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 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 this takes 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 will have the contacts on the ground, as well as the legal expertise, to ensure swift completion. 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 job will be to arrange a survey, purchase insurance and engage a removals firm if needed. Again, a knowledgeable local solicitor will doubtless be able to assist with some or all of these duties.

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. 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. 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.

All done: you’re a homeowner.

Tags: , ,

Comments are closed.