Buying a Property
Buying a property through Lewes Estates Looking for a new home or buying a property can be as worrying and frustrating as it is exciting! At Lewes Estates we understand how important it is to listen to your individual requirements. Our experienced sales team will contact you as often or as little as you like with the latest selection of properties for sale in Lewes and the surrounding East Sussex area. With the very latest software we can, with your permission, email or text you immediately as new instructions become available. We also recognise that there is no substitute for personal service and we will allocate one staff member to help you through the property maze. Where possible we will accompany all viewings in order to obtain a better understanding of your requirements. For a refreshingly different service, call Lewes Estates on 01273 477 377. We will be happy to discuss your property requirements in detail and tell you about current property for sale in Lewes & the surrounding East Sussex area. The Buying process- When you are buying a property your solicitor will obtain from the seller's solicitors a contract of purchase and supporting documents. The papers will include a fixtures and fittings list advising you exactly what the seller will be leaving in the property on completion.
- If you are obtaining a mortgage you will need to make contact with your lender and complete a mortgage application and also provide the lender with the details of your solicitor. The lender will then arrange for the property to be valued and you will need to consider your own survey at this early stage.
- You will than be asked for a cheque to cover the cost of the Local Authority Search.
- At this stage formal enquiries are made about the legal title of the property to the sellers' solicitors along with any specific enquiries or concerns that you may have.
- When the replies to the enquiries raised with the result of your local search and your mortgage offer (if any) is received you will be reported to on the legal title. This will usually be done by a written contract report. Some clients may wish to visit the office and discuss the contract which would be quite acceptable.
- When you are ready to proceed and have agreed a date with the seller to take possession of the property exchange of contracts will take place.
- After the exchange of contracts final searches and the preparation of documentation for the transaction will be prepared. The application for your mortgage monies in advance of completion to cover the purchase price and costs will also be made.
- At this stage it may be necessary for you to provide additional monies in advance of completion to cover the purchase price and costs.
- Finally on the day of completion you will be able to take vacant possession of the property.
Glossary
Contract
This is a formal document setting out the names and addresses of the Seller and the Buyer, a description of the property which is the subject of the transaction, the price, the completion date (not completed until exchange of contracts: see below) and other technical terms. Local Authority Search
This is a search made at the Local Authority in which the property is situated - usually the District or Borough Council, London Borough or Metropolitan Council. The result will of the search will give information about the development plans for the area (in general terms), the roads abutting the property and planning history. Legal Title
Is the basis upon which the ownership of the property is established. In England and Wales the majority of properties now have a legal title registered with Her Majesty's land Registry. Some properties still have an unregistered title. Exchange of Contracts
This is the moment when a buyer becomes obliged to buy the property and the seller becomes obliged to sell: at a specified price on a specified day.
It is the most vital time in the conveyancing process because up to this point either party may withdraw from the transaction without any legal obligation to the other party. Completion
The day you give or take possession of the property. If you would like to register as an applicant with Lewes Estates you may either contact us directly or follow the link below and we will contact you as soon as possible
|