Are you buying property in the UK? The buying process may be a bit complicated, and sometimes you will need someone to take you through the conveyancing process. That means you need an experienced conveyancing solicitor for the type of property you are buying.
There are different steps and stages involved in buying property in the UK. With a conveyancer, you can save time and other resources. In this article, you can familiarize yourself with the conveyancing process when buying property in the UK.
Step #1 – Choose a conveyancing solicitor
The first step to buying property is to get a conveyancing solicitor to hold your hand. You should instruct conveyancing solicitors that offer reasonable fees before you can get an offer from a property seller. Your conveyancer will help you fill out all the legal forms and contracts required in the conveyancing process.
An experienced solicitor such as AVRillo is a must-have if you want to ensure a successful conveyancing process in the UK. With a conveyancer by your side, you will save and have peace of mind when buying property. They are award-winning conveyancing solicitors in Enfield, London.
Buying a home or property for the first time is a lifetime decision, and for such, you will need a specialist solicitor to take you through the process.
Step #2 – Drafting contracts and deeds
The step in buying property in the UK involves drafting contracts, deeds, and mortgages. Your solicitor will request a contract from the seller’s solicitor and take part in drawing it up.
The contract will include all the issues raised in a document, like the forms completed by the seller and the applicable discounts.
Step #3 – Making enquiries
The next step involves making enquiries or obtaining searches. Your conveyancer, as a buyer, should check the contract pack, raise a pre-contract enquiry, and carry out all the required searches. The conveyancer should also obtain a copy of all the necessary searches and the mortgage offer.
The seller and the seller’s conveyancer should answer the pre-contract enquiries and return them to the buyer’s conveyancer.
There are a lot of searches that you have to carry out when buying property. These searches include Land Registry search, water and drainage, local authority, and environmental searches. The buyer’s solicitor should be able to review the search results and the mortgage offer from the lender.
Step #4 – Exchange of contracts
The other step when buying property in the UK includes exchanging contracts. When all has been agreed, including the completion date, you will be issued a version of the contract that both of you should sign accordingly. You will also have to sign the Transfer and pay a deposit of at least 10% so that your solicitor can request mortgage funds from your lender.
Step #5 – Completion
Completion is the last stage in buying property. Before this step, the buyer’s solicitor will conduct a search and lodge interest on the property with the Land Registry. At this point, the existing deed is all frozen to facilitate quick registration of the property at the Land Registry.
The solicitor then sends a final statement of all the funds due. This includes all the monies that the solicitor must clear before the completion.
All the outstanding money is transferred to the seller’s solicitor on the completion day. On the completion day, the buyer will vacate the property within the agreed time, and the buyer’s conveyancer will send the sale proceeds to the conveyancer.
Final Thoughts
Buying property in the UK means there are many things you should factor in. It means you should get in touch with an experienced conveyancing solicitor to take you through the conveyancing process and save time.
A conveyancer will handle the conveyancing process professionally and give you peace of mind when buying property in the UK.
