When Can I View the Property Before the Date of Entry?
In our offer to purchase we require the seller to arrange a time with you to check the house out for measurements, etc… and to show you how the heating and other systems work. You also have the right to have a central heating engineer inspect the heating system at your expense before you move in. This is worth arranging as essential repairs can then be carried out at the seller's expense before the date of entry. Otherwise you may have to foot the bill for faults not discovered before the date of entry.
What Will be in my Mortgage Offer?
Unfortunately all lenders' mortgage offers run to several pages and sometimes include booklets which are a guaranteed cure for insomnia. Nevertheless you should try and read them as they include not just:
the amount you are borrowing
the interest rate
the monthly payment
when the payments will come off
special deals or conditions
also what you can or cannot do with the property while you are borrowing money on it
Lenders can get the figures wrong so read these mortgage offers carefully. Your mortgage advisor should also receive a copy so phone him/her to check it out and ensure that any forms you need to complete and return are sent in plenty of time before the date of entry.
Will There be Any Other Forms For me to Sign Before the Date of Entry?
In Scotland only the seller signs the sale document called a disposition. If you are receiving a mortgage Conveyancing Direct will receive mortgage instructions from your lender. These will be similar to your mortgage offer.
Conveyancing Direct will prepare a standard security which is the document that bonds the house to the lender until the mortgage is repaid. It also gives the lender power to repossess the house without consent if you fail to abide by the mortgage conditions.
Some lenders sometimes require additional documents to be signed and you will be advised of these where applicable. Because hard copies of these documents are required, Conveyancing Direct will either send the documents to you for signing or arrange for you to call at our office to sign if convenient to you. These documents must be signed and in our hands before the mortgage funds can be encashed.
When do I Pay my Deposit?
Provided that your mortgage lender has issued mortgage instructions to Conveyancing Direct at least one week before your date of entry Conveyancing Directs legal executive appointed to your case will ask you for your deposit and any outstanding charges to be in our hands preferably five days before the date of entry. This is paid via CHAPS or BACS through your bank so that they will be cleared through Conveyancing Directs client's account in plenty of time for the date of entry.
Cash is not acceptable due to Government Money Laundering Rules.
Conveyancing Direct will provide you with the necessary bank details for the transfer of funds. Please note that until we have the mortgage instructions we cannot confirm the exact amount of your deposit.
How is the Price Paid?
Provided we have all the signed documents we require, Conveyancing Direct will request mortgage funds from your lender on the business day before the date of entry and then send a cheque to the seller's solicitor. Once this is received the seller's solicitor will authorise release of the keys to you on the date of entry.
How do I Get the Keys?
Shortly before the date of entry Conveyancing Direct will be advised by the seller's solicitor when the keys will be available on the date and where they can be collected. There cannot be any guarantee that the keys will be available at a certain time on the date of entry.
By convention most keys are available by lunchtime. However there can be delays due to sellers having removal problems particularly if they are attempting to buy and sell on the same day. With a little give and take between sellers and purchasers the system works pretty well.
If you are hiring a van or removal firm it is advisable to do so for the full day and not for a half day given that the time you receive the keys cannot be guaranteed.
What Should I Check Once I Have the Keys?
Check that any moveable items included in the contract are all there. Let Conveyancing Direct know as soon as possible if there is a problem so we can raise the matter with the seller's solicitor. Normally you only have three working days to intimate such a claim. Check that:
the meters have been read
advise the utility companies (gas, electricity and telephone) that you are now the owner occupier
you should receive a council tax notice from the council shortly after you move in.
If this is not received within one month please contact the council Finance Department.
What Happens to the Title Deeds?
In exchange for the price the seller's solicitor sends the signed title deeds and any other related documents to Conveyancing Direct. Conveyancing Direct's supervising solicitor will:
complete an online tax application
arranged for the tax(if any) to be paid and have them registered in the public registers
The public register will issue a receipt and in a few weeks or months confirm that the land registration process has been completed. The title is now kept electronically at the Land Register so no paper copy is issued to Conveyancing Direct. In the event of a resale a copy of the electronic title is obtained by the solicitor acting for you.
How Are the Financial Matters Finalised?
Conveyancing Direct will wait a week after the entry date to send a statement to you showing:
all the money we have received
all payments made on your behalf
along with a cheque for the balance of any sums we are holding for you
A week is required because we do not receive confirmation from our bank that all funds have been cleared. If you have any queries on the statement contact the person handling your case as soon as possible. Otherwise you can count the transaction completed and turn your new house into your home.