In this section of the Cameron Stephen Buyers Guide we cover what happens in the two or so weeks leading up to completing the purchase of your new home in Edinburgh.
At this point we will have concluded the Missives and the Purchase Contract will be legally binding on you (as the buyer) and the seller. We will be taking the steps necessary to have everything ready to complete your purchase on the Date of Entry (the completion date).
Can you go and view the property again?
It is accepted practice that buyers are not allowed to go back to the property for a further viewing until the Missives are concluded. Once concluded, you are permitted to go round to the property on two occasions but only for the purpose of taking measurements or getting quotes for works you want to have done.
We do recommend that you do try to go round to see the property again as it is likely that you only went round the property once before, just to remind yourself of what you are buying.
However another good reason is that you can chat to the sellers and ask them about how things work such as the boiler, heating system & the alarm, and where things are such as the meters and the stop cocks. Practical things that are useful to know about.
Organise the buildings insurance
It makes sense to do this anyway, but where you are getting a mortgage, your lender will require you to take out buildings insurance. One of our obligations to your lender is to make sure you have done this and so we shall ask you to send us a copy of the policy schedule.
You can arrange your insurance cover through your lender or through your mortgage broker, or you can do it yourself. It is easy to arrange online.
Organising the removal company
If you need to instruct a moving company to help you with the move, then if you haven’t already done so, you should book that now.
It is not possible to tell you when what time we will actually settle on the Date of Entry but we do try to settle sometime during the morning. Then of course you need to wait until the seller has moved out. For that reason, you are best to organise the removal company to load up in the morning but to complete the move-in during the afternoon.
If you getting help from the Bank of Mum and Dad then now is the time for your parents to organise the transfer of those funds into your account.
Claiming the bonus if you have a Help to Buy ISA
If you have a Help to Buy ISA then you will to arrange to close the account. The money in the ISA will be transferred into your current account and your bank or building society will provide you with a Closing Statement.
We need you to send us the Closing Statement as it is needed by us as part of the process in claiming the Bonus from the government. You will also need to sign the First Time Buyer Declaration.
We will then go online to claim your bonus, which will be paid into our bank account a few days before the Date of Entry.
Signing the Security Documents for the mortgage
We will need you to come to the office to sign the Security Documents for the mortgage and the First Time Buyer Declaration if you have a Help to Buy ISA.
We don’t expect you to take time off work to do this. We can see you before or after usual working hours or on a Saturday morning, whichever works best for you.
Organising release of your mortgage funds
We organise with your lender for the mortgage funds to be sent to us in time for completion.
Sending us the balance of funds
We will let you know the balance of funds you need to send to us and how & when to do so. We will also explain to you the Source of Funds Information which you will need to send us, so that the Anti-Money Laundering Regulations are complied with.