Housebuying In The UK: How It Happens, What to Do

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.

Every check, every signature, every exchange means time - and paperwork. Undoubtedly the key advice to first-time buyers who seek a trouble-free buying experience is to place matters in the hands of genuine professional property lawyers with local knowhow.

A decent local solicitor will have both the legal knowledge and the range of contacts to bring the process to a swift and satisfactory conclusion. Once your bank or building society has agreed to lend you the money, the solicitor will liaise with the lender to prepare and check title deeds and contracts, oversee local authority checks and deal with the mortgage transfer. Meanwhile you will arrange for a survey, buy insurance and appoint a removals company. Again, an experienced local solicitor will likely be able to advise on some or all of these responsibilities.

Once all applicable documentation is checked and signed, contracts are exchanged. At this point a deposit is lodged with the seller’s lawyers, final searches are conducted and a title certificate is sent to your lender subject to the mortgage advance being received. As a buyer your insurance cover should be activated and your removal arrangements confirmed.

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.
Any surplus funds agreed with your lender are released to yourselves. All being well, you now collect the keys and move in, with your solicitor tying up loose ends such as paying stamp duties and registering 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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