Buying A House in the UK – What You Need To Know

When buying a house, people frequently lament the length of time the process takes, and naturally ask why. The answer is that many different legal areas (land deeds, contracts, planning, insurance etc) as well as multiple interested parties (buyer, seller, lenders, legal representatives, government, local council etc) need to dealt with.

All of these stages and interests take up 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 good local solicitor has, as well as legal expertise, the contacts on the ground to get the job done. Once you have been granted finance by your lender, the solicitor will prepare and fine-check title deeds and contracts, deal with local authority checks and handle your mortgage transfer. Your role will be to secure adequate insurance for the property, arrange a survey and find a removals company if required. 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 your mortgage advance will be released by your lender, who will receive a title certificate, final checks and searches will be made and a deposit lodged with the sellers's representatives. You will detail your insurance cover to be activated and confirm removals arrangements.

Your solicitor will prepare a financial statement and you can arrange with the estate agent to collect the keys, subject to date of completion. 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. 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.

Congratulations: you now own a house.

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

Filed under: Foreclosure Properties

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