Week 46: Documentations and Dilemmas

Hey everyone hope you’re all enjoying some down time, I mean if you're stuck home then why not it's not like anyone’s going anywhere..right? I have had a wee bit of rest but at the same time making sure these are just very brief periods of inactivity so as to recover but still not taking my eye off the ball. This week's blog is about those all important documents in a buying process where no doubt you will feel like a freshman straight out of college on a law degree. Believe me it's quite hard getting your head around those legal papers, almost like learning a new language.

Tip: make sure you drink copious amounts of coffee as these documents WILL put you to sleep, no lie.

Tip: if you really don't like someone let them proofread it for you...hehehe

Step by Step Documents Required for House Purchase

Auction House

Register & Bid via Company Name or Personal

Contact details of your solicitor

Pay 10% of Purchase Price + Auction Fees

Sale of Memorandum will be provided by Auction House

Broker

Investment CV

Brokers commitment fees eg £500

Lenders Application Form

Identification (ID)

Lenders List/Bridging Finance 

Payslips for all parties involved

Bank Statement for all parties 

Schedule of Works (signed by builder with timescales including breakdown of cost)

Unoccupied Property Insurance, (Note: Lender as Interested Party with minimum insured amount)

Sale of Memorandum from Auction House

Credit Report (upto date)

Pay for Valuation/Surveys eg (£1420)

Solicitors/Legals

Signed Client Care Pack/Agreements (hard copy)

1. Signed Plans of the Property

2. Signed Contract

3. Signed and Witnessed Transfer Deeds (HM Land Reg TR1 form)

4. Signed Copy of Report

5. Stamp Duty Return

6. Mortgage Report

7. Mortgage Deed (development tranche)

8. Board of Minutes Resolution

9. Debenture form 

10. Guarantee and Certificate of ILA for Completed and signed by independent firm of Solicitors

11. Land Charges Act (certificate of searches) signed

12. Registered Title Plan (with OS Map/Pic)

13. Completion of Registration/ Register of Title (Latest Edition)

14. Guarantee and Indemnity Form

15. Conveyance Letter

 Other Docs 

Company UTR number if you're not VAT registered.

Company name, number and details.

Certified and signed lD, from Independent Solicitor.

Searches/Insurance (Indemnity) for any unknown Covenants on property 

Other searches eg company, bankruptcy 

Company Bank Statement

Proof of Income for all parties (Bank Statements)

Sale of Memorandum from Auctioneers

I have kept the above to a list format as it is easier on the eye and overall to digest. Hope this step by step guide to buying breaks down some of the complexity involved and at a glance, indicates what papers to prepare for any parties involved so when they do make a request you could swat up by having everything ready hah. The above is an example of when purchasing via an auction, but the concept will still remain the same if you go through the vendor/agency route with a regular mortgage. In that case just leave out the brokerage, bridging and auction house and it becomes a much simpler transaction.