Buying property in UK

At Carter & Carter, our team of Investment Managers have over 20 years of experience in the UK & International property market. We have established our business model based on hard work, extensive local and International knowledge, trust and excellent customer service. We believe in our clients and they believe in us.

Carter & Carter

Steps to purchasing a property in the UK

  • The buyer first needs to set a budget and if a mortgage is needed, make the necessary arrangements
  • The buyer will then need to secure the services of a conveyance solicitor normally recommended by the estate agent
  • Once the buyer has decided on a property, they make a verbal offer to the estate agent
  • When the offer has been accepted by the seller, the agent will submit the offer to both buyer and seller’s solicitors via the Memorandum of Sale which is a legal document confirming the sale has been agreed
  • The seller’s solicitor will contact the buyer's solicitor and provide them with a copy of the property title deed. The buyer's solicitor will then raise enquiries on the title deed and all other matters that they consider relevant. The solicitor will also request a list of fixtures and fittings so that the buyer can be told what is to be included in the sale. The solicitor will also put in hand all the usual local searches
  • If the buyer is buying with a mortgage, the mortgage offer will be received within about five weeks of an application being submitted during this time the mortgage lender will carry out a survey of the property to determine the price and condition of the property being sold
  • Once the above is done and any necessary mortgage offer has been received by the buyer, the solicitors will discuss the completion dates required by their clients. Once this is agreed and all parties are ready to proceed, there will then be an exchange of solicitors’ contracts. The buyer will be asked to pay 10% of the purchase price at exchange of contracts and once contracts are exchanged there is a binding contract between the parties and neither party can withdraw.
  • The balance of the purchase price and any other fees are paid by the solicitor on completion, the buyer will need to provide these monies to their solicitor a short time before completion.
  • On the date of completion, the solicitor will arrange to settle the remaining amount for the property, register the title at the Land Registry and send the buyer evidence of registration.
  • Thereafter, the property belongs to the new owner and they can take possession of the keys!

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