Buying a new home, whether you are a first-time buyer or moving on to your second or even third property, is an exciting time. However, before you get carried away with it all, you need to keep in mind all of the legal considerations involved with property purchases. Unfortunately, it isn’t as easy as just handing over the money and moving in!
Find a solicitor
First of all you will need to find a solicitor – one which specialises in conveyancing and property law. You can’t proceed with drawing up and the exchanging of contracts unless you do have a solicitor, so this is a necessity to the process and is one which you need to get right. If you are unsure about who to use, try asking for recommendation from friends, family members of work colleagues about who they have used in the past, or use the Law Society website to find a legal expert which specialises in this area.
What to give to the solicitor
Once you have settled on a solicitor and know which property you would like to proceed with, they will need to take some information and documents from you. This includes identification of yourself and any other applications e.g. your partner, the property’s price and EPC certificate if there is one. You’ll also need to let them know how you are planning to pay, e.g. with a certain mortgage or even in full, whether you are planning on carrying out any work on the property, and then whether the seller is buying another home and if you have a current property to sell.
Signing a contract
A solicitor will do some investigative work into the property and the area. This could include enquiring to the council about any planning work due to take place, or whether the property has been subjected to flooding in the past. If a leasehold property, particularly in the case of apartment purchases, they will check with the management company about any relevant service charges which you would need to pay. They will explain all of their findings to you before getting you to sign a contract to buy the property.
The contract you have signed with your solicitor, along with the contract of the property which is signed by the current owner, will then be exchanged. This is the point of the deal where the sale becomes set-in-stone and contracts are binding from this point on. The solicitor will then come to an agreement about the final sale completion date.
Final balance payment and completion
Your solicitor will then take the money lent to you by your mortgage lender, along with/or the money you have saved up already. They will also take any extra money that you have been informed about including stamp duty, VAT and other relevant costs that may be part of the deal. A solicitor sorts all of this for you, allowing to concentrate on the arrangements of moving into the property. They will also register you as the new owner in the eyes of the law.
About the author
This is a guest post written by Yorkshire based QualitySolicitors. If you need an experienced property and conveyancing solicitor for your new property purchase then visit their website for more information.