasing a property. 

Please do not hesitate to contact us for further information and assistance.

Austin Ryder and Co is there to help you. 

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GUIDE TO PURCHASING A

PROPERTY

Solicitors Established 1954 AUSTIN RYDER & CO A R Property Specialists... Tel: 020 8804 5111 SOLICITORS

When you first instruct us in connection with the purchase we will invariably

ask you for certain information and documentation.

These are likely to include:-

Personal identification

The purchase price of the property

A copy of the Energy Performance Certificate (EPC) for the property if

there is one

How you are planning to pay for the property

When you would wish ideally for the purchase to complete

We will also need to know whether you are purchasing with someone

else

You have or are applying for a mortgage

Whether you have a property to sell

Whether the seller is buying another property

Whether you plan to carry out work on the property

Energy Performance Certificates (EPC)

When the house or flat is put on the market the seller or the Estate Agents

selling it must have commissioned someone to prepare an EPC if there is not

already one in force for the property.     The EPC contains a rating for the

energy performance of the property and any recommendations for improving

it.  We will advise you in relation to this.

Survey Advice

If you are applying for a mortgage to assist you with the purchase your

mortgage lender will require an independent valuation of the property.  

Usually they will appoint their own surveyor to do this and you will have to pay

their charges.    However, such a valuation is for mortgage purposes only and

not a survey.  Thus, you should consider instructing your own surveyor to

carry out a survey or to prepare a home buyers report on the property.  It is

up to you to satisfy yourself that the property is structurally sound before

buying it.   If the surveyor’s report suggests that building work is required then

you must tell us.  This may enable you to re-negotiate the price.   

Contacting Seller’s Solicitor

At an early stage of the transaction we will contact the seller’s solicitor who

will provide us with various documents including a draft contract and any

other items that we have requested.  A form listing the fittings and contents

which will be included when you buy the property will have been given to us

at this point.    It will be necessary for you to check the list most carefully.  

Searches

We will make various searches including enquiries of the local authority.  Such

searches can reveal any planning issues affecting the property such as road

improvements and details of any planning permission previously granted on

the property.     These searches will only provide information about the

property itself and not necessarily about any neighbouring properties.    We

would therefore carry out flooding, mining and contaminated land searches if

necessary.  If any of these searches show matters of concern to us then we

will discuss them with you and advise accordingly.

Leasehold properties

If the property you are purchasing is leasehold which is often the case when

purchasing a flat there will be detailed terms and conditions set out in the

lease.    We will check these carefully and will also make various enquiries with

the seller’s solicitor or the managing agents of the property about what

service charges and management costs you will have to pay.    

Mortgage Offer and Terms

If you are taking out a mortgage to purchase a property you will usually need

to obtain a satisfactory mortgage offer before exchanging contracts. You

should satisfy yourself that you will meet any conditions contained in the

offer.     For this reason you will need to read the offer letter and mortgage

conditions very carefully and we will advise you as necessary.     

Signing the Contract

We will report back to you on all the investigations that we have made on your

behalf to date.    If you are still happy to proceed then we will finalize the

terms of the contract and explain it to you. You will then need to sign the

contract and provide the deposit money which is usually between 5% and 10%

of the purchase price.

Exchanging Contracts

This is a very critical moment of the agreement between you and the seller.

We will exchange contracts with the seller’s solicitors so that you have the

contract that the seller has signed and the seller has the contract that you will

have signed.  At this stage we will also agree the date for completing the sale.

The transaction is then binding upon you and the seller and the deal will be

completed on the agreed date set out in the contract.

Final Balance

Between exchanging contracts and completion we will receive the mortgage

money from your lender if there is one and the balance of the money from

yourself. This will include our costs, VAT, Land Registry fees and stamp duty

land tax if any. We will carry out final searches and make  arrangements with

the Sellers Solicitor for paying off any existing mortgage that is on the

property.  We will also prepare the Deed of Transfer and send it to the seller’s

Solicitor for signing.   

Completion

This is the final stage in the conveyancing procedure when we hand over the

purchase money to the seller and the keys are released to you. We will

subsequently pay the stamp duty land tax and Land Registry fees on your

behalf as necessary. We will register the interest of your mortgage lender and

record you at the Land Registry as the new owner of the property.

Other Potential Issues

Various other issues may arise in respect of which we shall advise you. These

might include:-

If you are purchasing a property with your spouse in joint names then

you will need to consider how the property will be owned if one of you

dies.

If you are purchasing a property with someone who you are not

married to then you may need to consider entering into a deed of trust

to set out what share of the property each person owns

If you do not have a will you should consider making one and even if

you do have a will you may need to up-date it.

Throughout the process we shall provide you with legal advice as part of a

complete professional service.  The foregoing is only intended to be a general

outline of the procedure when purchasing a property. 

Please do not hesitate to contact us for further information and

assistance.

Austin Ryder and Co is there to help you. 

Austin Ryder © 2009-2014 - authorised and regulated by the Solicitors Regulation Authority SRA website www.sra.org.uk    European Commission platform for Consumer Disputes http://ec.europa.eu/consumers/odr/  -  Vat No 232782366 Cookies