The Housebuying Process In The UK: How It Happens, What to Do

Many people wonder why buying a house is such a time-consuming process. 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 good local solicitor has, as well as legal expertise, the contacts on the ground to get the job done. 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. Meanwhile you will arrange for a survey, buy insurance and appoint a removals company. 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 lender will release a mortgage advance, a deposit will be lodged with the seller's solicitors and final checks will be conducted. Your insurance cover should be activated at this point and you should confirm removals arrangements.

Your solicitor will present you with a full financial statement and you contact the estate agent to arrange, subject to completion, collection of 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. 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.

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

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