Make A Smooth Move With Help From Home Property Law
Buying a new home can be a time-consuming and frustrating process if you do not have the right expert conveyancing team on your side.
At Home Property Law, our experienced team is tenacious in its approach and works tirelessly to move you into your new home within expected deadlines.
Whether you are a nervous first-time buyer, an experienced investor, or adding a property to your portfolio, there are numerous steps and legal procedures involved.
You need the assurance that you have an experienced conveyancing solicitor who specialises in property transactions to guide you through the process.
When Should You Instruct a Conveyancing Solicitor?
You’ll need to instruct a conveyancing solicitor as soon as your offer on a property is accepted, so it’s a good idea to do your research as early as possible so you have everything lined up for when your offer is accepted.
Some buyers will obtain quotes and instruct their solicitors before they find a property to buy.
Often this strengthens their negotiating position when submitting offers for their chosen property.
In the first instance, your solicitor will provide you with terms of engagement which will include their fees and a breakdown of the services that will be provided.
Once you’ve signed this, and the estate agents have issued their sales memorandum your solicitor will contact the seller’s solicitor to obtain a draft contract and the necessary forms and other documents, such as the property title documents.
Arrange a Property Survey
Although it is not legally required, it is a wise idea to have an independent property survey conducted.
The survey report will highlight any major faults with the property, making you aware of potentially costly repairs and allowing you the opportunity before the exchange to renegotiate the purchase price.
Establishing Whether the Property Is Freehold or Leasehold
Your solicitor will study the draft contract and documents to see what needs to be investigated further.
Most importantly, they will establish whether the property is leasehold or freehold.
Leasehold means that someone else owns the land on which your home is built, meaning ownership of the property can pass to them if the lease expires and is not renewed.
Your solicitor must check the length of any lease – under 80 years could be a problem, while under 60 years is best avoided altogether (unless the seller has agreed to extend the term as part of the sale).
Undertaking Property Searches
Conveyancing searches, also known as property searches, are enquiries with public authorities to give you more information about the property you plan to buy and the land upon which it sits.
As well as any local development plans that may affect the home you plan to purchase, searches will flag issues such as:
- The local level of flood risk
- Ground contamination
- Radon gas
- Locations of drains
- Ground stability
It should be noted the search results relate to the subject property only, if you have concerns about the development of neighbouring properties or land this should be raised at the outset and a further search can be requested which will identify the potential risk of development for the surrounding area.
The information that emerges could give you a stronger negotiating position or cause you to rethink the purchase entirely.
Exchange of Contracts
Once all enquiries have been dealt with, the search results have been received and the purchase finances are in place, the purchase is ready to exchange.
During the exchange of contracts, the details of the contract will be read aloud and agreed between the respective solicitors. The contract is dated and timed to confirm the exchange. The contracts are then physically exchanged via the post.
Once verbal confirmation of the exchange has been agreed and timed you are legally bound to buy the property.
Understanding Completion Dates
Completion dates are often set around two weeks after the exchange, but this is just a guideline.
This is the final step for both the buyer and seller of the house.
Completion day is the day the money is transferred, dependent on whether there is a chain involved completion usually occurs by lunchtime.
The buyer will be given the keys and can start moving into their new home.
Expert Conveyancing Solicitors
Our conveyancers help individuals, couples and families buy their new homes every day.
We’re with you every step of the way, from pre-contract right through to land registry and completion and it’s our job to make the whole process as smooth and stress-free as possible. We’ve supported our clients in buying a wide range of properties – from rural, urban, leasehold, freehold and new builds to listed properties.
We have also built excellent relationships with industry contacts, such as:
- Surveyors
- Estate agents
- Brokers
- Accountants
- Mortgage lenders
- Search provider
- Other solicitors
No matter the stage of your buying journey, we can help. Get in touch with one of our experts today by calling us on 0333 433 0275 or send us an email at hello@homepropertylaw.co.uk.
