United Kingdom property buying procedures
Reserve the property by paying a reservation fee to the vendor.
SIGN THE CONTRACT
The vendor’s Solicitor’s draft a sale contract. When its terms are agreed by the vendor and you, copies are signed by both parties. Once the signed sale contracts have been exchanged between both parties’ the seller and buyer are legally bound to proceed.
At the time of exchange of contracts, you will be required to transfer over a deposit to the seller’s Solicitor
Seller and buyer exchange contracts. Prior to the settlement date, buyers can apply for a mortgage from the bank.
Completion of your purchase takes place on a mutually agreed date (which can be the same day as exchange). The balance of the purchase price is handed over on completion and the formal documents transferring ownership of the property are dated for the day of completion.
At this stage you become the legal owner of the property, with the legal title passing to you once the transaction is registered with the Land Registry. Stamp duty land tax (see tax guide) is payable to the Land Registry within 30 days of completion. This process will be carried out by your Solicitor.
AFTER SALES SERVICES
We offer lettings, management and inspection services. Please contact us for further details.