If you have successfully bidded on a property and agreed on a sale, it is important to instruct your solicitor early, so that you are fully aware of the process from the outset.
On agreeing a sale, a booking deposit is generally paid to an auctioneer. Following this, the contract for sale is sent by the vendor’s solicitor to your solicitor who will ensure that everything in respect of the title to the property is in order.
It is important that you are clear as to whether contents are included in the purchase price if you want certain contents included. These should be itemised precisely to avoid a situation where items you do not want are left on the property for you to dispose of.
You should engage with an architect or an engineer to carry out a full structural survey on the property. You should look out for obvious extensions built on the property.
A planning search should be carried out to ensure that nothing exists on the planning file in the Local Authority office which could in any way affect the value of the property in the future.
When your solicitor is satisfied with the title to the property, you may sign contracts and pay the balance of the 10% deposit. Once the contracts are signed by the vendor’s solicitor and returned to your solicitor, a binding contract exists. Depending on the agreement reached between the parties, the sale generally closes within a few weeks of contracts being signed. Your solicitor will liaise with your mortgage provider in respect of drawing down your mortgage.
Your solicitor can advise on the amount payable in respect of Stamp Duty and Property Registration Authority fees depending on the circumstances.
If you have any queries in relation to property transactions please do not hesitate to contact a member of our property department.
09 March 2015