Bromley Solicitors

Bromley Conveyancing FAQs

I am thinking of buying a house at auction.  What things should I do or consider ?

Many people who buy homes at auction seem to forget just how much money they are spending when purchasing a property!  Take buying a car for example. invariably most people would insiste on a test drive.  It is therefore important to physically inspect the property both inside and out before the auction.  You should also obtain the auction pack which will include important legal documents, such as the title deeds, information regarding any searches that have been conducted, fixtures and fitting forms etc.  Get a conveyancing solicitor to have a look at the auction pack to make sure you are aware of all the property rights attached to the property and make sure nothing is awry.  A conveyancing solicitor will also be able to carry out further searches if needed.  A local search, for example, will reveal whether there are any planning permissions associated with the property and planned developments in the immediate surrounding area.  It is also strongly advisable to have a thorough survey of the house conducted if possible.

I can’t afford the 10% deposit.  What can I do ?

If you do not have the full 10%, you can usually negotiate with the seller through your solicitor, giving reasons as to why the full amount is not available.  If you are buying and selling simultaneously, it may be possible to have the buyer of your home forward the deposit to the seller for your own purchase.  You will, of course, have to arrange this through your solicitors.

What is involved in a freehold transaction ?

Generally speaking, you must remember that no two transactions will be exactly alike.  Having said that, the general process can be broken down into three distinct steps.

Stage One

• An offer is made

• The seller accepts an offer

The buyer’s solicitor contact the seller’s solicitor and asks for a draft contract

• Negotiations between the solicitors over the draft contact take place

• Buyer’s solicitors makes pre-contractual enquires

• Buyer’s solicitors receive the draft contract,  property information form,  fixtures and fittings form
• Title deeds are examined if appropriate (rare since it has become mandatory to register most properties with the Land Registry)

• Searches are requested by the mortgage lender and buyer and conducted

• A completion date is negotiated and agreed on between the parties’ solicitors

Stage Two

• Contracts are exchanged

• Seller solicitor receives deposit (usually 10% of the purchase price)

• Buyer’s solicitors sends transfer document to the sellers

• Checks with the Land Registry are carried out

• The buyer and the buyer’s solicitors make arrangements to make sure monies are transferred to the seller’s solicitors by the completion date

Stage Three

• Completion date arrives

• Monies are received by the seller’s solicitors and both parties’ legal costs are paid

• The buyer is allowed to take possession of the property

Do you need a conveyancing quote in Bromley ?