You have now sold your property or found the perfect property to buy. You have then instructed your Solicitor to act for you.
You’re thinking that was fairly straightforward… and then the post arrives with your initial pack of paperwork for you to complete.
It may seem like pages and pages of forms for you to fill out and, whilst most things are electronic these days, you will have to complete and return these forms to your Solicitor to get the process started. So, how to cope?
The below tips will help you prepare for the initial paperwork and are an initial snapshot into what to expect.
Proof of identity
Your solicitor will always require identification documents to be able to satisfy their requirements and to confirm you are who you say you are. Be prepared to provide proof of identity together with proof of address.
Documents such as a valid passport or driving licence and bank statements or utility bills dated within the last three months will suffice. Ensure you are prepared for this step by gathering suitable documents in readiness and ensuring any documents you want to provide are still in date.
Take your time…
Ensure you set time aside to work through the paperwork slowly and thoroughly. There will be a lot of reading to be done so it is important you take this time out to fully focus on what you need to do. If you have any questions, then ask your Solicitor for help.
It is much easier to get the paperwork right the first time round rather than having to go back and forth a number of times because you have missed or misunderstood the paperwork.
… but don’t take too long!
That said, ensure that you return your completed paperwork as quickly as possible to avoid any delays on your matter. Note that the Solicitor will not be able to progress your matter until your initial paperwork is in and is satisfactory.
Money
Be prepared to make up front payments as and when requested. Solicitors have to make payments to third parties and therefore require money up front from you in order to do so. The initial paperwork will detail any payments that are required and when so ensure you have sufficient funds to be able to make these payments.
Documents associated to the sale property
It is worth gathering any documents associated with the property as you will need these at some point during the transaction. Such things like the title deeds if you have them, any planning permission or building regulations certificates, any guarantees, electrical documents, safety reports etc.
Also, if you are selling a leasehold property, make sure you have copies of documents relating to service charges including a copy of accounts, share certificate, memorandum and articles, buildings insurance, and recent correspondence from the freeholder or managing agent.
Getting these documents together at the beginning of a transaction will save you time looking for them at a later date when time is more of the essence.
Source of funds
If you are purchasing a property, be prepared for questions regarding source of funds. You will be required to evidence how you will be funding a property purchase.
This is a very important step and can hold up the Solicitor’s due diligence checks if the necessary evidence is not provided so be as helpful and forthcoming as you possibly can.
Further reading
Purchases – Oakwood Property Solicitors
WHAT TO DO NEXT
To make a start on the next step in your property journey, get in touch today to book a consultation with a member of our team. Call us on 0113 218 5727 to find out how we can help you.
