Buying A House in the UK – The Basics

When buying a house, people frequently lament the length of time the process takes, and naturally ask why. The answer is that all sorts of interested parties (buyer, seller, lender, solicitors, local and national government agencies etc) are involved and several different areas of the law (contract, land law, insurance, tax, planning) are covered.

All of these stages and interests take up time - and paperwork! Probably the best advice that can be given to first-buyers who wish the process to be as smooth as possible is to place their affairs in the hands of genuine professional property lawyers with extensive local knowledge.

A good local solicitor has, as well as legal expertise, the contacts on the ground to get the job done. Once you have secured the mortgage the solicitor will contact your lender, preparing and legal-checking all contracts, supervising the mortgage transfer and dealing with necessary local authority checks. Meanwhile you will arrange for a survey, buy insurance and appoint a removals company. Again, a practised local solicitor will usually be able to advise on these services, or arrange directly on your behalf.

After all the appropriate documents have been checked and signed by relevant parties, contracts can be exchanged. At this point your lender will release a mortgage advance, a deposit will be lodged with the seller's solicitors and final checks will be conducted. Your insurance cover should be activated at this point and you should confirm removals arrangements.

Your solicitor will present you with a full financial statement and you contact the estate agent to arrange, subject to completion, collection of the keys. Your solicitor will then receive the balance of the mortgage from your lender and transfer these monies to the seller’s solicitors, obtaining title deeds and accompanying documentation in return. You receive any surplus funds you are due to receive from your lender. It's now time to get the keys and begin moving in, while the solicitor sorts out stamp duties and registers ownership with the Land Registry.

All done: you're a homeowner.

Tagged with: buying a house • conveyancing solicitors • house • property lawyers • Real Estate

Filed under: Foreclosure Properties

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