 |
| Property Guides |
Buying property |
| My estateagents | |||||
|
| Estate Agents news |
|---|
| Empty Home Numbers Down in England - Wed, 05 Dec 2007 |
| Buying Supercedes Renting to the Tune of 5,000 GBP - Wed, 21 Nov 2007 |
| Surveyors begin to see house prices fall in England and Wales - Wed, 14 Nov 2007 |
| More News |
SolicitorsProperty Information & Advice > Solicitors |
The seller's solicitor or licensed conveyancer will draw up a contract which will be signed by you and the seller. Before this can happen, your solicitor / licensed conveyancer has to make sure there are no problems with the ownership of the property. This is called making enquiries and searches. The sellers solicitor sends the title deeds to your solicitor / licensed conveyancer to ensure that the seller owns the property and is free to sell it.
There are 3 types: 1. Local searches - enquiries are made to the local authority about matters affecting the property eg if there is a compulsory purchase order on the property. Local searches also reveal if there are any changes planned in the area that may affect the property such as roads, housing and shops. The local Land Charges Register is also checked for information regarding tree preservation orders affecting the property or if the property is a listed building or if its in a conservation area. 2. Enquiries made to the seller - this is done by asking standard questions about the property, the boundaries, any disputes with the neighbour, what fixtures and fittings will be left in the property. Other questions can be included such as the transferability of any work done on the house eg double-glazing, damp proofing. 3. Land Registry - If everything is in order, your solicitor / licensed conveyancer will prepare documentation to transfer ownership from the seller to you. The document is called a Disposition which sets out the parties, the price, the date of entry, and a Land Certificate describing the property. The Disposition is sent to the sellers solicitor for confirmation before the final copy is prepared for signing, by the seller prior to the date of entry. While the enquiries are being made, you will need to arrange for how the deposit is to be paid, when the contracts are exchanged. Normally, a deposit will be 10% of the price of the home, but in some cases a smaller amount can be payable on agreement. If you don't have the 10% deposit, you may be able to use a 'deposit guarantee scheme.' Your solicitor / licensed conveyancer can arrange this with the insurance company. If getting enough money for the deposit is a problem, you need to discuss this with your solicitor or licensed conveyancer, they may have options for you. The alternative is to borrow money for the deposit from relatives or a bridging loan from a bank, (interest will have to be paid on the loan, make sure you can afford this.)
|
