First Time Buyers

13 SEPTEMBER 2022 17:35

Question: My boyfriend and I have just had our offer accepted on our first house.  We are in the process of applying for a mortgage and our mortgage broker has informed us that we need to obtain a survey/valuation report. However, I thought our Solicitor would arrange this for us.

We are struggling to understand the process and what is required from us. Could you please advise us as to what the process for buying a property entails?

 

Answer: When purchasing a property, it is usual procedure to have a survey carried out and to request that searches are undertaken in respect of the property.

The survey is carried out by a Property Surveyor, who is either instructed by you or your mortgage company. There are different types of survey which vary from a basic valuation to a more detailed structural report.

Your Solicitor will have no involvement in the instruction of the Surveyor however it is best practice that a copy of the survey report is provided to your Solicitor to review once it is received.

In the meantime, upon receipt of draft contracts from the sellers’ solicitors, your Solicitor will review the legal title to the Property and protocol forms which include a Property Information Form and Fittings and Contents Form. It is likely that your Solicitor will want to ask the sellers solicitors questions in respect of the details contained within these forms. Your Solicitor will then need to order your searches.

Searches are enquiries that your Solicitor will make to various organisation about the property. Your Solicitor will commission these searches on your behalf. In the South Wales area, the searches usually undertaken are: -

1. Local Authority.
2. Drainage & Water.
3. Environmental.
4. Mining.

Once your Solicitor is in receipt of your search results, they will raise enquiries with the sellers’ solicitors on your behalf.

Upon receiving a satisfactory response from the sellers’ solicitors, your Solicitor will report to you on the search results and the legal title to the property.

Before Completion takes place, contracts are exchanged. At the point of exchange, whilst you do not become the legal owner at that point, you do become legally bound to proceed with the purchase and complete in due course. You are obliged to insure the Property from the date of exchange.

Once a viable date for Completion is identified, your Solicitor will send to you a statement informing you of the funds that they will need from you to Complete. Your Solicitor will also notify your Mortgage Company and will request for these funds to be sent to them.

Once the seller’s solicitors receive your funds, and exchange of contracts has taken place, (this could be on the day or beforehand) they will release the keys with the Estate Agents’. It is at the point that they receive the funds, that you become the legal owner of the Property.

If you are a first-time buyer and looking for help, please do not hesitate to get in touch today with our accredited Conveyancing Team, by telephone on 01554 755101 or by email on contactus@gomerwilliams.co.uk.

We have developed an App, which allows you to liaise directly with your conveyancing solicitor and keeps you fully updated with regards to the progress of your Property Transaction. 

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