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Things to remember before moving into your new home

12/03/2018

 

What building survey should I have when buying a property?

 

1. GET THOSE OFFICIAL DOCUMENTS SORTED

The transfer and mortgage documents that your solicitor has sent to you must be signed in the presence of an independent witness, who must be aged over 18.

Some mortgage deeds need to be witnessed by a solicitor — however, your solicitor will advise you if that is necessary.

The signed documents must be in the possession of your solicitor before completion can take place.

2. COMPLETION FUNDS

To enable your solicitor to complete the purchase, they must be in receipt of the balance of completion monies from you and, if you are getting a mortgage, your mortgage funds.

Most solicitors try to ensure that all completion monies are in their client account the day before completion is due to take place.

This reduces the risk of the buyer being in breach of contract for late completion due to the funds arriving into the seller’s solicitor’s client account after the time specified in the contract.

 

3. COMPLETION DAY

On completion day, your solicitor will carry out any necessary pre-completion searches and will send the balance of purchase monies to the client account of the seller’s solicitor. 

Fraud is common these days, so your solicitor should speak to the seller’s solicitor to check they have the correct bank account details.

 

This helps to prevent completion monies being sent to bogus bank accounts. Upon receipt of the completion monies, the seller’s solicitor should contact your solicitor to confirm completion has taken place, and then contact either the seller or the selling agent to authorise the release of keys to you. You can now move into your new home. 

4. AFTER COMPLETION

Your solicitor will submit to HM Revenue & Customs your stamp duty return, pay any stamp duty that’s due and will apply to HM Land Registry to register your title to the property and to secure the lender’s charge if you have a mortgage.

Once your title is registered, a title information document will be issued by the Land Registry to your solicitor, who should provide you with a copy and let you have any documents relating to the property that the seller’s solicitors have handed over —unless you wish your solicitor to retain these documents for safekeeping.

Most lenders do not  require sight of any title documents, although some do like to have the original signed mortgage document once their charge has been secured against the title at the Land Registry.

 

5. PROPERTY FRAUD

As this is so common you may wish to sign up to the Land Registry Property Alert Service (gov.uk), which is a free property monitoring scheme.

You will receive email alerts when certain activity occurs with relation to your property so you can stop fraud.

 

. DECLARATION OF TRUST

Consider making a declaration of trust if you have bought jointly with another person and you are holding the property as tenants in common.

The declaration is a legally binding document that will allow your agreement to be recorded regarding such matters as ownership shares, contributions to the price of the property and your responsibilities for repair and maintenance. 

 

7. COHABITATION AGREEMENT

You may wish to consider putting a cohabitation agreement in place if you are living with your partner but are neither married nor in a civil partnership.

This legal agreement can address matters such as how you deal with the sale of the property if your relationship breaks down.

 

8. WE HATE TO BRING IT UP - BUT THINK ABOUT YOUR WILL

It may be appropriate to make a new Will or update an existing one, to take into account your new asset.



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