A Guide to Buying Your Home

The following Home Buyers' Guidance Notes have been prepared by our Conveyancing Department and our aim is to assist you through the procedure of buying your home. It is recognised that one of the greatest stresses in our lives is the purchase of ones home. We hope to take much of the stress away.

1. PRE EXCHANGE OF CONTRACT

We will receive from your seller's solicitor's details of the title to the property that you are purchasing together with a list of the fixtures and fittings. We will also receive a Contract detailing the sale price, sellers details etc.

You will not be required to attend at our offices until such time as we are totally satisfied that we have all the necessary information. We will also need confirmation that your finances are in place and will not need to see you until you have your mortgage offer from your Bank or Building Society which we will receive the same day as yourself.

Prior to exchange of Contracts we will also carry out a number of searches. These include a local search which is an enquiry made of the local council confirming that all Planning Permissions are in order and that there are no compulsory purchase orders and no adverse road schemes. If it is a new property it will also confirm that your new road is or will be repaired by the Highways Department at public expense.

We will also carry out a Water Search being an enquiry made of the local Water Company which will confirm that the water is connected to all mains sewerage. We require the funds to carry out these searches prior to sending the requisite forms to the relevant authority.

You will probably be applying to a bank or building society (your lender) for a mortgage to assist you with buying your property. They will undertake a valuation of the property and will also check your financial standing before issuing any mortgage offer. As soon as mortgage instructions are received and we are happy with the title we will ask you to make an appointment to go through all the various papers and sign your Contract in readiness for exchange.

2. EXCHANGE OF CONTRACT

Once we have been through the mortgage and the title documentation and replies to enquiries with you and you are totally satisfied that we should proceed, we will discuss a completion date with you. This is the date you will formally start your mortgage or pay over the funds and obtain the keys to your new home. This date is inserted in the Contract. It is agreed with the seller's solicitors.

Exchange of Contracts takes place between the two solicitors normally speaking on the telephone. From exchange of Contracts you are legally committed to buying, the seller is legally committed to selling, and serious consequences arise if the completion does not take place. You will also have paid to us the balance due if there is a difference in the mortgage advance and the total sum payable. This will normally be paid over to the seller's solicitors by way of deposit on the contract (up to a maximum of 10 per cent).

3. PRIOR TO COMPLETION

Once contracts have been exchanged we check that there are no subsequent charges on the property and also on behalf of your lender have to check that you are not bankrupt.

4. COMPLETION

On the day of completion we will have obtained the monies from the building society (normally having obtained any balance due from you on exchange of contract as stated above) and will send the money to the seller's solicitor's bank account by telegraphic transfer. Normally they confirm receipt at about midday to 2.00pm on the day of completion whereupon it will be usual for you to pick the keys up from the estate agents.

5. POST COMPLETION

We will register your name on the title deeds and your new mortgage, and the deeds will be kept by the building society.

If you have any questions regarding any aspect of the buying or selling of your home please contact our Conveyancing team on 0800 018 7904 or email them on property@turner-coulston.co.uk.