What are the legal procedures in buying a Flat in sylvan county.

Q: mahindra World City - Considering the99 year Perpetual lease + sale of flat. Is this going to be a lease from seller or from Mahindra lifespaces?Any advice pls

M K Philip, Apartment Resident

21st June 2013

Buying property in Mahindra Sylvan County, GST Road, Chennai

sez property purchase

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P Viswanathan, Chennai

28th June 2013

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Inform seller’s solicitor that you’re ready to exchange When your solicitor has a signed contract, mortgage offer, and an agreed completion date, they will inform the seller’s solicitor that you are ready to exchange. Exchange contracts Once contracts have been exchanged the you and the seller are legally committed to buy/sell the property in question. Completion Date
The completion date agreed with the seller on exchange of contracts is the date upon which the seller must give vacant possession and you can take up occupation, But first you must pay the balance of the purchase price. Failure to complete on the agreed date will result in the party at fault being in breach of Contract.

S Subramanium, Chennai

28th June 2013

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Hi Subramanium, I think you are very brainy and well read person. You have so much of knowledge. :)

Sudip Ganguly, Kolkata

28th June 2013

Yea thank you so much for the compliment. There are many people who do fraud things and make others fool, so i want all should be aware while they buy any property :)

S Subramanium, Chennai

28th June 2013

The approved contract will be sent to the seller’s solicitor for the seller to sign in readiness for exchange of contracts.Your solicitor will need to explain to you all of the information that has been received and the responsibilities you will have as an owner and a borrower from the building society. When this is done you will be asked to sign the contract.A deposit will be required from you by the seller’s solicitor. This is usually between 5% and 10% of the purchase price. If you are also selling a property, the deposit paid to you by your buyers can sometimes be used. If not, your solicitor will request a building society cheque or bankers draft from you to make sure there are no further delays due to cheque clearance.

S Subramanium, Chennai

28th June 2013

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An important part of the enquiries involves your solicitor obtaining detailed information from the local authority about planning issues which are relevant to the property. You will have to pay a fee for this. Most local authorities require a title plan detailing the relevant property along with the local search application. Different local authorities work at different speeds. The estimated return time will always be shown on the report. Once all of the information is received from the seller’s solicitors, your solicitor can send an approved contract to the seller’s solicitor.

S Subramanium, Chennai

28th June 2013

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When dealing with a leasehold property s/he will also ask for a copy of the lease, 3 years management accounts (if applicable) and a current buildings insurance policy. Receive draft contract and supporting papers. As soon as your solicitor receives the draft contract and other documents, s/he will go through them to find out everything is in order. But it is unusual for everything to arrive at once. Make further enquiries In some cases the information received may not be detailed enough or may in fact prompt further questions. If further information is needed, your solicitor will request it immediately.

S Subramanium, Chennai

28th June 2013

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okay..thank you so much, these informations are really good . I think all should keep in mind these things

Sudip Ganguly, Kolkata

28th June 2013

As soon as a you have chosen your solicitor, s/he will write to the seller’s solicitors requesting a draft contract, replies to standard pre-contract enquiries, a fixtures and fittings list and office copy entries from the Land Registry, or copies of the title deeds.

S Subramanium, Chennai

28th June 2013

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