Page 4 - Guide to the house buying process

THE HOUSE BUYING PROCESS

borrowing to buy and this document gives the lender the right to take ownership of the property from the buyer if
the buyer breaches his or her loan conditions. The Standard Security is recorded in the Land Register along with
the Disposition in favour of the purchaser and it effectively prevents the purchaser selling the property without at
the same time repaying the loan due to the lender.
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7. Paying the Purchase Price

Shortly before the date of entry, Caesar & Howie will request or ‘requisition’ the loan cheque from the lender, if
Caesar & Howie are satisfied that the seller is entitled to sell and that ownership can be transferred on the
scheduled date of entry. At that point also we would ask you for any deposit payable towards the purchase price,
the legal fees due and stamp duty if payable. These cheques are paid to Caesar & Howie and we will issue our
firm’s cheque to the seller’s solicitor, this being sent or delivered strictly in exchange for the document
transferring the property to the buyer and also in exchange for the keys.
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8. Your Mortgage Payment

To allow for clearance of cheques, we will normally request the lender’s cheque a few days before the date of
entry. Once that cheque is issued by the lender, the lender will automatically contact you regarding mortgage
repayments. Most lenders will send standing orders together with details of the amounts requested and the
payment dates. Payment dates can be altered to some extent to suit the purchaser’s wages or salary payments
and if in doubt you should ask advice from the solicitor or legal executive handling your transaction.
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9. Paying the Fees

You will receive a note of our fees and also the various costs we have to pay on your behalf. For example, we will
have to pay dues to the Government for recording in the Register the document transferring the property to you.
If there have been Making of payments received by us and made by us on your behalf in the course of your
transaction you may also receive a ‘State for Settlement’ which is simply a record of these transactions together
with a note of how much is due to us at the end of the day. Methods of payment will be explained and time for
payment can be granted in certain circumstances if requested. The solicitor or executive dealing with your
transaction will give you any details you require.
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10. Making Your Will

At the end of this transaction you will be a property owner and it is desirable for all property owners to prepare a
Will outlining how his or her whole estate (including the property purchased) should be dealt with in the event of
death. Apart from the desirability of stating how the property is to be dealt with, a Will can generally save time
and expense in dealing with a deceased’s estate on death. Please ask the solicitor or executive dealing with your

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