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This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Q: What is the Legal Process When Buying a House?
Answer: The legal process of buying a house is known as conveyancing – legally transferring property from one owner to the next. It’s a multi-faceted process that is best handled with the help of an expert.
After seeking the help of a mortgage advisor at the start of your property buying journey, you will also need to select a solicitor to aid you in the process. Some mortgage lenders will provide a solicitor for you if they have a “free legals” option, but once you do select a solicitor, you’ll need to complete the necessary paperwork and remit payment for their services.
Your solicitor will take on the brunt of the work at this point. They will request a contract from the seller’s solicitor and return it back to them with any enquiries highlighted. From there, they will work with a surveyor who will conduct searches on the property.
Once the enquiries your solicitor put forth to the seller’s solicitor come back and there are no further questions from the survey results, you can move to the next stage. There is more paperwork to complete, such as the transfer of ownership and mortgage deeds, completion statement, report on title, and the finalised contract. After this, both you and the seller will agree to the terms of the contract and determine a completion date.
When your lender returns your mortgage offer, ensure your solicitor receives a copy as well. They will work with you to determine how much of a deposit you will need for the property.
Then your lawyer oversees the process of your mortgage lender transferring the funds to your seller’s solicitor, draws up a completion statement, and organises the payment of your Stamp Duty. Finally, you will be able toget the keys to your new property!
While it may seem like there is a clear cut process, any number of things could derail the operation. To ensure the purchase of your property goes off without a hitch, enlist the help of one of our specialists.