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Transfer of Equity
Power of Attorney
Tax and Trusts

Purchase Guide

You have decided on your budget, type of property and the area in which you want to purchase.

You can either go to a Mortgage Broker who will suggest Mortgage Products to you (usually for a Fee), or you apply for the mortgage you want directly, should you know which Mortgage Product you want.

Once you have applied for a Mortgage, you will get an Offer in Principle based on your circumstances, occupation and salary etc. (these can vary from lender to lender).

You should now register with several Estate Agents in the area you wish to purchase and specify your price range and type of property to them to ensure their suggestions meet your criteria.

You have now viewed some properties (or seen the plans if Purchasing Off-Plan) and you make an offer on the one you want.

The Estate Agent will now inform the Seller of your offer and it is at this point that the Seller can Accept or Reject your Offer.
Your offer is accepted and you now Instruct your Solicitor, after which a Client Care Letter will be sent to you outlining the Terms and Conditions of acting, including Fees and other potential costs. You will be requested to send them proof of Identification for Money Laundering unless your Mortgage Broker can send them a certified copy of the ID supplied to them (providing the Solicitor accepts Certified ID from the Broker)

Your Solicitor contacts the Seller’s Solicitor once they have received the details, requesting for a Draft Contract and any title deeds they may hold.

Your Mortgage Lender will usually carry out a Valuation of the property.

You find a Surveyor to request a survey or a homebuyer’s report to be carried out on the Property.

Your Mortgage Lender accepts the property valuation and send you a Mortgage Offer (a copy is also sent to your Solicitor providing you have notified them)

You receive your Survey Report and send it to your Solicitor who will advise you of any legal problems that may have arisen in the report.

Your Solicitor carries out all Searches required by the Mortgage Lender (these can sometimes vary) and start to negotiate on Fixtures and Fittings should you so wish.

Your Solicitor now finalises the Contract with the Seller’s solicitor on your behalf (including any points you may have highlighted/requested) and confirms your Mortgage with the Lender.

You pay a 10% deposit (or whichever has been negotiated with the Sellers) to your Solicitor, who holds this money for you ready for Exchange. If you are borrowing 100% of your mortgage, you will need to find the deposit somehow, possibly via short-term borrowing, which can be repaid on receipt of your Mortgage Monies.

Your Solicitor now Exchanges contracts on your behalf with the Seller’s Solicitor and Transfers your deposit to their Bank Account. A date for Completion is agreed (taking your wishes into account).

Your Solicitor contacts the Lender to ensure that your Mortgage Funds will be released in time for the Completion Date.
Your Solicitor prepares the Transfer Deed which is signed by you and the Seller, and is held by the Seller’s Solicitor until Completion.

Your Mortgage Lender then transfers the money into your Solicitor’s account in time for Completion.

Your Solicitor then sends over the remainder of the Purchase Price (less the deposit already paid) in exchange for the Transfer Deed, Land Registry Certificate and the keys to the property (the keys are usually available for collection from the local Estate Agent).

Your Solicitor now arranges for the Transfer Deed to be Stamped, pays the Stamp Duty on the property (if applicable) and sends it off to the Land Registry where it will record you as the new owner of the property.

Your Solicitor will then send the Title Deed of the property to your Mortgage Lender as security for the loan, transfers any monies left over from the mortgage monies (less the Solicitors Fees, Third Party fees and Purchase Money) to your bank account. You should receive a full breakdown of all fees along with the official final Solicitors Invoice.

Registered Office: Market Chambers, 27 Eastgate, Aberystwyth,  Ceredigion, SY23 2AR
Powell Davies Solicitors is a trading name of Powell Davies Solicitors Limited who are registered
in England and Wales  with Company Registration No: 5288033   VAT Registration No:  869 3723 76
Powell Davies Solicitors are registered by the Solicitors Regulation Authority.
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