The Purchase

Your guide to buying your home - Completing the purchase

You should instruct a solicitor or a licensed conveyancer as soon as your mortgage application is submitted. Some lenders have a 'panel' of solicitors from which they may invite you to choose but it is worth getting several quotations before deciding which firm to use. Charges should cover:

• Solicitors fees

• Local Authority search

• Mining search

• Bankruptcy/Land Registry search

• Land Registry fee

• Government Stamp Duty ( if the property price is over £60,000)

• VAT

If you do not need a mortgage you will still need a solicitor or some other suitably qualified person for the conveyancing work. Buying a home takes place in two stages.

The agreements to sell will be subject to a contract or lease (except under the Right to Buy where there terms of sale are governed by statute). The contract is your written agreement to buy a property and the vendor's agreements to sell it to you.

Stage 1

Up to the exchange of contracts either party can withdraw without cost.

The contract:

• Describes what is being sold (including details of boundaries and shared access rights).

• Gives the price to be paid

• Gives the date agreed for completion

• Details any special conditions to be included.

The vendor's solicitor draws up a draft contract or lease. Copies of the contract are passed between the respective solicitors until the content is agreed.

Your solicitor will carry out a Local Authority search to ascertain plans for development in the area and will investigate the title of the property to make sure the vendor is the rightful owner.

Stage 2

Contracts are only exchanged when all of the above matters have been completed and (if appropriate) the mortgage offer has been received. Unless you are purchasing under the right to buy, you may be asked to pay a deposit at this stage.

Once the contracts have been exchanged you are legally bound to buy the property and must make sure it is adequately insured.

The time between exchange of contracts and completion us usually four weeks although this can vary subject to individual requirements.

A guide for first time buyers

How much can I borrow?

Choosing a mortgage

Interest rates

The survey

Protecting your interests

Skip Navigation	Text Size: A \| A \| A
HOME About RBH Information & Services News Events Repairs RBH Forum Policies/Standards Contact Us

Home Information and Services Become a Tenant Current Tenants - Online Services for Tenants - About our Services Leaseholders * * *		Your guide to buying your home - Completing the purchase You should instruct a solicitor or a licensed conveyancer as soon as your mortgage application is submitted. Some lenders have a 'panel' of solicitors from which they may invite you to choose but it is worth getting several quotations before deciding which firm to use. Charges should cover: • Solicitors fees • Local Authority search • Mining search • Bankruptcy/Land Registry search • Land Registry fee • Government Stamp Duty ( if the property price is over £60,000) • VAT If you do not need a mortgage you will still need a solicitor or some other suitably qualified person for the conveyancing work. Buying a home takes place in two stages. The agreements to sell will be subject to a contract or lease (except under the Right to Buy where there terms of sale are governed by statute). The contract is your written agreement to buy a property and the vendor's agreements to sell it to you. Stage 1 Up to the exchange of contracts either party can withdraw without cost. The contract: • Describes what is being sold (including details of boundaries and shared access rights). • Gives the price to be paid • Gives the date agreed for completion • Details any special conditions to be included. The vendor's solicitor draws up a draft contract or lease. Copies of the contract are passed between the respective solicitors until the content is agreed. Your solicitor will carry out a Local Authority search to ascertain plans for development in the area and will investigate the title of the property to make sure the vendor is the rightful owner. Stage 2 Contracts are only exchanged when all of the above matters have been completed and (if appropriate) the mortgage offer has been received. Unless you are purchasing under the right to buy, you may be asked to pay a deposit at this stage. Once the contracts have been exchanged you are legally bound to buy the property and must make sure it is adequately insured. The time between exchange of contracts and completion us usually four weeks although this can vary subject to individual requirements. A guide for first time buyers How much can I borrow? Choosing a mortgage Interest rates The survey Protecting your interests