So you’ve found your dream home, what should you do next? This is our simple guide to point you in the right direction.
- You need to choose a solicitor
We recommend that you call a few local firms. There are many conveyancing firms out there who may have online pricing systems but what you need to ask yourself is would you actually be able to speak to someone should you need to? You should also check that there are no hidden costs.
It’s important to build up a rapport with your solicitor so that they can ensure your needs are properly met. Check if the person who will be dealing with your transaction has direct access via email or by telephone. This can make the process far easier.
If you are selling a property as well as buying, it can be far easier to instruct the same solicitor to do both. Make sure your quote includes this if that is what you need.
- Once you have chosen a solicitor what happens next?
You need to ensure that all relevant parties to the transaction are informed of your choice and have your solicitor’s details. Your solicitor will need to take copies of your ID and will also require proof of your source of funds.
It’s at this point that enquiries will be undertaken in respect of the property you are purchasing. So make sure, if there is anything unusual about the property you are buying, that you notify your solicitor of this.
Your solicitor will discuss with you and carry out all relevant legal searches on the property you are purchasing. This stage is often the part that can take the longest. Searches can include some of the following:
- Coal Mining
- Local authority
- Water and property
These searches reveal matters such as planning permissions and building regulations that may affect the property you are buying.
We recommend that you also instruct a surveyor to carry out a survey on the property you are purchasing, even though it is not a legal requirement. A good survey will help you to avoid any unwanted issues once you move in.
- Exchange of contracts
When all enquiries have been completed and your mortgage offer is received, if everyone in the chain is ready then contracts can be exchanged and a completion date agreed. This then makes the transaction legally binding and it’s at this point that any changes of mind will give raise to a potential financial penalty.
You need to ensure at this stage that you have buildings insurance in place on the property you are purchasing as you are now legally bound to the purchase.
- Completion/Moving Day
Some firms exchange contracts and complete on the same day but here at Evans & Greaves we prefer to do them separately. This is mainly because if there are any issues with the contract, they can be rectified before exchange takes place. Obviously, if your circumstances are such that exchange needs to take place on the same day then this would not be an issue.
Monies are transferred on completion to the seller’s solicitor. When this takes place you become the legal owner of the property and will be able to collect the keys to your new home from the estate agent. If you are selling and buying we will need to receive the money from your buyer’s solicitors before we are able to transfer money to the seller’s solicitors on your purchase.
Purchasing a new house need not be stressful if you have the right assistance. Here at Evans & Greaves we have a friendly, experienced team who will be on hand throughout. If you need a quote or have any other conveyancing needs please get in touch.