The Housebuying Process 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.

Every check, every signature, every exchange means 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 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, an experienced local solicitor will likely be able to advise on some or all of these responsibilities.

Once all relevant documentation is 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. Your insurance cover should be activated at this point and you should 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.

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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