They say buying a property can be one of the most stressful things you’ll ever do. It doesn’t have to be; it’s all about how ready you are at every level in the process.
We’ve previously explained the process of obtaining a mortgage, the different options available, and the first initial steps in your journey to home ownership. We then went on to explain what happens after your offer is accepted and how the lenders and solicitors will process your purchase further.
Now that the searches are back with your solicitors they will be revived by them, if there are any issues they would like further clarification on they will raise these enquires with the vendors solicitors.
The most commons enquires usually relate to extensions, covering of man holes and proposed works to be carried out that could affect the property. With leasehold properties there could also be enquires raised to make sure ground and service charges have been paid.
As time goes by and new planning regulations are introduced, you may sometimes find a situation where some enquires cannot be answered. For example, if an extension was carried out 20/30 years ago, the building rules then would differ to the rules here and now.
Perhaps when the extension was made there was no need for planning permission, but there is now. We have had many situations like this, usually you solicitor will propose to get an ‘indemnity policy.’
An indemnity policy is a one off payment which will cover any third parties making a claim against any defect with the property you are about to buy. For instance in medieval times there was an obligation for and properties within a parish to contribute to any church repairs. Again an indemnity policy can be taken out to cover any claim that could arise.
So once all enquires have been answered your solicitor will send you a pack with all the searches/fixtures and fittings list/all the reply’s to the enquires and contract for your signature.
A document called a TR1 is also sent which will require your signature; this is the transfer document which will register the property into your name, bit like a V5 in Car terms. Land registry will register the property into your name along with a charge for the mortgage you have upon it.
In our next article we’ll be ready to explain the difference between exchange, completion and what happens at these stages.
We do work with a number of solicitors/conveyancers who will gladly be able to help and explain the process further. Do give us a call on 020 8426 0631 or email at firstname.lastname@example.org