While you're having your valuation done you need to arrange a conveyancer. This is the qualified person who will check the legal title and obtain all the searches to check whether there's anything that could adversely affect the property and its value. Your conveyancer will deal with the documents and liaise with the sellers conveyancer. They'll arrange the exchange of contracts and agree to a completion date.
Many conveyancers will work to a 'no sale no fee' policy so even if the valuation brings back bad news and/or you decide not to go ahead with the purchase, you should not loose anything by arranging the conveyancer in advance.
When a sale does go ahead you and your conveyancer will be sent a copy of the mortgage details in full, you then need to go and see the conveyancer and he will talk you through it.
They will then set about the searches and legal work. This is quite an expensive procedure so make sure you budget for it. Normal conveyancing and legal fees will cost from around £400 to around £700. Some will offer you a fixed price plan which may be a good idea, if there is any problems with the purchase then you will not be charged for the extra work carried out.
The mortgage broker can advise you about the best and cheapest conveyancers in your area.
Some of the work carried out by the conveyancer will be local Authority searches, drainage searches, land registry searches, bankruptcy searches, telegraphic transfers and other searches. These searches are done to make sure there is nothing that could affect the property in anyway or reduce its value.
There are also other fees that you will need to budget for such as mortgage lenders fees, land registry fees, land tax administration fees and other transfer fees. You will need to discuss with the conveyancer and mortgage lender about who you pay for these extra charges.
Don't forget to budget for stamp duty. Any property over the value of £125,000 will be subject to stamp duty. This is 1% of the purchase price over £125,000, 2% over the value of
£250,000 and 3% over the value of £500,000.
Once all the legal work has been done you will be asked to sign the contracts and pay the deposit, up to this point you are still not legally bound to purchase the property. When the deposit is paid and contracts signed you are legally bound to complete the transaction, the coveyancer will then contact the mortgage broker to have the balance transferred.
All that is left to do is collect the keys!
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