The Housebuying Process In The UK: What You Need To Know

When buying a house, people frequently lament the length of time the process takes, and naturally ask why. 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 your bank or building society has agreed to lend you the money, the solicitor will liaise with the lender to prepare and check title deeds and contracts, oversee local authority checks and deal with the mortgage transfer. 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.

Once all relevant documentation is 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. 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 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.

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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