How To Buy A House
Congratulations, you have finally found a house worth calling home and your offer has been accepted. But what comes next?
1. You need to choose an exceptional solicitor
With so many conveyancing firms out there it can feel overwhelming when trying to compare services and costs. At Versus Law our service is unparalleled and our rates are competitive.
As an award-winning solicitor’s with more than 10 years’ experience, Versus Law Solicitors has the acuity and experience to help you in every area of residential conveyancing.
If you’re looking to buy a residential property, our residential conveyancing solicitors in Manchester will provide you with pioneering legal assistance to help you to navigate the, often, complex process of property law.
2. Instruct your solicitor and inform relevant parties
Once you have appointed your solicitor, they will send you paperwork to complete. We would recommend that you fill this in and return it as soon as you can. At Versus Law we are happy to talk you through this initial paperwork if needed, we can do this by email, over the phone or in person (covid restrictions permitting).
Once you have chosen your solicitor, you should provide the estate agent and your mortgage broker/lender (if applicable) your solicitor’s details.
3. Produce your ID and proof of funds
Your solicitor will need to take copies of your ID and will also ask you for proof of how you intend to pay for the property i.e deposits, gifts, mortgage etc. It is best to disclose this information as soon as possible so that any issues or queries can be addressed promptly.
4. If you taking out a mortgage ensure your lender has everything they need.
If you have a mortgage broker, check with them that they have everything they need in order for your mortgage application to progress as quickly as possible.
5. Instruct a surveyor
It is completely up to you whether you have a survey, but a house is probably the most expensive and important purchase you will make so we recommend getting one done. There are a number of different surveys available and a good survey will provide you with a thorough report on the condition of the property and potentially help you to negotiate down your original offer if there are any major defects found.
6. Your solicitor will carry out searches and raise enquiries
Your solicitor will check the documentation received from the seller’s solicitor and will raise any necessary legal enquiries. Let your solicitor know if you notice anything out of the ordinary or want to raise anything.
Your solicitor will also carryout the legal searches in relation to several matters. This stage often takes some time especially if the information is not available straight away.
7. Exchange of contracts
Once enquiries have been completed, your mortgage off is ready (if applicable) and all the other parties are ready, contracts can be exchanged.
An exchange of contracts makes the transaction legally binding. If you change your mind after this point you are likely to incur a fine. You will also need to arrange buildings insurance as you will be legally bound to purchase the property.
This is the day when you get the keys to your new house. Your money is transferred to the seller’s solicitor and you become the legal owner of the property.
If you would like any further information or you would like to instruct Versus Law contact us today on 0845 555 0606 or email us at email@example.com. If you prefer, you can complete our contact form here.