The Housebuying Process 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.

All of this takes 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 will have the contacts on the ground, as well as the legal expertise, to ensure swift completion. 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. Your role will be to secure adequate insurance for the property, arrange a survey and find a removals company if required. 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 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.

A financial statement will be prepared by your solicitor and once a completion date is agreed, you can arrange with the estate agent to collect the keys. 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 will receive any surplus funds you are due under the terms of your mortgage. While you collect the keys and move in, your solicitor will pay any stamp duty owed, register your ownership with the Land Registry and send the title deeds to your lender.

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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