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Buying your Home Since
every client’s exact circumstances are always different we think that
it is
important
to be able to discuss
your requirements directly with you If
that is the case, here are some frequently asked questions which may
help. When
do you think it is best that I should contact you? Whether
you are buying or selling we think it is best that you contact us as
soon as possible. One
of the chief reasons for this is that we think it is best that we
discuss with you right at the beginning of the process
who are to be the other members of the “team” who will be
required by you for the transaction :- e.g. who
is to advise about the type of mortgage you should have, the surveyors
who will carry out the inspection of the property etc. What happens after I have found the property we want to buy? When
you have found the property you want, we suggest that you let us know
immediately so that we can contact the surveyor to have the property
inspected. (It may be the case that the Lenders will arrange for
the survey but it is best that we at least are aware that the survey is
being carried out.) What
happens after the survey? How do I make an offer? If the
survey is satisfactory and you are satisfied that your finances are
secure we agree with you the terms of the offer you wish to make. This
will cover such matters as the price, the date of entry (when you get the
keys and have to pay the seller), what items such as carpets that are to
be left by the seller, technical matters relating to the provision of a
good title, searches against potential planning problems, any appropriate
guarantee by the seller in relation to the condition of the central
heating etc. Thanks to the wonders of word processing we are able to prepare and submit your offer by fax to the seller’s agents on your behalf in an hour or so if extreme urgency is needed and the terms of your offer are not out of the ordinary. What
happens next? The seller will usually indicate in the course of a day or so if your offer is acceptable in principle as far as the price and date of entry are concerned. If that is the case, a little later the seller’s solicitors will exhibit the titles and any other necessary papers such as local authority consents for alterations to the property. When these have been checked and any counter proposals of the seller discussed with you and agreed, we write with an acceptance to conclude a “legally binding contract". You must be aware that it is only when we have told you that there is a legally binding contract in place that it is safe for you to be sure that you have really bought your new house. How
will I know what is happening ? We will send you copies of the formal correspondence i.e. the offer we make for you and the other letter(s) between ourselves and the seller’s solicitors which constitute the contract. This correspondence is known as the “the Missives”)
What happens now ? Do I sign
anything? Once
the terms of the contract have been agreed, we prepare the document
transferring the title of the property in your favour (“the
disposition”). We
will also usually be asked by the Lenders to prepare the security
documents which you need to sign in connection with your loan ( although
sometimes other solicitors are asked to do this ). You need only to sign these loan papers as, contrary to what is generally realised, the disposition is signed only by the seller. Do
I get to see the titles? As we only have the titles on loan from the seller’s solicitors we can not let you have the titles to look at, but we do report to you on the important aspects of the titles. We also as necessary let you have copies of important documents, plans etc. for reference. How
Do I pay the Seller? Once we know how much you are to receive from your Lenders, we will ask you for what is needed to make up the difference of the price (and our costs) so that we are able to send the seller’s solicitors the required amount on the date of entry. This is usually by cheque. What
happens on the date of entry? We ensure that we have the price with the seller’s solicitors as early as possible on the date of entry so that they can agree to the release of the keys to you. The keys may be handed over to you directly by the seller or you may have to collect them from the seller’s estate agents or solicitors. There is no standard procedure. After I have the keys what happens? Do
I have anything else to do ? Do
You have anything else to do ? Once you
have the keys you should check as soon as possible that everything is in
order i.e. all the carpets , fittings etc. are there and the central
heating is working as agreed. If you find there is a problem you should
let us know immediately so that we can if necessary take the matter up
with the seller’s solicitors. The
seller’s solicitors send us the disposition and the titles in exchange
for the price and we then complete the title transaction by (where
required) having the disposition stamped and sending it and the loan
documents to the Land Register in Edinburgh for registration. When, after several months, we receive the deeds back from Edinburgh we send them on to be held for safe keeping by your Lenders until they are needed in connection with the sale of your property. [an error occurred while processing this directive] |
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