This is when most of the legal work is done. The property lawyer will investigate the legal title to the property, request and receive searches and receive your mortgage offer if applicable.
Receiving Contract Papers
The contract papers will be sent to your property lawyer by your seller’s lawyer and will include information about the legal title to the property, property information forms completed by the seller and any other documents relevant to the property such as guarantees or planning consents.
Your property lawyer will inspect the contract papers and raise any relevant enquiries with the seller’s lawyer in respect of the legal title and other aspects that we feel you may need to know.
At this stage your property lawyer will also send you a contract report explaining information about the property and enclose the contract papers that you need to sign.
Once the seller’s lawyer replies to your property lawyers enquiries they will report to you again explaining their replies.
Searches
Your property lawyer will need to request certain searches about the property you are buying, these are:
• The Local Authority search will show information such as local land charges, planning consents, building regulation history and whether the road is adopted and maintained by the Council.
• A water and drainage search will indicate whether the property is connected to the foul sewers and mains water or if any sewer pipes or mains water pipes run through the boundaries of the property.
• An environmental and land contamination search will indicate if a property is at potential risk of contamination. A ‘clean up notice’ can be served on the current homeowner which could lead to considerable expense.
Survey
Its best advice that you instruct a surveyor to ensure that the property is structurally sound. You buy the property as seen with any structural problems it may have. Your property lawyer cannot advise you on the structural adequacy of the property. You should let your property lawyer have a copy of your survey once available so that we can check any legal recommendations the surveyor makes.
Please note… that a mortgage lender’s valuation is NOT a survey. The lender’s valuation is for the lender’s benefit and to determine if the price you are paying is acceptable to them.
Mortgage
If you need a mortgage to buy your property your property lawyer will need to receive a copy of the mortgage offer direct from your mortgage lender. When a mortgage is required the mortgage lender essentially also becomes the law firms client and they are obliged to comply with any requirements they have in order to proceed.
• Your property lawyer will, on receipt of the mortgage offer, check for any conditions or requirements the mortgage lender needs us to comply with and advise you if necessary.
• They will report to you regarding the mortgage offer with documentation to complete and a draft completion statement showing any money we may need from you.
• They will request buildings insurance information from you and a copy of your mortgage lender’s valuation.
Please note…if your property lawyer needs money from you to complete the purchase we may request evidence from you to verify the source of your money such as copy bank statements.