Buying a house for the first time is an exciting step in your life! However, the process can oftentimes be confusing and overwhelming for people who have never been through it before.
Not to worry, our experienced conveyancing solicitors are here to walk you through the process and explain it step by step.
When you have found your dream house and had the offer formally accepted, it is time to get a conveyancing solicitor to legally finalise your purchase.
The details of the solicitor acting for the buyer and seller will be exchanged via the estate agent, so don’t worry! That’s not on you.
Once the details have been shared, the seller’s solicitors will send your conveyancer the contract pack along with the property information form and the fittings and contents form.
If you are buying the home with a mortgage, your solicitor will also receive a copy of the mortgage offer once it has been accepted by the lender.
After your solicitor has received the content pack, they will carry out initial searches to find out vital information on the property and any associated risks before the contract is signed.
The type of searches that are needed depends on the location of the property. However, the most common types are local authority searches, environmental searches, water and drainage searches, flood risks and mining.
Your solicitor will review the findings and share the results with mortgage lenders on your behalf, this will highlight any issues that you need to be aware of and advise on remedies.
At this stage, your solicitor will work with you to resolve any outstanding issues before completion.
They will prepare a final completion statement and send the paperwork for signature.
Your solicitor will also complete a final Land Registry check to confirm that no changes have been made to the property since the register was first downloaded.
Once everything is ready, contracts will be exchanged and the deposit agreed with the seller’s solicitor.
You will then be legally committed to buying the property on the agreed completion date.
On completion day, your solicitor will pay the remaining purchase price, minus any deposit already paid, to the seller’s solicitor.
The seller’s solicitor will then send your solicitor the signed transfer deed and other title documents.
At the final stage, your solicitor will arrange payment of any Stamp Duty due to HM Revenue and Customs and register you as the new owner with HM Land Registry.
If you bought the property with a mortgage, your solicitor will also register the mortgage.
Once registration is complete, copies of the updated register will be sent to you and your lender.
Buying a house is a complicated process, but we are here to make it easier for you.
Our excellent team of conveyancing solicitors are here to help you purchase your new home flawlessly and with ease.
For conveyancing support, get in touch today!
