Are You Seeking to Buy A New Home But Scared to Deal with the Potential Pitfalls During the Process?
Your home is your most valuable asset, and it is only right to make sure you get what you pay for.
There are many prospective hazards to be avoided when buying a home, and getting support from legal professionals to assist you through the journey not only makes a lot of sense but can save considerable amounts of money and unnecessary tension.
Realising the dream of your property ownership in the UK could be daunting. Unless conveyancing experts are engaged to negotiate you through the rollercoaster of contractual arrangements, it can most probably become a nightmare.
Understanding The Buying Process
Buying a new home is undoubtedly an exciting time in your life. But before any of that, you need to understand the complexity of the buying process.
First, you’ll start to check numerous properties to purchase and will need to gauge the budget to see how much you can afford to pay from your savings and how much you can loan, considering legal and lender fees, stamp duty, and moving costs.
The next essential move is to decide on the type of property you want to go for: buying land and building a home or getting an existing home/home unit, or buying a plan. After these initial decisions, you can already begin on the next steps of buying a house.
Location is also a crucial factor. You might want a safe neighbourhood with easy access to commuter corridors, arterial roads, schools, and shopping centres, or you may prefer a more quiet area away from the bustling city- depends on your unique needs and preferences.
Next, the property itself should be worth what the seller is asking for. Its features, limitations, and price in comparison to similar properties are some factors to consider:
● Contract of Sale
Does the seller have a contract of sale? The contract must be prepared before the seller can put their property for sale. Other legal documents, such as the contract, a cooling-off statement, and additional necessary details if the property in question is a strata property, should also be attached.
● Expressing your interest in the property
A copy of the contract of sale of the property you wish to buy must be given to the conveyancing solicitor. Once an offer has been made, you’ll need to hand over an initial deposit (in good faith) to the real estate agent.
● Applying for a loan
You can begin the buying procedure by getting a loan on the property. Make sure you do not exchange contracts before the loan has been approved. Your lender will value the property to determine if it serves as adequate security for the loan amount.
● Property Inspection
Building and pest inspections are mandatory to confirm whether the structural foundation is secure. The plumbing and electrical wirings are in place, and the property is safe from insects, termites, or dangerous pests.
● Exchanging of contracts
After your loan gets approved, your conveyancer will arrange for an exchange of contracts containing all terms and conditions of the sale.
● Paying the deposit
You will need to pay the deposit as stated in the contract. The agent usually holds it.
● Paying the stamp duty
Following the property’s purchase price, you will need to pay the stamp duty within three months of signing the contract.
● Waiting period until settlement
In the period between the exchange of contracts and settlement, your conveyancer will make significant searches and enquiries and prepare documents. A settlement statement consisting of the details of the final amount owed is then forwarded to the seller.
● Final settlement
On the day of the settlement, loan money is paid, the seller collects the deposit, your conveyancer receives a signed transfer and title of a deed, and you pay the duty on the contract. Once keys to the property are handed to you, you can immediately move into your dream property!
How We Can Help
At Deo Volente, we aim to help you limit the risks involved in purchasing a property and deal with issues that arise from a pre-purchase inspection.
Buying and selling property is often one of the most important financial decisions many people will make in their lifetime. Our Best Conveyancing Solicitors in the UK will assist you every step of the way on your journey to owning your very own property.
We believe in delivering a uniquely supportive experience for our clients, giving them expert advice and excellent customer service, resulting in a smooth and successful real estate experience.
Seeking to buy a new home but worried about the nightmares along the lengthy process?
Reach out to us today and discover how our professional services can be of assistance to you.