06 January, 2009

Kingfields Solicitors

 

 

The process for a purchase transaction 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 about each stage, you can log on to our website using your user name and password.   Important Notes:
  1. These steps are typical of the average Purchase transaction but often chronology can change. We will advise you if and how this might happen on your transaction
  2. When the provisions of the Housing Act 2004 are brought into effect relating to Home Information Packs (HIPS) it will not be possible for a property to be marketed unless the seller has made available for prospective buyers a HIPS. This must contain certain specified documents including details of your title to the property, the SIF and F&F forms (or equivalent forms) and pre-contract searches. Please click on the HIP Solutions page for further information. This means that some of the steps in phases I, II and III will change.
 
  Phase I - Instructions to Act for You
 Step 1    Step 4
KINGFIELDS receives Instructions from you and sends you
  1. Instruction Form
  2. Client Care Letter / Terms & Conditions
  3. Verification of Identity Form
   KINGFIELDS receives draft contracts and supporting papers from the Seller’s Conveyancer.
 Step 2    Step 5
You need to
  1. Complete and return the Instruction Form
  2. Provide us with the due diligence documents
  3. Put us in funds for the On-Account payment of £250.00 so that we can submit the Local Searches
   KINGFIELDS submits the necessary pre-contract searches of the local
authority, water/drainage and others as appropriate (pre contract searches).
 Step 3    Step 6
You need to arrange your valuation and for your mortgage offer to be forwarded to us as soon as possible.   You satisfy yourself on the physical aspects of the property.
 
  Phase II
 Step 7    Step 10
KINGFIELDS checks the results of the pre-contract searches, title of the Seller including Leasehold Service Charge Information (if applicable), the information provided on the SIF and F&F forms and approves the contract.   KINGFIELDS will advise on any specific issue raised.
 Step 8    Step 11
KINGFIELDS reports to you on all of the matters raised above and checks you are satisfied on all of the matters disclosed.   KINGFIELDS will agree the contract terms and the purchase transfer document with the Seller’s Conveyancer
 Step 9    Step 12
KINGFIELDS reports to you on the mortgage offer you have received and the mortgage documents.   KINGFIELDS prepare the SDLT Tax Forms.
 
  Phase III - Exchange of Contracts
 Step 13    Step 15
KINGFIELDS, after consulting with you, will agree a completion date with the
Seller via his/her Conveyancer (ensuring it ties in with your sale date.)		   KINGFIELDS advises you how much balance purchase money must be paid by you, after allowing for your new mortgage (and any balance due from your sale.)
 Step 14    Step 16
KINGFIELDS gets you to sign the contract (including SDL Tax forms), purchase documents and new Mortgage Deed in readiness for Exchange of Contracts.   Provided you are happy with all matters raised, Kingfields will proceed to exchange of contracts.
 
  Phase IV - Completion
 Step 17    Step 19
KINGFIELDS asks your lender to send the mortgage advance in time for completion.   KINGFIELDS will collect the balance purchase monies form you.
 Step 18    Step 20
KINGFIELDS makes the necessary pre-completion search, such as a check at the Land Registry that the sellers title remains as perviously disclosed.   KINGFIELDS completes the purchase on the completion date and advises you of the completion.
 
  Phase V - Post Completion
 Step 21    
KINGFIELDS, having dealt with the completion of the purchase will:
  1. Submit SDLT Tax documents to the Inland Revenue to obtain the necessary certificate of payment of tax.
  2. 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 mortgagee.
  3. Give notices of purchase/new mortgage to landlord, if any.
  4. Send to you and the lender all appropriate documents following the registration of your title at the Land Registry.