Buying your house will probably be the largest single financial transaction you will ever make.
Ellison Thomas Solicitors can help you through the process quickly and with minimal stress.
If you are thinking of buying a property we will provide you with a detailed quote so you know exactly where you stand. If you are satisfied with the quote, then all you need to do is give our details to the Estate Agent or Mortgage Provider and we will handle everything from there.
The general process will then be as follows:
- We will open a file and send out our initial paperwork
- The seller’s solicitors will provide us with a draft contract package and supporting documentation (title and fixtures and fittings form etc).
- We will thoroughly check the documents and raise any necessary enquiries with the seller’s solicitors.
- We will submit searches against the property and investigate the results.
- In the meantime your Lender will carry out a valuation, and, if satisfied, will send you a Mortgage Offer – we will also receive a copy of this together with instructions to act also on behalf of the Lender.
- Once we have investigated the documents, search results and your mortgage offer, we will prepare your property report and send you the paperwork for your signature.
- We will also send you a detailed financial statement giving details of all amounts received and spent, and confirming the balance that may be needed to complete the purchase.
- Once we have your signed paperwork and completion monies we will proceed to exchange contracts with the Seller’s solicitors and will pay the deposit monies to the Seller’s solicitors. This is the stage at which both you and the Seller are legally committed to the transaction and a completion date (moving date) will be set. The completion date will have been previously agreed by all parties.
- We will submit a report to your Lender confirming that all is in order, and requesting the mortgage monies.
- We will carry out a Land Registry search against the property to ensure that there have been no new matters registered against the Title.
- The Lender will transfer to us the mortgage monies.
- On the date agreed for completion, we will transfer to the Seller’s solicitors the balance of the purchase monies.
- The Seller will vacate the property – the keys are usually left with the Estate Agents for collection by you.
- We will submit a Land Tax Return and arrange for your title to the property to be registered at HM Land Registry.
In addition to the legal fees there will also be other costs. For example:
Stamp Duty Land Tax (‘SDLT’) – this is the amount of tax payable to the Inland Revenue based on the purchase price paid to the seller. SDLT is based on the purchase price of the property and the rates are as follows:
- £0 – £125,000 – 0%
- £125,001 – £250,000 – 1%
- £250,001 – £500,000 – 3%
- £500,001 – £1,000,000 – 4%
- £1,000,001 or more – 5%
Searches – If you are obtaining a mortgage to purchase a property, most lenders will require searches to be carried out. Depending on where the property is situated, we may need to carry out additional conveyancing searches, for example, we may need to carry out checks relating to mining, drainage and environmental matters. For most properties the following searches are required / recommended:
- Local Authority Search – £105.00
- Water & Drainage – £54.50
- Environmental – £43.92
- Coal – £41.00
- Chancel – £18.00
Land Registry Registration Fee – to record your name as the new owner of the property on the Register
- £0 – £50,000 – £40.00
- £50,001 – £80,000 – £70.00
- £80,001 – £100,000 – £120.00
- £100,001 – £200,000 – £190.00
- £200,001 – £500,000 – £270.00
- £500,001 – £1,000,000 – £540.00
- £1,000,001 and over – £910.00