Buying FAQs

There are two main options for purchasing a property with another person:

• “Joint Tenants” is ideal if you are a couple, particularly if you’re married. It means you will jointly own the whole of the property. If the worst happens and one of you should die, the ownership will automatically pass to the other.
• The second option is to hold the property as “Tenants In Common“, which means each of you owns an agreed proportion of the property. You might decide that you own an equal share of the property, or (for example) that one of you will own 70% and the other 30%. Should one of you die their proportion will pass to whoever is specified in the deceased person’s will.

A joint purchase should always be made with the expert advice of a solicitor.

A fixtures and fittings form will be filled out by the seller and provided to you via your solicitor, prior to the contract being signed. This will confirm what they intend to remove and what they are prepared to include in the house price. In some instances, they may offer items for sale for the buyer to consider purchasing (on top of the agreed purchase price) and some contents can be offered for inclusion as part of the purchase price.

Every purchase is different and the length of time the purchase will take to complete is dependent on your buying position and the seller’s onward plans. The conveyancing and mortgage application processes can take a number of weeks, however this period of time can be extended dependent on the chain involved with the purchase.

The average transaction often exchanges and completes within 8–12 weeks, however this period of time can be shorter or longer dependent on the above variables.

Once both parties have signed the contracts then your solicitor and the seller’s solicitor will consult both parties and agree a completion date. If you require a mortgage then after the contracts are signed, the mortgage funds will be requested from the mortgage lender by your solicitor. The mortgage lender will let your solicitor know when the funds will be released, then your solicitor and the seller’s solicitor will consult both parties and agree a completion date.

The mortgage funds will be requested from the mortgage lender by your solicitor. It usually takes around 4-5 working days for the mortgage lender to release the money being loaned. Your solicitor will take this time into account when advising you of the earliest possible completion date.

It is recommended to organise home and contents insurance shortly before you sign and exchange contracts. You should also consider organising mortgage protection so that your family isn’t pressured to meet your mortgage payments in the worst-case scenario of illness or death. This should be arranged when you complete your mortgage application.

On the agreed completion date, once the seller’s solicitor has confirmed receipt of funds to confirm the transaction has completed, the estate agent will be able to confirm where and when you may collect the keys.

Even after you’ve received the keys to your property, there is still a significant amount of work to be carried out by your solicitor. The title deeds of your property will remain with your solicitor for some months before finally being sent to your mortgage lender for storage. They will hold the deeds until such time as you repay in full the mortgage you have with them.