Housebuying In The UK: What You Need To Know

Many people wonder why buying a house is such a time-consuming process. 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! 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 job will be to arrange a survey, purchase insurance and engage a removals firm if needed. Again, a knowledgeable local solicitor will doubtless be able to assist with some or all of these duties.

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 prepare a financial statement and you can arrange with the estate agent to collect the keys, subject to date of completion. Your lender will transfer the balance of the mortgage to your solicitor, which is advanced to the seller's solicitor, who returns title deeds once monies have cleared. 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.

And that’s it: you’re now a homeowner.

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

Filed under: Foreclosure Properties

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