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Those who are buying a house are apt to wonder why the process often seems to take so long. 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! Perhaps the best advice you can give a first-time buyers who want matters to progress with minimum fuss is to engage the services of proper professional property lawyers with local experience.

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.

Once all applicable documentation is checked and signed, contracts are 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. As a buyer your insurance cover should be activated and your removal arrangements confirmed.

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. 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.

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

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Filed under: Foreclosure Properties

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