Buying Residential Property
When you engage Berry Redmond Gordon & Penney to purchase a property for you, we undertake 10 steps to ensure you are getting exactly the property you want, as quickly and cost-effectively as possible - with no nasty surprises.
Our Ten Steps to Completion:
- Obtain a Local Authority Search. A local search only deals with the subject property, so if there is any reason to investigate any adjoining property then this should be requested prior to exchange of Contracts.
- Receive and check the contract documentation prepared by the seller's solicitors.
- Raise any pre-contract enquiries relating to the contract documentation.
- Ensure that your financial arrangements are in place to enable the purchase to proceed.
- Go through the contract papers and the title deeds in detail with you. For example, we will check whether there are any obligations due to covenants which may affect the property, boundary rights, any complications regarding insurance (or similar) and when satisfied that everything is in order, proceed to an exchange of contracts.
Following exchange of contracts a purchaser is legally committed to complete the purchase of the property and the date for completion or moving date will then be agreed between you and the seller.
- Submit the Certificate of Title to the bank/building society (if applicable) to obtain mortgage funds and obtaining your signature to the mortgage deed, and to the land transaction return referred to below.
- Draft the transfer documentation which acknowledges the new ownership, to be signed by you.
- Organise payment of Stamp Duty Land Tax (SDLT)
- Prepare purchase accounts and obtain any monies due from you so that the purchase can be completed.
- Register ownership of the property at HM Land Registry (this can take a number of weeks) or give notice of the transfer in the case of leasehold properties or deal with the issue of a new share certificate where a management company is involved
Once registration is complete Berry Redmond Gordon & Penney will provide you with evidence that you are now the registered proprietor(s).