Think carefully before securing other debts against your home.  
Your home may be repossessed if you do not keep up repayments on your mortgage

Nearly there!

Having had a mortgage offer on the table, your solicitor/conveyancer will have proceeded further to apply for searches and enquires to ensure Good Title of the property is obtained whether freehold or leasehold.

This is the process where your chosen conveyancer will ensure you have good title to ensure your interests are protected and they also have a duty of care to your lender.  Some firms may use junior conveyancers/trainee solicitors for this type of work as it can be labour intensive but not always lucrative.  This can cause issue for buyers as the advice they may receive may be inaccurate, costing them a perfectly good property as the vendor no longer wishes to entertain the unnecessary delays or the hurdles placed there.  Even worse you may buy a property with a defective title.

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Buyers will get quotes from firms and usually the variation may only be around £50-100 across many solicitors.  However some firms will give you a full breakdown of the total anticipated cost whilst others will only give you their fees and not specify disbursements or other expected costs.

From a purchasers point of view, a property can be a large expensive purchase and so we strongly recommend you use a reputable firm with qualified solicitors to oversee the work.  Choosing a good solicitor/conveyancer is key.

Once everyone is agreed you are getting ‘Good Title’ (and your solicitor will make recommendations using their experience), you can exchange and commit to the purchase.  The vendor will also be locked in at this point.  You can specify a particular completion date (for example to tie in with your tenancy notice).  If exchange is taking place some months since you last saw the property, it can be worth making another trip down to the property and ensure it is still in the expected condition before you sign on the dotted line.

Prior to completion, your conveyancer will draw down funds from the lender and this will be forwarded to the vendor’s conveyancer at the appropriate time.  Once they confirm receipt of funds, you will be the official new owner and your estate agent/vendor will advise of the key collection.

And remember you are liable for that property and not the vendor.  So its best to visit it ASAP, check the meter readings and ensure it is secure.

Enjoy the new property!

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