House Purchase Guidance

I have just been told my offer has been accepted.  What exactly are missives and when do I need to come in and sign these?

Missives consist of a series of formal letters which once concluded/finalised mean that there is a binding contract in place for the purchase of a property.  It is a common misconception that you require to sign missives.  Missives are completed by your solicitor on your behalf following upon your instructions. There is an exception to this, however, where a newbuild property is being purchased.  In this instance, it is common practice for the builders or their solicitors to prepare a standard set of missives and to request that these are signed by the purchasers.

There is a Home Report for the property I have purchased but I have been told that this is out of date and a refresh is required.  What does this mean?

The Home Report for the property incorporates a valuation.   If the Home Report was conducted more than three months before the submission of your offer, it is standard practice for the lender/mortgage holder to request that this is refreshed.  This simply means an update of the existing report in order to ensure that the property is still substantially in the same condition as when the original Home Report was carried out and also that the valuation of the property remains unchanged.    Any request for a refresh should initially be referred to the Estate Agent but usually we will have checked this point at the time of submission of your offer. 

How long will it take for missives to be concluded?

The time taken to conclude missives varies according to the circumstances of each individual transaction.  It is likely that you will not wish missives to be concluded until your mortgage offer has been received by us and, if you are sale dependent, until such times as you have concluded missives for the sale of your existing property.

I want to go back out and see the property so I can take measurements.

You are entitled to have access to the property for measuring up purposes but this will only be permitted once the missives have been concluded. 

I’ve received my mortgage offer.  Do I need to hand this in to my solicitor?

Your solicitor will receive a copy of the mortgage offer which has been sent out to you together with the solicitors’ legal instructions.  You, therefore, do not require to hand this in to your solicitor.

When do I need to pay over my money and how is this done?

Approximately one week to ten days before your completion date, you will receive a Statement of Account which will detail all in the intromissions in your transaction.  You will be asked to pay your deposit, all fees and outlays at the very latest three days before your completion date.  These funds should be paid by bank transfer but a full explanatory letter will be issued with the Statement.

I have been told that I need to attend the office to sign my Security documentation.  What exactly is this?

You are being asked to attend the office in order to sign the Standard Security in favour of your lender.  This is the mortgage deed and this must be signed by you before your completion date.

What time will I get my keys and where do I collect them?

Unfortunately, a precise time for the release of keys cannot be provided as there are certain legal checks which have to be carried out by your solicitor just before completion.  We do, however, endeavour to have these made available by lunchtime.   

When do I get my title deeds?

The registration process of a title is now electronic.  Once the registration of your title to the property has been completed, a copy of the updated title will  be forwarded to you by e-mail.