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Buying your home through Abel Estates.
Your purchase of a home will probably be the largest single investment of your life. To protect that investment, it is important that you work with knowledgeable and local professionals at each stage of the buying process.
When you come to Abel Estates in search of your perfect property, we look to establish your goals and set about achieving them for you. It is our job to listen to what you want and to work for you with care and consideration at all times. We will guide you through the process of buying a house, providing advice on comparable properties, investment potential, finance options and legal requirements. We can advise of many reputable and reliable companies to help throughout the process from solicitors to local removal companies, ensuring that your house purchase remains as stress-free as possible!
Your basic guide to Conveyancing - Buying a property
1 - OFFER
OFFER - Once you have made your offer on a property, the Estate Agent will forward the memorandum of sale to your chosen solicitor. Within a couple of days of receiving the information, your solicitor will write to you with an initial client care letter.
2 - CONTRACT
CONTRACT - Within 1-2 weeks, the Seller’s solicitors should forward the draft contract and supporting documentation to your solicitor. Upon receipt of this, your solicitor will be able to raise enquiries and apply for searches.
3 - REPORT
REPORT - Upon receiving satisfactory replies to enquiries from the Seller’s solicitors, a copy
of your mortgage offer (if required) and replies to any additional enquires raised, your
solicitor will be ready to report to you, and obtain your signature to the contract, and any
other required documentation. Getting to this point can take anywhere between 6-8 weeks.
4 - SEARCHES
SEARCHES & ENQUIRIES - Searches can take on average 2-3 weeks to be received (each Local Authority has different time scales). Once received, and depending on the information revealed, your solicitor may need to raise further enquiries with the Seller’s solicitors.
5 - PRE EXCHANGE
PRE- EXCHANGE- Discuss completion dates with your solicitor, if not already done so. You will then need to pay the deposit to your solicitor and arrange buildings insurance in readiness for exchange. Exchange of contracts could happen within a week of signing the contract. However, if there is a chain, it may take a little longer for all parties to be ready.
6 - EXCHANGE
EXCHANGE- Once contracts are exchanged, your solicitor will request the mortgage advance from your mortgage lender, and any additional funds required from you. At this point, the timescale will be set by the contract depending on the completion date. Some mortgage lenders require 1 weeks’ notice of the completion date, and others only 3 days.
7 - your final
COMPLETION- On completion, your solicitor will arrange to send the completion funds to the Seller’s solicitors first thing in the morning. Depending on who the Seller’s solicitors bank with and how busy the banking system is that day, the money can arrive instantly or take an hour or so to be received by the Seller’s solicitors bank. Once received and completion confirmed, your solicitor will telephone you to confirm that the keys can be collected from the Estate Agent. Normally, completion should take place by 2pm (this time can be change by the contract depending on the transaction).
This guide is based on a straightforward freehold transaction. Leasehold transactions will take longer as information is requested
from the Landlord/Management Company which can take anywhere between 3-4 weeks to be received.
Produced for Abel Estates by Robson & Co Solicitors, 9 North Street, Ashford, Kent TN24 8LF www.robson-co.co.uk
Your Independent Estates & Letting Agent. Local, Transparent and Innovative. Residential Sales Rentals and Lettings.
Covering Ashford, Willesborough, Kennington, Great Chart, Sevington, Mersham, Kingsnorth and all surrounding areas.
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