Buying your home

Your decision to buy a new home or move homes may well be the biggest financial investment you ever make. We will consider the full process including the important part your solicitor will play to ensure an efficient and stress free result.

First let us consider the legal aspects of the transaction and then look at some of the incidental points you will consider.

The legal side of buying your home

• Make an offer

Your offer has been accepted and you have appointed Astle Paterson as your solicitor. As your solicitors we will take care of all the complex legal work.

• Before exchange of contracts

• We will obtain a copy of the HIP prepared for the seller to check and advise on the information available.
• We obtain a copy of your mortgage offer from bank or building society
• We receive a draft contract and deal with any queries on your behalf
• You will be invited to approve and sign the contract and provide the deposit which will normally be 10% of the purchase price.
• Agree your moving date acceptable to both parties.
• The signed contract and deposit are sent to the seller’s solicitor. At this point contacts are exchanged and binding.

• After exchange of contracts

• We prepare a Transfer and Mortgage Deed for your signature.
• Final searches will be completed.
• Remaining purchase price will be collected from you and/or the lender and passed to the seller’s solicitor on completion day.

• Final stage

• We pay stamp duty land tax (if applicable) and Land Registry fees
• We register the purchase at the Land Registry
• We send the deeds to the lender with a copy to you.

• What will the legal costs be?

• Stamp duty land tax (SDLT) has to be paid on all transactions where the purchase price is above a certain level.

• You have to pay to have your new property registered with the Land Registry. A scale of fees applies, depending on the purchase price.

• Local Searches and Land Charge Searches, together with Mining, drainage and environmental searches if necessary, are essential to provide you with the maximum amount of information about your property.

• If you purchase a leasehold property, there are usually notice fees to be paid to the Ground Landlord

Other Issues:

Before this legal process started you will ask yourself many questions before making the final decision to purchase

• Is it the right size?

• Will it be big enough for you in five years?

• Will it be too big?

• Is the location right?

• Can you afford it?

A house brings financial commitments over and above the purchase price:

l1. local authority rates.

2. Transport costs to work.

3. Furnishing and decoration costs.

4.  Renovation and modernisation.

6. How far is it from the shops?

7. What about schools?

8. Have you had a really good look at the property?

In daylight and at night, so you can gauge the volume of traffic and consider access facilities. Perhaps even identify potential problems with neighbours.

9. Is the property structurally sound?

You will find a friendly efficient service at Astle Paterson to help you reach a satisfactory conclusion to all your property matters.