Housebuying In The UK: How It Happens, What to Do

Those who are buying a house are apt to wonder why the process often seems to take so long. The answer is that many different parties are involved (buyer, seller, lending institutions, lawyers, national and local government) and many different areas of the law (land deed, contract, planning, insurance) pertain.

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 decent local solicitor will have both the legal knowledge and the range of contacts to bring the process to a swift and satisfactory conclusion. 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, an experienced local solicitor will likely be able to advise on some or all of these responsibilities.

After all the appropriate documents have been checked and signed by relevant parties, contracts can be exchanged. At this point a deposit is lodged with the seller’s lawyers, final searches are conducted and a title certificate is sent to your lender subject to the mortgage advance being received. 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 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. 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.

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

Like this post? Subscribe to my RSS feed and get loads more!