06 February, 2012

Kingfields Solicitors

 

 

The process for New Build "Off Plan" Purchase is listed below.

You as the BUYER
These Procedure overviews show you the process and order in which your transaction flows. It’s a quick reference for you to see where your case is at, and what is needed before it moves onto the next stage. If you want to find out more details you can log on to our website using your username and password.   These steps are typical of the average new build ‘off plan’ purchase but often chronology can change. We will advise you if and how this might happen on your transaction.
 
  Phase I - Instructions to Act for You
 Step 1    Step 2
KINGFIELDS receives the reservation form and instruction to act for you.   KINGFIELDS sends you:
  1. Instruction Form/Verification of Identity form
  2. Client Care Letter/Terms & Conditions
  3. Report on Title
  4. Agreement
  5. Request for deposit funds
 
  Phase II
 Step 3    Step 4
You need to:
  1. Complete the Instruction Form
  2. Sign the Agreement
  3. Arrange for the due diligence documents
  4. Return (1), (2) and (3) to us together with the Deposit funds.
   Once we receive all the items listed in Phase II and provided you are satisfied on all matters disclosed, we will proceed to exchange of contracts.
 
 
  Phase III - Exchange of Contracts
 Step 5    Step 6
Between Exchange and Completion, you will need to keep in close contact with the site office regarding the completion date.   We will also remind you of any further deposit you are required to pay under the terms of the Agreement.
 Step 7    
You must arrange your mortgage in good time for completion and ensure that the balance completion monies are available.    
 
  Phase IV - Receive Completion Notice
 Step 8    Step 9
KINGFIELDS will advise you of the completion date as soon as we receive the completion Notice from the developer's solicitors.   KINGFIELDS will arrange drawdown of your mortgage funds and make the necessary pre-completion searches.
 Step 10    Step 11
KINGFIELDS will send you:
  1. Counterpart Lease/Transfer
  2. SDLT Form
  3. Mortgage Deed
  4. Financial Statement/Invoice
   You must sign and return items 1, 2 and 3 and arrange to telegraphically transfer the balance of the Completion funds at least one day prior to completion.
 
  Phase V
 Step 12    Step 13
Once we have received all items in Phase IV we will complete the purchase on the Completion day.   KINGFIELDS will advice you of the completion and you will be able to collect the keys from the site office.
 
  Phase VI - Post Completion
 Step 14    
KINGFIELDS, having dealt with the completion of the purchase will:
  1. Submit SDLT Return to the Inland Revenue and obtain the necessary certificate of payment of tax.
  2. Give notice of new mortgage to landlord, if applicable.
  3. Deal with the NHBC/Zurich Municipal Registration.
  4. Complete and submit to the Land Registry, with supporting documents, the application to register you as the new owner of the property and the lender as the new mortgage.
  5. Sends to you and the lender all appropriate documents following from completion of the registration process at the Land Registry.