Have a question? Call us on 0800 1979 345
Have a question? Call us on 0800 1979 345
This article was published on August 5th, 2022
Purchasing a property is an exciting time but it can also be overwhelming. Many things need to be considered and addressed before you buy a property, including a plethora of paperwork and legal contracts. This blog post will help you understand the legal steps involved with purchasing a property.
Once you have found a property and made the decision the purchase it, you must instruct a conveyancing solicitor to act as your legal representative throughout the buying process. Choosing an experienced solicitor is important because their expertise means that they are able to spot, prevent, and solve any issues that arise with documentation or communication with the seller’s solicitor.
After you have chosen a solicitor to represent you, they will receive a contract pack from the seller’s solicitor. The contract pack will outline the terms and conditions of the sale, such as the purchase price of the property, the date by which you must complete the sale, and the amount of deposit you will pay. The contract will also include a copy of the official title.
After you have received the contract pack, there are a few additional steps to complete before you can close the sale. One of the most important steps at this stage is to raise any enquiries you have and arrange a property search. The property search will highlight any issues with the property that you need to be aware of. Your solicitor will then investigate the property’s title and raise any other enquiries with the seller’s solicitor.
At this stage, providing you still want to go ahead with the property purchase, you will be required to sign the contract. When you sign the contract, you are promising to pay the seller the agreed-upon price, and the seller is promising to transfer the property to you.
Once everything is in place and has been sent back to the sellers’ solicitor, your solicitor will exchange contracts on your behalf. At this point, the sale is legally binding and a completion date is established.
After you and the seller have exchanged contracts, you will have a set period of time to complete the sale. During this time, the funds will be transferred and you will become the legal owner of the property.
After the sale has been completed, your solicitor will make arrangements for any Stamp Duty to be paid. Additionally, they will register you as the new owner of the property with HM Land Registry; this must be done within 30 days of the sale’s completion.
Purchasing a property is a big decision, and it is important to use an experienced conveyancing solicitor in order to avoid costly mistakes.
If you need help buying, selling or remortgaging your property, get in today. Thorneycroft conveyancing solicitors provide comprehensive, cost-effective conveyancing services. Our conveyancing process is designed to safeguard your interests at every stage of the transaction. Speak to a member of our experienced conveyancing team by calling 0330 058 0118 or filling out our simple enquiry form.
