The role of your solicitor is to show that you have purchased the property legally, and that all funds are successfully transferred to the seller's solicitor. However, before reaching this point, your solicitor will need to do the following:
- Once your solicitor has received the draft contract from the seller's solicitor, they will order all the relevant property searches. These provide detailed information on planning, drainage and environmental issues associated with the property.
- The contract must be crystal clear and correct. Your solicitor will alert you to any specific enquiries they have about the contract and raise them on your behalf with the seller's solicitor.
- A completion date will be negotiated by your solicitor. This date must be agreed on by all parties before a formal exchange of contracts can be arranged.
Please be assured that Tonbridge Property will help facilitate any of these stages wherever possible.
Property survey
A survey of the condition of the property must be completed. This checks the property for any problems that might affect its value, and hence the cost of the purchase. Even if you are purchasing without a mortgage, a survey is strongly recommended.
There are three types of survey:
Mortgage valuation
This report is solely for the benefit of the mortgage lender. It is prepared after a brief inspection of the property and done to help confirm its value.
A Homebuyers Report
This is a more detailed report which looks into any obvious defects at the property. The report also considers the soundness or otherwise of the property, and whether it is a suitable purchase at the price agreed.
Building Survey
This is a more extensive (and expensive) survey and is usually required when a full assessment of the property is needed. It is highly advisable for older properties, or large or unusual buildings.
If you are unsure which type of survey to opt for, we are always on hand to advise. On completion of the survey, a mortgage offer will usually follow.
Exchanging contracts
Once you have your mortgage offer and your solicitor is fully satisfied with all aspects of the property details, then the contract will be sent to you for signing. The contract will be signed by both parties, and at this stage a deposit of around 10% of the purchase price is transferred from your solicitor to the seller's solicitor. Once this has taken place, contracts will be exchanged and the transaction becomes legal and binding.
Completion
Completion is the act of finalising the transfer of ownership. On the morning of completion, your solicitor will receive a transfer of completion monies from your mortgage lender, in addition to any additional funds required to be paid by you. Your solicitor will then transfer the full amount to the seller's solicitor, who at that point will contact us (as the estate agents) to confirm completion. Now the keys can be released, and we will call you straightaway to arrange collection.
Congratulations, you're now the proud owner of your new home!