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By: Ikedi Ani-okoye

Finding a home for the solicitor

Once you have found a property to buy and you have been accepted for the property you will need to instruct solicitors to act on your behalf. then arrange your mortgage. normally by appointing a Financial Advisor. The details of all the parties involved will need to be circulated usually by way o~ a Memorandum of Sale often prepared by the Housing Association or their Agents. This ensures that everybody has appropriate contact details and allows the initial processes to start.

Solictor handling home documents

Your solicitors will receive draft documentation from the seller's solicitors and request from you some money on account in order that all appropriate searches can be carried out. The results of searches take on average two weeks to be delivered and important details will be reported to you by your solicitors. They will also be investigating the title to the property and carrying out other legal enquiries. If there is arnehing in particular you wish to know about the property then you should advise your solicitors.

Finanilise mortgage for your home

In the meantime you should be finalising your mortgage with the help of your Financial Advisor The mortgage company will require information on your current finances including payslips. identification and references. The mortgage company will also arrange for a valuation of the property and once satisfied issue you with a formal mortgage ofter. A copy of this will also be sent to your solicitors and once all the papenndork is in place arrangements will be made either for you to attend at your solicitors' office to sign the necessary paperwork or a written report will be prepared and sent to you along with the Contract for signing.

If it is an affordable housing schema ' purchase, your mortgage offer will also need to be sent to the housing association for approval before exchange of contracts can take place. It is also at this stage that you will require to have available your deposit funding. On aftordable housing schemes this is normally either the amount you are putting towards the purchase price yourself or if you are obtaining a 100% mortgage a deposit of around £500.

Exchanging contracts for your home

By now you should be ready to exchange contracts which is the point at which you . become legally committed to purchasing the property. The date for moving into the R property will be agreed at the sanne time.

Following exchange your solicitor will report i to your mortgage lender in order to obtain the mortgage funds for completion and carry out some further legal searches. They will also provide you with a completion statement showing the balance of any money required. This will include items such as Stamp euty and Land Registry fees.

On the day of completion the money is sent to the seller's solicitors and you make 2 arrangements to collect the keys once the funds have been received.

So there you go, a short guide to the buying process which will hopefully help iE you along

Karen Rieveley, Partner and solicitor with Hoppers Law Firm.