Housebuying In The UK: How It Happens, What to Do
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Many people wonder why buying a house is such a time-consuming process. 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! Undoubtedly the key advice to first-time buyers who seek a trouble-free buying experience is to place matters in the hands of genuine professional property lawyers with local knowhow.
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. Meanwhile you will arrange for a survey, buy insurance and appoint a removals company. Again, a knowledgeable local solicitor will doubtless be able to assist with some or all of these duties.
After all the appropriate documents have been checked and signed by relevant parties, contracts can be 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 will receive any surplus funds you are due under the terms of your mortgage. All being well, you now collect the keys and move in, with your solicitor tying up loose ends such as paying stamp duties and registering ownership with the Land Registry.
Congratulations: you now own a house.
