PURCHASES
HELPING YOU PURCHASE,
WITH CONFIDENCE.
Buying a home or property is one of the most significant financial commitments you will make and we at Esvi in Peterborough are dedicated to making the process as simple and smooth as possible.
From reviewing the draft contract documentation and conducting searches to liaising with lenders, estate agents and surveyors, we pro-actively manage every detail of the process. We identify and notify you of potential issues early, ensuring your rights are protected, your investment is safe and that your time is not wasted either.
Whether you are a first-time buyer or a property investor, we guide you step-by-step from offer acceptance through exchange of contracts to completion.
HELPING YOU PURCHASE, WITH CONFIDENCE.
Buying a home or property is one of the most significant financial commitments you will make and we at Esvi in Peterborough are dedicated to making the process as simple and smooth as possible.
From reviewing the draft contract documentation and conducting searches to liaising with lenders, estate agents and surveyors, we pro-actively manage every detail of the process. We identify and notify you of potential issues early, ensuring your rights are protected, your investment is safe and that your time is not wasted either.
Whether you are a first-time buyer or a property investor, we guide you step-by-step from offer acceptance through exchange of contracts to completion.
TIMELINE FOR BUYERS
5. Confirm Dates
Once in receipt of the signed documentation and satisfactory AML we will be able to confirm dates with the seller's conveyancer. Please note that there may be other parties in the transaction (the people you are buying from may be buying onwards) and completion may be delayed until you are or everyone else is ready to move. Upon confirmation of the date we will request your money and submit a request to your lender for the mortgage funds to be available on the specified date.
2. Complete Requirements
Upon receipt of the client care letter please complete all of the forms therein and pay the required money on account. You will not need to provide any ID as we will send a link to you via e-mail to complete your ID checks. At this stage in the transaction please also provide details of how you will be funding this transaction and provide evidence of the same.
3. Searches and Enquiries
Using the money paid on account we will also raise searches on the property which raise any (for instance) potential issues or planning applications associated with the property. Along side searches we will review the draft contract documentation provided and raise enquiries as is necessary such as requesting certificates for installation work.
4. Finalise Enquiries and Report
Upon satisfaction of the enquiries we will provide you with the documentation for signing (either by e-mail, post or by appointment) along with the report on title that covers all information surrounding the property and your purchase (from legal access rights to information covering your mortgage offer). This documentation mjust be signed in pen and returned to us via post. To facilitate a smooth transaction please ensure that you provided all other information by this stage such as the required AML.
1. Confirm Instructions
After receiving your quotation let us know either by e-mail or telephone that you would like to proceed and also provide details of your estate agent so that we can obtain the memorandum of sale (document listing details of the buyer, seller and their individual legal representatives). Upon receipt of both items we will open a file on our end and send a client care letter to you.
6. Exchange and Completion
Exchange is when the transaction becomes legally binding (you must proceed with the purchase or otherwise forfeit the deposit) and the date for completion is set. Completion is the day you receive the keys. You have the option to either to exchange and complete on a later date or exchange and complete on the same date. After completion we deal with all formalties such as paying the Stamp Duty Land Tax and submitting an application to register the property into your name.
LEASEHOLD
Leasehold properties are only owned for a fixed length of time (on a lease). Most flats/apartments and maisonettes are of leasehold tenure. You may own the property but not the building in which the property is located. There are additional charges associated such as service charge and ground rent that continue to be payable after your purchase.
The length of your lease will be in your lease agreement (usually between 90 and 999 years. When the lease ends, the property goes back to the freeholder however you can ask the freeholder for the lease to be extended.
FREEHOLD
A freehold property is one that you own outright with no set time limit. You will own the building and the land the building is situated on. You are responsible for maintaining your property and land. Most houses are freehold however some can be of leasehold tenure, usually through shared-ownership schemes.
Freehold properties can also include parcels of land that can later be divided and sold as separate titles. Some freehold properties may also come with their own designated parking spaces which are noted on the HM Land Registry plan associated with the property.
FREQUENTLY ASKED QUESTIONS
Do I need a solicitor/conveyancing for buying and/or selling a house?
Yes. You will need to appoint a legal representative to deal with your property transactions who will handle aspects such as raising the draft contract documentation on your sale or raising searches and enquiries on your purchase. Instructing the correct legal representative is important to protect your interests especially to ensure that your ownership of the property is registered correctly if you are purchasing.
How long does the process take?
Straightforward transactions are typically expected to take around 8-12 weeks though we aim for completion within 6 to 9 weeks where possible. More complex transaction would take longer than 12 weeks. There are a number of factors that affect the times it takes to complete such as :
How many other transaction are involved (if you are selling to someone who is also selling their property in order to purchase yours and buying from someone who is also buying from another party - this is known as the chain);
If there any mortgage lenders involved and how long it may take to issue the mortgage offers;
If any legal issues are encountered with the property; and
Search return times.
What is Exchange and Completion?
Exchange is the point where contracts are exchanged and the transaction becomes legally binding and Completion is the day on which the funds and keys are handed over. Up until exchange you have the option to withdraw from the transaction however once contracts have been exchanged you must proceed with transaction and can incur a financial penalty for not doing so.
You have the option to exchange before completion (this can either a day, week or a month before) or exchange and complete on the same day (simultaneous exchange and completion). With a simultaneous exchange and completion there is less risk as contracts tend to be exchanged only after receiving the full balances of money.
What are your costs?
Quotations are priced individually per matter and are calcuated based on factors including (but not limited to) the property price, whether the property is freehold or leasehold, whether a management company is involved and if you are purchasing with a mortgage. Obtain your quotation today.
What is meant by Freehold and Leasehold?
Freehold means you own the property and the land it stands on indefinitely. Leasehold means you own the right to use the property for a fixed period, such as 99 or 125 years, but the land/building is owned by a freeholder and at the least a management company is involved. Leasehold properties may also involve service charges & ground rent (payable yearly) and restrictions set out in the lease.
What is a 'chain'?
A chain is when there is more than one transaction involved. For example, you are buying from a person who is also buying onwards and the person they are buying from is also purchasing onwards. You are at the bottom of the chain and the person who is only selling is at the top of the chain.
What is Stamp Duty Land Tax (SDLT)?
SDLT is a government tax payable when purchasing a property. First Time Buyers do not need to pay any SDLT so long as the purchase price does not exceed £300,001.00 and higher rates of SDLT are applicable if you are purchasing more than one property. See the informational sheet for further information. Please do always consult your financial advisor on SDLT.
Phone
This website is owned and operated by Esvi Limited, registered in England and Wales, company number 16281685.
Our legal professionals provide our services through the solicitor's firm, Parity Legal Limited, which is authorised and regulated by the Solicitors Regulation Authority (SRA) under ID Number 658977. Esvi Limited is not regulated by SRA.
Financial services are provided from a number of our trusted and regulated partners.
ADDRESS
Suite 3, DHC Business Centre, 226 Dogsthorpe Road, Peterborough PE1 3PB
07306 696363