Set out below is our guide to the legal aspects of buying a property. You can
scroll down to read or click one of the links below to go straight to the
relevant section.
When purchasing a new home the excitement and anticipation of getting the keys
and moving in can sometimes be dampened by a long drawn out conveyancing process
and long delays caused by a chain or from either parties Solicitors.
PM Law’s Conveyancing Department aims to make the process as easy as possible.
From instructing us online, monitoring the progress through our secure website
to completion we are with you every step of the way. We clearly explain the
procedures and keep you informed of the progress of the purchase.
- Instructing PM Law’s Conveyancing Department couldn’t be easier. Simply enter
your details on the
online quotation form and we will give you an immediate quote for the
purchase of your property.
- Once you accept our quotation we will then issue you with your own unique login
and password so that you can access milestone updates of your case online. We
will then send you the client care and supporting documentation for your
completion.
- Alternatively you can call us on 0114 2496926 or
email:
conveyancing@pm-law.co.uk
Searches are enquiries made with relevant bodies to identify common factors that
could adversely affect the property. Typically these may include:
- Local Authority Search – to ascertain if there are any planning
permissions relevant to the property, to identify if access roads are adopted
and to identify any “local land charges” such as conservation and smoke control
area statuses
- Drainage Search
– to identify whether or not foul and/or drainage water from the property has
access to the public sewerage system and to identify if any public sewers are on
the property
- Coal search – specific searches for mining activities that may
have taken place near the property and whether any subsidence claims have been
made.
- Other Searches – there are a number of other searches that may
be appropriate to the location of your property, including environmental search,
brine search and chancel check repair searches. We will detail these in our
client care letter and you will need to decide if you wish these additional
searches to be carried out.
The search fees will be requested from you together with appropriate
identification in order that we comply with Money Laundering Regulations 2003.
Legally we cannot commence work on your purchase until these are received from
you.
- We will request the sellers’ Solicitor sends us the draft contract package. This
contains the draft contract, the legal title and ancillary documents which
includes a property information form and fixtures, fittings and contents form.
The sellers property information form is a list of questions about the property
which have been answered by the seller. In the contract package will be a plan
of the property and we will then be able to carry out the searches referred to
above with the Local Authority or a reputable personal search agent.
- We will then check the contract pack and raise any enquiries we may have in
relation to the legal title or the property.
- If sufficient information is available from the contract pack we will provide
you will a full report on the property and legal title in terms which you will
be able to understand and send you all the documentation that you will need to
sign.
- If you are taking out a mortgage to assist you to buy your property we need a
copy of your mortgage offer direct from your Lender and you will need to comply
with any special conditions attached to the mortgage by your lender.
- We will then report to you on the mortgage product and send you the mortgage
deed together with any other documentation which the Lender requires to you to
sign.
- At this time we will provide you with a completion statement showing any amount
required from you, including the balance of the legal fees, VAT and expenses, in
order for exchange and completion to take place together with details of your
payment options. Please note that if there is a balance due from you we cannot
exchange contracts and complete without cleared funds from you.
- If you have not already provided us with a suggested completion date at that
point we will ask you at this time, bearing in mind the length of time it will
take for the deposit to be cleared through the banking system.
- This date will then be proposed to the sellers’ solicitors.
- Once we have received all of the search results, satisfactory replies to
enquiries, signed documentation from you and the balance monies (including your
deposit) and these have cleared through our banking system we can exchange
contracts. Exchanging contracts is a milestone process which makes the purchase
legally binding and neither party can withdraw from the transaction without
severe consequences including breach of contract.
- In readiness for exchange of contracts (once a date has been agreed) buildings
insurance will need to be put in place for the property. You will be under a
legal obligation under the Contract to put in force buildings insurance for
exchange of contracts. If you are obtaining a mortgage to assist you with your
purchase then your Lenders interest will need to be noted on the policy and we
will need to have sight of the policy before exchange of contracts can take
place. We will accept a faxed copy direct from your Insurance Company.
- Once a completion date has been agreed (if appropriate throughout the chain and
the whole of the chain are ready to proceed) then exchange of contracts will
take place.
- Once exchange of contracts has taken place if
there is sufficient time between exchange and completion (normally at least 7
working days) then the deposit will be released to the sellers solicitors
(otherwise we will hold it as the sellers’ solicitors can request immediate
payment of this from us).
- At this stage, you will need to have made arrangements with the seller regarding
the handing over of the keys. If there is an Estate Agents involved these will
normally be available from them on completion. If not, you will need to make
arrangements direct with the seller.
- Once we have exchanged contracts the legal preparations are carried out. If we
have not already done so, the mortgage advance will be requested from your
mortgage lender (if applicable).
- On the completion date we will place the purchase monies in the bank system,
once we have received the mortgage advance from your Lender (if applicable).
- Once the sellers’ solicitors receive the money they will then authorise the
release of the keys.
- We will call you on completion to tell you when you can collect your keys and
all you need to do is move! Please note that we cannot guarantee a time as we
are dependent on the chain and the banking systems.
- After you have moved into your new house, we still have post-completion work on
your behalf to finalise. This includes the completion of a Land Transaction
Return form which needs to be completed on all matters and if applicable also
sent with the appropriate stamp duty payment.
- After approx 28 days we should the have received a Certificate from the Inland
Revenue and upon receipt of this we will then be able to register your ownership
at the HM Land Registry and if applicable the Lenders charge.
- Once the registration has been completed we will then need to send the legal
title to your Lender (if applicable) and a copy of the legal title and any
pre-registration title deeds and documents to you for your safe keeping.
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