Live Let Buy will endeavour to do all that we can to ensure that every step in the reservation process is completed as smooth and efficient as possible. Our Client Care Department and your Investment Property Broker will always be on hand should you have any queries or need help in the process of purchase and the steps preceding it. Contained within this document is a list of steps to guide you through the process.
Step 1 – Reservation
Once you have signed the reservation form and sent it back to your Investment Property Broker, along with the payment for the total reservation fee required, they will confirm receipt and advise you that the unit has been officially reserved in your name. Note: At the Developers request you must be in a position to exchange within 21 days from the date of reservation as outlined on your reservation form.
Step 2 – Instructing a Solicitor
For each Development we have recommended Solicitors that have been briefed on the project and have a proven track record of high quality service. Our Client Care Department will contact you to confirm your reservation and provide contact details for the Solicitors.
Legal fees vary depending on the Solicitors that you proceed with and although we will outline the fees at the point of reservation you must contact the Solicitors directly to obtain a full breakdown of the fees that will be charged. Note: Various fees / disbursement charges will apply depending on the local area, specific development and where you reside.
Upon instructing a solicitor, they will either write to or email you with their welcoming documents, otherwise known as Client Care documents, where they will advise you of the services they provide and what identification documents they require to proceed with your purchase.
Step 3 – Applying for a mortgage (if applicable)
If you are applying for finance on your purchase, a Mortgage broker should be selected and an application submitted. The mortgage broker will submit an application which will indicate whether you are likely to be approved for finance normally subject to a valuation being performed. We can provide you with our recommended Mortgage brokers to improve the chances of approval.
Your chosen Mortgage broker will advise you of what is required in order to submit your application and this is usually:
- A Certified True Copy of your passport and /or photographic driving licence.
- An original copy of a bank statement from where the purchase funds will be transferred from.
- Proof of address such as a utility bill dated within the last three months.
Note: Please be aware that you can only apply for a mortgage to fund your purchase if the seller has specifically authorised this from the point of reservation. For example many bank repossessions, student or hotel developments will only allow cash buyers. Mortgages for off-plan properties are only likely to be approved 6 months from the completion of the development. Please check with your Investment Property Broker if in doubt.
Step 4 – Money Laundering Regulations & Compliance Documents
The Money Laundering Regulations require the Solicitor to be satisfied as to your identity as the purchaser and as to the source of the funds that will be transferred into their client account. In order to comply with these Regulations, they will ask you as the purchaser for proof of your identity in most cased they will accept:
- A Certified True Copy of your passport or photographic driving licence;
- A certified true copy of a bank statement from the account where the purchase funds will be transferred from.
- Proof of Residency, such as a utility bill dated within three months.
Step 5 – Searches and Enquiries
Once the Solicitor has confirmed receipt and acceptance of your documents they will issue you with a request for their fee’s to perform local searches and raise enquiries with the Seller’s Solicitor. This will invariably be a local search and a site check which will report relevant data on the site and surrounding areas.
Step 6 – Search Results, Contract Issue and Completion Statement
The Solicitors will confirm once they have received the results of the searches and the enquiries and report back their findings to you. As well as these search reports they will issue you with a copy of your contract, leasehold agreement and any other supporting documents relevant to your purchase, which can differ depending on the type of investment.
As the purchaser you will then be required to re-view these documents and sign where relevant. You will then need to send the original documents back to your Solicitor. It is always beneficial to send scanned copies ahead of posting these documents to the Solicitors, particularly if you are overseas as in some cases your Solicitor can exchange on this basis should you wish to do so and allows the Solicitor
to quickly identify if there are any problems with these documents, thereby saving you postal costs and time.
The Solicitor will also issue you with a completion statement detailing the amount required from you as the purchaser in order to exchange and or complete on your purchase. They will also confirm the necessary bank details to transfer to. Note: If you are purchasing with finance then they will also detail the amount they will be drawing down from your lender on this completion statement.
Step 7 – Exchange
Once the Solicitor has received all the funds in their client account and allocated them accordingly, they will confirm receipt and contact you to confirm your authorisation to exchange and / or complete on your purchase.
Following receipt of authorisation from you as the purchaser to proceed to exchange, they will contact the seller’s solicitor and advise they are ready to exchange contracts and send over the funds.
Once this has been received in the client account of the Sellers Solicitor your Solicitor will contact you to confirm exchange and / or completion of your purchase.
Step 8 – Completion and Land Registry documents
Once your purchase has completed your Solicitor will contact you to advise you as such and indicate when they will send you the original copy of the contracts and agreements that they will receive from the Sellers Solicitor.
They will then use these documents to register you with the Land Registry as the legal owner of the property.
Step 9 – Property Management and Aftercare
Post completion, our Client Care Department will be in touch to confirm your property management agency and their contact details. We will also request your bank details in order to provide these to the managing agent to set you up for receiving your rental payments.
Your property management agency will then contact you in due course to introduce themselves and their service.
Things to bear in mind throughout the process:
Notify us as soon as possible if you think you will be unable to reach exchange within the specified time, such as if you have planned holidays, as an extension will need to be applied for and is not guaranteed. Our Client Care Department is routinely in contact with the Developer throughout the purchase process and will need as much information as possible in order to assist you and manage expectations on all sides.
Always feel free to contact Live Let Buy Ltd and or your Solicitors if you need support or have any concerns, as we will be more than happy to help and resolve your queries. We will always endeavour to respond to you within 24 hours