Geoffrey Clapp Associates

Geoffrey Clapp Associates is dedicated to making the buying process as smooth as possible, therefore we have put this information together for you to help guide you through the process of buying through an estate agent.

This page contains lots of information about purchasing a property as well as general help and information with the buying process; such as financial costs, surveys, the role of solicitors, leasehold and freehold, exchange and completion. If you have any questions about any of the details below feel free to contact us or visit us at our office on Broad Street, South Molton, North Devon.

Steps Towards Purchase

1. Find a property
2. Secure a mortgage
3. Appoint a solicitor
4. The mortgage company will carry out their valuation on the property
5. You instruct a surveyor to do a home buyers report or full survey (you decide)
6. The vendors solicitor supplies draft contract and title deeds on the property to your solicitor together with an EPC
7. Your solicitor raises any queries with the vendor's solicitor.
8. Once your solicitor is satisfied you proceed to sign contracts and agree a completion date.
9. You provide the vendor with the deposit via your solicitor
10. Signed contracts are sent to you from the vendor via your solicitor
11. Contracts are exchanged and you arrange Buildings and Contents insurance from date of exchange
12. Completion takes place on agreed date
13. Your solicitor pays remainder of purchase price to vendor's solicitor
14. The vendorís solicitor confirms completion of sale and arranges for keys to be handed over.
15. You move in!

Purchase Costs

When you buy a property you will typically incur these costs:

1. Solicitor's fees (including stamp duty, local authority searches)
2. Part payments on council tax, ground rents, service charges
3. Purchase deposit (typically 10-20% of purchase price)
4. Property insurance and household contents insurance
5. Mortgage (including indemnity premium and fees - often added to the loan)
6. Surveyor's fees
7. Removal firm
8. Services (any utilities that need to be reconnected, mail redirection)
9. Life assurance and mortgage insurance (if relevant to your requirements
10. Exchange & Completion - what it means and what is involved

Exchange means the transaction is legally binding, at which point you are obliged to proceed with the sale. At exchange, a deposit of (usually) 10% of purchase price will be transferred to the vendor’s solicitor.

Completion is normally 28 days from the date of exchange but it can be sooner or later as required. On completion your solicitor hands over the remainder of the purchase money to the vendor's solicitor.

At completion, and not before, you can move into your new home. Keys will be handed over by the vendor or estate agent

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10 Broad Street, South Molton, North Devon EX36 3AB

Tel: 01769 572121 Fax: 01769 579222

Email: info@geoffreyclappassociates.com

Place of Reg: England & Wales - VAT No: 946125324

Directors: Geoffrey J Clapp, Stella M Gerschwiler

Associate: Julia K Grasske

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