The Housebuying Process In The UK: The Basics

Many people wonder why buying a house is such a time-consuming process. 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.

Every check, every signature, every exchange means 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. Meanwhile you will arrange for a survey, buy insurance and appoint a removals company. 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.

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. The balance of the mortgage will be transferred to your solicitor by your lender , with the appropriate monies then being advanced to the seller's solicitor, who returns title deeds.
Any surplus funds agreed with your lender are released to yourselves. 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.

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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