Buying a house or flat involves a prolonged process around one of the most important financial decisions you are ever likely to make.
Consequently, it is important to understand each stage you are going to go through and the terms, which you may not be familiar with, which are likely to crop up.
Once you have found the property you wish to purchase, there is a standard process which your conveyancer will take you through to ensure that all legal requirements are met.
1. Initial Steps
Once you have made an offer on a property, you will want to undertake a survey – both to satisfy your lender if you are taking out a mortgage and to satisfy yourself that it is in good condition.
If you are searching in the Home Counties and need a homebuyers report Berkshire offers many options at sites such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-Berkshire.
The legal process gets under way once the vendor’s conveyancer gets the Deeds or copies of the title register from the Land Registry. An overview of the process can be found at the Land registry’s own site.
The vendor’s conveyancer will draft a contract along with a property information form, whilst the buyer’s professional will carry out searches on the property. Enquiries will then be made if any issues arise, and once answers have been received and a mortgage approval is in place, contracts can be signed and exchanged. A deposit will accompany this process, and a completion date will be agreed.
2. After Exchange
The purchaser’s representative will prepare a transfer deed and will forward it to the vendor’s conveyancer for signature and meanwhile make any final searches which may be needed. At this point funds from the lender will be requested. The vendor’s conveyancer will have to establish whether any outstanding mortgage is to be paid off and exactly how much that will be on completion date.
On completion the buyers pay the outstanding balance agreed and the vendor pays off any outstanding lending secured on the property, settles any agent’s fees and hands over the transfer deed and title deeds. Any Stamp Duty will also be settled at this time, and the deeds will be forwarded to any mortgagor or handed to the purchaser if there is no loan involved.
You will then have the keys to your home.