When buying a property, there is always a multitude of factors to be considered. If this is your first house or you are a seasoned buyer, it is always wise to go over the process to ensure you are ready for this big venture.
This article takes a look at the basic process of buying a property.
Making an offer on a house
Buying a property starts when you make an offer on the property, which the seller then accepts. As the buyer, you should instruct your Conveyancer on accepting the offer.
Once the offer has been accepted, you should arrange a survey of the property. A survey is an inspection of a property’s condition conducted by experts. A surveyor will look at a variety of factors, including:
- Any other major indoor features
- Permanent outdoor buildings
- Permanent outdoor features (roofing, pipes, gutters, walls, windows, doors).
Meanwhile, if necessary, you should make a mortgage application.
What are contract papers when buying a house?
Following the survey, your Conveyancer will confirm the instructions by letter. Terms of business and fixed fee costs are included.
Your Conveyancer will then be in contact with the seller’s Conveyancer to obtain the contract pack.
The contract pack contains:
- The buyer’s and seller’s names
- The agreed property price
- The title number
- The full property address
- Other details of the sale.
The contract pack is then checked, and your Conveyancer will raise any pre-contract enquiries, conduct the searches, and obtain a copy of the mortgage offer (if applicable).
The seller’s Conveyancer will then reply to any pre-contract enquiries raised by the buyer’s Conveyancer.
As the buyer, you should consider the report. Always raise questions to your Conveyancer or Solicitor about anything you might be unclear about.
When do you pay the deposit on a house?
Once you are happy to proceed, you should make arrangements to put down a deposit on the property. This is in preparation for exchanging contracts.
You, as the buyer, will then speak with the seller to arrange a completion date. Contracts are then formally ‘exchanged’. This process legally binds both parties to the transaction.
What happens on completion day?
At this point, your Conveyancer should prepare a draft transfer deed and completion information form and send them to the seller’s Conveyancer for completion.
The seller’s Solicitor will then approve the draft transfer deed and make the final copy. Both parties will sign this document.
Next, your Conveyancer will prepare a completion statement, conduct a pre-completion search on the property, and apply to your mortgage lender for the mortgage loan.
Final stages of buying a property
Upon completion, your Conveyancer will send the sale proceeds to the seller’s Conveyancer. The seller’s Conveyancer will then release the keys to the property to the estate agent (if applicable) and send the title deeds, transfer deed and an undertaking to repay any existing mortgage to your Conveyancer.
Your Conveyancer will then send the stamp duty payable to HMRC. They will also receive the title deeds, transfer deed and proof that the seller has paid any outstanding mortgage.
Your Conveyancer will register the property under your name at The Land Registry – you will receive a copy of this shortly after. Any further documents required by your mortgage lender to be retained by them will be sent on by your Solicitor.
Conveyancing Solicitors Richmond
At Jackson Longe Solicitors in Richmond, Surrey, we understand the stress you feel when buying a property which is why we aim to guide you through the legal formalities and ease any of your fears or anxiety.
Property Solicitor Near Me
We can assist with a wide range of property-based transactions, including:
- Buying and selling property
- Transfers of equity
- Buy-to-let transaction
Please get in touch with our experienced team of property solicitors in Richmond today to discuss how we can help you.