Looking to Buy a New Home?

Looking to Buy a New Home?

Looking for property and finding a home is far more exciting than going shopping for something very special like a car or a wedding gown.  Shopping for property is indeed exciting, finding one is as exciting as it is nerve wrecking because you anticipate something might go wrong because you are not equipped to deal with the legal work.  Buying a property though, is very complex because of the work involved in trying to obtain a mortgage and taking ownership.

Legal specialists and agents undertake a lot of work to help the new property owner and the one selling the property.  Great care is taken so that both parties have their interests served and the transaction goes as smooth as it is possible.  But what should you look out for when buying property?  You need to do a bit of research in preparation for shopping, finding and buying property.

Conveyancing Time Frame

How long does the conveyancing process take?  It really depends on the property and their owners, as well as the buyer.  Also, you need to bear in mind the location and what kind of local searches will be undertaken in order to collate information.  Of course it also depends on the solicitors.  We highly recommend that you find property solicitors near the area you want to live, because they will have established relationships with the local authorities which will facilitate their conveyancing work. Because conveyancing is a complex process, time frames differ but you should anticipate an average of 8 weeks until the transaction has been completed.

Conveyancing Process

Once you find a property, you make an offer and if it is accepted, you then instruct a property solicitor to carry out the legal work.  Your solicitor will then liaise with the seller’s solicitor and obtain a pack with the contract and documentation relating to the house.  After that, your solicitor needs to obtain the mortgage approval letter and after paying the deposit and signing the contract, then it’s a case of waiting for all searches to be carried out, before the transaction is completed.

Completion Day

You found a property, you secured a mortgage with your bank or mortgage lender and the conveyancing work is completed.  What happens on the day of completion?  This is the day when the transfer of payment is made and the keys to your new home are in your hands.  So the completion day is basically the move in day.  The property is yours.

After Completion

After completion, there are still a few loose ends that your property solicitor will need to tidy up before the transaction is effectively close.  Some of the things your solicitor will do before closing the conveyancing file will be checking that documents have been properly signed and legally bound, that stamp duty has been paid (if applied), that land registry has been recorded, and sending you all the documentation and title deeds.

At DG Law we ensure that the conveyancing process runs as smoothly and as fast as possible.  We do believe in a personable service and do create a close relationship with our clients.  We aim to fulfil our obligations efficiently and within a reasonable time frame, keeping you informed of any issues at all times.  If you are thinking of buying property, or if you found a property and have made an offer, please give us a call and we’ll help you through the process of buying your new home.  SG

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April 6, 2018 at 9:00 am
Category: Commercial Property

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