Buying Property

When you have found a property to buy

When you have found a property you wish to purchase, you need to instruct Hodge Halsall. We will contact the seller's solicitors and obtain-:

• the draft contract and legal documentation
• answers to preliminary enquiries

We shall also undertake official searches at-:

• the local authority
• the water authority
• the Land Registry

We will then report to you on the information obtained and advise on the action if any that needs to be taken.We will also liaise with the Estate Agents acting for the seller.
At this stage we are progressing matters towards exchange of contracts.

Before Exchange of Contracts

However before you proceed to exchange contracts we would need to ensure that:-

• the results of all searches and enquiries are satisfactory
• a survey report has been undertaken and the results are acceptable
• you have obtained the necessary finance. We will explain to you the mortgage documents before you commit to any lending arrangement
• the relevant insurances and life cover are in place 
• arrangements for the payment of the deposit (usually 10%) have been made
• the date of completion has been agreed

At Exchange of Contracts

At exchange, the deposit is paid and the purchase becomes legally binding upon you and the seller.

After Exchange of Contracts

Following exchange there is a short period (usually one to four weeks) before completion. During this period, the following action is taken-:

• the transfer document is signed.
• any mortgage document is signed and the funds received from your lender
• the balance of the purchase monies are received from you

At completion

On completion day, the purchase monies (less the deposit) are sent to the seller's solicitors and you receive the keys to your new home.

After completion

Following completion, we will deal with the Inland Revenue and the payment of stamp duty land tax. We shall then arrange for registration of the purchase and transfer with the Land Registry. Finally, we shall confirm to your lender that the transaction has completed.
We can store any documents relating to your property not required by your lender free of charge.This will assist us in helping you with any queries relating to your home and in any future sale.

Right to Buy

You may have been offered the opportunity to buy your home from your local council or housing association. In many aspects, this is the same as buying a property for the first time with many of the same legal requirements. Appropriate legal advice is therefore vital.
Usually right to buy schemes allow you to purchase a property at a discount. Whilst this is a significant benefit, the council or housing association does have the right to clawback part of this discount should you sell the property within a defined period. Hodge Halsall are able to advise you on the details of any clawback scheme.
You will not always be able to purchase the freehold of the property and will therefore require advice regarding the details of the lease that you will be expected to sign.

Shared Ownership Schemes

You may have been offered shared ownership by your housing association or wish to enter a shared ownership scheme on a new property. Whichever course of action you choose, you will require expert legal advice and Hodge Halsall are available to help you every step of the way.

Equity Release

There are various schemes available to allow you to release equity that is available in your property. You may wish to do this to buy a home abroad or assist with your retirement plans. Whatever the reason you will need specialist advice and should consult us as soon as possible.

Bank Guarantees

You may have been asked to enter into a bank guarantee to support your business or to help a friend or relative. Quite often these bank guarantees include a charge over your property. It is absolutely vital that you take independent and specialist legal advice before entering into any guarantee. These should not be given lightly. If you have been asked to sign a guarantee, contact us immediately.

Please contact us for further information.