Purchasing a property can feel like an overwhelming experience and many people do not know where to begin.
Common questions include: What information will I need to start the transaction? How do I evidence my source of funds? How long will the transaction take?
Fortunately, there is no need to panic.
At Myerson, we will guide you through the transaction and ensure that it is as stress-free as possible. To frontload the process, our Residential Property solicitors have outlined some key steps below that you should take.
Getting Your Deposit Ready
Firstly, you must ensure you have your financial affairs in order.
At the outset of the transaction, we (and your estate agent) will need to see documentary evidence of your deposit. In most cases, this will be 10% of the purchase price of the property.
You must ensure that your deposit is available in readiness for the exchange of contracts with the seller.
It is also important to note that if a gift funds any part of your deposit, you must provide documentary evidence to us.
Your donor will also need to sign a gift letter. The earlier you can provide this information to us, the quicker your transaction can progress.
Working with Estate Agents
Once your offer has been accepted, you will need to provide the estate agent with our contact details.
They can then issue the Memorandum of Sale to all parties, and the legal transaction can begin.
Securing a Mortgage
If purchasing a property with a mortgage, it is wise to contact a mortgage broker who can do the research for you.
Once you have found a suitable product, the mortgage offer will be issued to us on the lender’s portal or in the post.
We can review the document and prepare the report and deed for signing upon receipt.
Conducting a Property Survey
Instructing a surveyor is a key part of a property purchase.
At Myerson, we have built strong relationships with local surveyors and would be more than happy to pass on their contact details to you.
Upon receipt of the survey report, we can review the ‘Legal Section’ and raise any necessary enquiries with the vendor on your behalf.
Ordering Essential Searches
Another key step in the conveyancing process is ordering searches.
At Myerson, we work with a trusted provider who can deliver quick results within a short turnaround time.
Our standard search packages cost between £300.00 and £500.00.
We recognise that every property is unique, so we will discuss the best package for your circumstances before lodging your order.
The Myerson App
Our best tip? Download ‘The Myerson App’ as soon as possible.
This useful tool will condense all of the key steps in the transaction and provide you with step-by-step instructions throughout the process.
The app's purpose is to ease your nerves and comfort you, knowing that Myerson will take care of the transaction for you.
Contact Our Residential Property Solicitors
If you have any questions about the points above, please do not hesitate to contact the Residential Property team at Myerson we would be happy to help.
You can call us on:
01619414000
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Laura Higgins
Associate
Laura is an Associate in our Residential Property team. Laura has experience in a wide range of residential property transactions, including freehold and leasehold sales and purchases, Transfers and Assents.
About Laura Higgins