Legal Process When Buying a Property
The legal process involves the following people and will be where you have to start paying out money.
You are now required to contact your solicitor who will then carry out the legal work such as submitting a land search to the local council that the property is under. If you do not have a solicitor then you can receive a free conveyancing quote here.
Although your solicitor will contact your mortgage company, it is good to also contact them so they can inform you of the next steps. Depending on the mortgage company the next step is for a surveyor to view the property which generally the mortgage company supply. However you normally have to pay for this and sometimes refundable once all has gone through. If you have to do this yourself or wish to have a more detailed survey then try some of our partners at the bottom.
A Full Structural Survey has much more detail and as a result will cost a lot more. If the survey reveals particular points that are not happy with you can either stop the process of purchasing this property or go back to the vendor and re-negotiate accordingly.
As the process proceeds you will require the funds for the following items.
- Conveyancer/ Solicitor fee
- Deposit for property
- Stamp duty
- Surveyors fee. Usually assigned by the mortgage company and may be refunded once the contract has been exchanged.
Once the solicitors on both sides that is for the buyer and seller have completed all the necessary legal work a completion date will be agreed, where you and the seller will sign a contract which is a legally binding agreement. On the completion date the full amount minus any deposit will be transferred from the yourself to the seller and the property is now yours.
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