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 these stages and interests take up 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 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 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.

Once all applicable documentation is checked and 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 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 receive any surplus funds you are due to receive from your lender. 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.

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!