First-time buyer’s guide – From exchange of contracts to getting the keys: The Final Countdown
Exchange of contracts , the big milestone
Once all necessary enquiries have been answered, searches have been reviewed, your mortgage is in place, and you are happy to proceed, you can move towards exchange of contracts.
This is a very important stage.
Once contracts have been exchanged, the purchase becomes legally binding, and the agreed completion date is fixed.
Top tip: Avoid making non-refundable arrangements, such as booking removals or taking time off work, too early in the process. Your conveyancer will let you know when you are ready to exchange.
Completion, moving day!
Completion is the day you've been waiting for.
Your conveyancer will arrange for the purchase money to be transferred to the seller's solicitor. Once the seller's solicitor confirms receipt of the funds, completion takes place.
You can then collect the keys and start enjoying your new home.
But the legal work doesn't stop there.
After completion
Your conveyancer will deal with the remaining post-completion work, which can include:
- Paying Stamp Duty Land Tax, where applicable
- Registering your ownership with HM Land Registry
- Registering your mortgage lender's charge
- Dealing with any remaining legal requirements
First-Time Buyer Checklist
Before you start your home-buying journey, make sure you've considered:
- Deposit
- Mortgage affordability
- Agreement in Principle
- Solicitor/conveyancer's fees
- Searches
- Survey
- Land Registry fees
- Stamp Duty Land Tax
- Mortgage fees
- Buildings insurance
- Removal costs
- Furniture and appliances
- Council Tax and household bills
- Service charges
- Ground rent, where applicable
- Estate or management charges
- Potential major works
- Ongoing maintenance costs
Our Top Tips for First-Time Buyers
1. Budget for more than your deposit: There are numerous costs associated with buying a property, so make sure you have considered the full picture.
2. Don't rush the legal process: It can be frustrating when a purchase takes longer than expected, but your conveyancer needs time to carry out the necessary investigations and make sure you understand what you're buying.
3. Ask questions: If you don't understand something, ask your conveyancer to explain it. That's what we're here for.
4. Think about the ongoing costs: Service charges, estate management fees and maintenance costs can make a significant difference to your monthly budget.
5. Consider a survey: A mortgage valuation isn't a detailed inspection of the property's condition.
6. Don't book the removal van too soon: Wait until contracts have been exchanged and your completion date is confirmed.
7. Think beyond the purchase price: The cheapest property isn't necessarily the cheapest property to own.
8. Keep your conveyancer informed: If your circumstances change, your source of funds changes, or you receive new information about the property, let your conveyancer know as soon as possible.
Enquire Here
The quote is provided on the basis that it will include application for the Grant of Probate only, based on information which you provide to us and which we do not verify directly with banks, Land Registry etc. The quote does not include administration of the estate once Probate is granted, and is costed on the basis that you will deal with collecting and distributing the assets personally. We are able to provide support if you require a full administration service, however please use the Probate Cost Calculator section of our website to obtain an estimated quote for this service
* the cost calculator aims to give you an estimate of the likely costs of us dealing with the Probate / estate administration, but please be aware that all estates are unique and there may be factors which increase or decrease the cost estimate given, which we can advise you further on after taking detailed instructions.
The cost does not include conveyancing costs to sell any property within the estate. Malcolm C Foy can provide such services, but a separate cost would apply for this transaction.
* The cost estimate is provided on the basis of the following assumptions. If any of the below apply, we are still able to assist, but would need to provide you with a tailored quote to account for any of the factors below.
Assumptions
- The person who has passed away with a UK resident and there are no assets overseas
- There are no business or agricultural assets
- There is no dispute in relation to the Will / estate
- There are no beneficiaries who are unknown or untraceable
- There are no unusual debts in the estate
- You will deal with personal contents without legal input
- There are no trusts created by the Will and no beneficiaries under 18
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Legal and Regulatory
Regulatory Information
I am regulated through the Faculty Office of the Archbishop of Canterbury.
Services Provided
The provision of notarial services, including attesting the execution of documents for overseas use. Obtaining an Apostille and legalisation can involve a wide range of factors depending on the nature of the instructions given and the requirements of the recipients of my Notarial Act in the destination Country.
Price Information
In order that I can give clear guidance on the stages of the work required and my fees, including disbursements by way of Apostille, courier and postage, etc., I do ask for as much detail as possible at the outset of your enquiry.
Most services are based on a fixed price, by way of example there is usually a minimum fee of £90.00 per document. For simpler instructions, I provide a fixed fee quote and explain associated costs, including circumstances in which those costs cannot be stated precisely at the outset and/or may change over time.
Typically, my Notarial fees for a Power of Attorney for Spain, based on two parties signing the document, would be £280.00. There is no VAT payable.
Legalisation at the Foreign, Commonwealth and Development Office for an Apostille currently stands at £45.00 each plus postage/courier or agents' fees to handle the obtaining of the Apostille.
Other services, which are more complex, once instructions are clear, I will set out the basis of my charges and provide a proper estimate of the work to be carried out and the fee to be charged and keep you updated. If that estimate or associated costs change, I will inform you promptly.
Professional Indemnity Insurance
My professional indemnity insurance is £1,000,000.
Complaints Information
In the first instance, please write to me, preferably by email.
If the matter cannot be immediately resolved, I will refer the complaint to the Notaries Society, which will deal with the complaint under its Approved Complaints Procedure.
Complaints to the Notaries Society should be addressed to:
The Secretary of the Notaries Society
PO Box 876, Chichester, PO19 9ZH
Email: secretary@thenotariessociety.org.uk
Complaints may also be made to the Legal Ombudsman after a period of 8 weeks from the date the complaint was first made.
Complaints to the Legal Ombudsman should be addressed to:
The Legal Ombudsman
PO Box 6167, Slough, SL1 0EH
Email: enquiries@legalombudsman.org.uk
Data Protection: Privacy and Consent Notice
ANDREA PASHLEY NOTARY PUBLIC
The purpose of this notice is to explain how I collect, process and retain personal data in the course of providing notarial services and to gain your consent to do so.
As a Notary Public I follow the privacy policy of Malcolm C Foy & Co Ltd. However, my notarial practice is registered with the Information Commissioner’s Office (“ICO”) under number ZA276555.
Telephone: 01302 340005
Email: info@malcolmcfoy.co.uk
Post: Lazarus House, 14 Princes Street, Doncaster, DN1 3NJ
How do I collect personal information?
I collect information and data:
- directly from you at the point of your initial enquiry or instructions; and the Client Registration Form, a copy of which is available to you upon request.
- directly from the documents that you provide to me for notarisation or from third parties with a relevant and legitimate interest in the transaction.
- as a result of any additional due diligence enquiries necessary to complete the notarisation process.
How do I use your personal data?
Your personal data is used only, and solely for, the purpose of providing notarial services. It is processed in accordance with the 8 Principles of the General Data Protection Regulation (GDPR), for the following purposes:
- responding to your queries, requests and other communications;
- providing notarial services, including the translation and legalisation of documents;
- enabling suppliers and service providers to carry out certain functions on our behalf in provision of notarial services including but not limited to webhosting, data storage, identity verification, technical, logistical and courier services;
- in the resolution of any complaints.
Who do I share your personal information with?
Your personal data may need to be shared with third parties if:
- further processing is required, additional processing may include:
- translation;
- where documents need to be legalised at the Foreign and Commonwealth Office or at the Embassy or Consulate of the foreign jurisdiction where the document is to have effect.
- I have a statutory duty to disclose it for legal and regulatory reasons.
Where personal data is shared with third parties, I ensure that such third parties comply with all current data protection legislation. Where such third parties are located outside of England and Wales, for example your personal data is being transferred to foreign Embassies located in the UK or abroad, such organisations will process personal data in accordance with the laws to which they are subject and international treaties over which I have no control.
How long do I keep your personal information?
Basic data regarding the documents I am asked to notarise is transferred into a Master Client Protocol as required by my regulator, the Faculty Office of the Archbishop of Canterbury. These records are kept permanently and include the following data:
- The date of the act, the name of person at whose request the act was performed, the person or persons, if any, intervening in the act and, in the case of a person who intervened in a representative capacity, the name of his principal, the method of identification of the party or parties intervening in the notarial act, and in the case of a party intervening in a representative capacity, any evidence produced to the notary of that party’s entitlement so to intervene, the nature of the act, the fee charged.
Client Registration Forms and additional due diligence notes are kept for a minimum period of six years.
A copy of the notarial act is scanned into my computer system and kept permanently. Upon retirement or closure of the notarial practice, records are transferred to a successor practice or as directed by my Regulator.
Data Security
I have in place a range of physical and electronic security safeguards to protect your personal information against loss or theft, as well as unauthorised access, disclosure, copying, use, or modification. Note that from time to time data is transferred across the internet and I do not always have control over the processes involved.
Data subject rights
Your data is processed in accordance with Principle 6 of the GDPR; that personal data is processed in accordance with the individual’s rights. I therefore will not use personal data for direct marketing and no decisions shall be made by automated means.
More information may be found at https://ico.org.uk/
Consent
I _________________________________________________________________________________________________________
have read the above DATA PROTECTION: PRIVACY AND CONSENT NOTICE and hereby give my express consent to the terms contained therein.
This consent will apply to all requests for notarial services in the future in accordance with the principles of the General Data Protection Regulation.
Signed: ________________________________________ Date: ______________________________
