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5 top legal tips for buying property

One of the biggest financial investments anyone will ever make in their lives is the purchase of a property. It’s an exciting time, but can be stressful too, so we, the conveyancing team at Keelys, thought it good to give a few useful tips which help you make the big move, whilst keeping your blood pressure in check.

  1. We will need to see identification documents for all the buyers, so get this together as soon as you can. This means respected photo ID, such as a passport or drivers licence, as well as a utility bill less than 3 months old. You can give us the original documents and we will then take a copy for our records.
  2. If you are putting money to the cost of the property from savings, we need to see bank statements showing the money in accounts. In other words, we have to show where the money has come from. For example, if it is from the sale of another property, we will need a copy of the completion statement from the lawyer who dealt with that property for you. If it’s from the sale of shares, you will have to show us the closing statement.
  3. If you are financing through gifts, we need as much information as possible, such as how much and from whom. We may need identification documents from the person making the gift and for them to complete a form to confirm the gift to you. We will also advise your lender if you are getting a mortgage.
  4. Completion date – if you need to complete the transaction by a specific date make sure you tell us right at the start of the purchase, so we can see if it is feasible, and also so we can advise all the other parties. Most purchases take around 8 weeks from when we receive the contract pack from the sellers’ solicitor, but this can be influenced by other factors such as the length of the chain. Being realistic about the time does help alleviate stress.
  5. If you have a survey on the property, please give us a copy, so we can check if there are any legal issues which the surveyor mentions in the report. If it reveals problems not anticipated then you may need to speak to the seller’s estate agent about a price reduction. If there are issues raised by the report we will look at the options carefully, and amend the contracts if needs be. Remember, if you are getting a mortgage your offer needs to be issued showing the new purchase price.

We hope this has helped, and remember if you are thinking of buying or selling property, we at Keelys would be delighted to help. Contact us for an informal chat about your situation on 01543 420 000.

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