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Step by Step to Property Purchase


  • Discuss with your financial adviser if a property purchase via your SIPP is right for you. Decide on a suitable commercial property and how the transaction is to be funded

  • If pension contributions or encashment of other investments are required to fund the purchase, arrangements should be put in hand to ensure this is done in good time so as not to delay matters

  • Fully complete the property purchase questionnaire and the new lease questionnaire, if applicable.. It is important to provide as much detail as possible to IPM at the outset as missing or incomplete information can cause delays

  • IPM will then instruct solicitors, lenders and the surveyors if appropriate.. We will advise your financial adviser when this has been done

  • IPM will liaise with all parties concerned to progress the transaction.. If the client has appointed their own solicitors they will need to report all aspects of the transaction to the IPM’s overseeing solicitor prior to exchange of contracts

  • IPM will need to sign all of the relevant documentation, be in receipt of funds and have had sight of a suitable valuation with any borrowing documentation completed prior to exchange of contracts

  • Generally if the property is freehold IPM will arrange buildings insurance cover on our block policy with Norwich Union prior to exchange of contracts.. Leasehold properties are generally insured by the freeholder, IPM will require evidence of cover prior to exchange of contracts

  • Completion of the purchase

  • Following completion of the purchase IPM will issue a completion letter.. Generally this letter will contain information in respect of the occupational lease, a standing order form for rental payments, a rental invoice, a copy of the buildings insurance schedule, a duty to manage asbestos letter and a property management agreement.. If the purchase is for a group there will also be Deed of Joint Ownership.. Please ensure that all documents which need to be signed are returned to IPM as soon as possible

    As property purchase is a unique transaction we cannot provide timescales for the transactions.. However, in our experience most cases are completed within 10 to 12 weeks.

 

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I.P.M. SIPP Administration Limited, Cintel House, Watton Road, Ware, Hertfordshire SG12 0AD Tel 0845 130 3443 Fax 0845 230 3443
email info@ipm-pensions.co.uk I.P.M. SIPP Administration Limited is authorised and regulated by the Financial Services Authority.

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