First-time buyers will make up around 33.9% of home purchases in the UK for 2020.
Your first-time buyer journey can be quite daunting without the right knowledge and know how. First-time buyers commonly face problems such as the wrong estimation of the costs involved and being unaware of the responsibilities of property professionals.
At DV Solicitors, understanding the issues and processes you have to go through will be a breeze as we are experienced in assisting clients with various conveyancing matters! Our expert conveyancing solicitors will guide you through the process, and will help you obtain your first, successful bought property!
What are the legal aspects to be considered when buying a property?
In the legal world, the conveyancing system follows a process that needs to be adhered to.
The property buying process, including legal considerations and searches
Exchange of contracts
What is the process of buying a property?
We ensure that both you and your lender are well-protected as we make a detailed search on the property that you are interested in. The searches must not be confused as a survey. We suggest having a survey carried out as searches are a desk-based collation of documentary data on legal matters which could affect the property while the survey is done by a qualified surveyor and inspected physically. This is outside the scope of the legal process and you should make arrangements with a surveyor.
Exchange of contracts
Contracts are entered into at exchange of Contracts where the solicitors for each party agree (usually over the telephone) that Contracts are then and there exchanged, at which point in time the obligations under the Contract become binding on both parties to the Contract. The price, date, and the machinery of completion are determined here.
The completion date is the date on which the Contract will be completed. This is the date on which everyone is expected to pay the balance of the monies and also to move and thus to gain possession of the property they are buying or move out of selling. Please note that as the transfer of the balance of the monies can only take place on a day when banks are open and willing to undertake the fund transfer, this means that completion (and thus the moving date) must take place on a working day and cannot take place at a weekend or on a bank holiday or public holiday.
Why do you need DV Solicitors to help even after completion?
DV Solicitors have to check the deeds and papers they receive, report to HMRC and pay and Stamp Duty and register the purchase and the mortgage at the Land Registry. Once that has all been done, the solicitor then has to tell the mortgage lender and the buyer and secure the right papers and documents are sent to the right people.
How much will it cost me?
Our Conveyancing Solicitors will provide you with a free initial consultation. Leave everything to us and we handle everything hassle-free for you.
Our fees cover all of the work necessary to complete the purchase of your new property, including dealing with registration at the Land Registry and dealing with the payment of Stamp Duty Land Tax (Stamp Duty) if the property is in England, or Land Transaction Tax (Land Tax) if the property you are interested to buy is in Wales.
Please note all prices below are exclusive of VAT. The fees listed are our average fee ranges for a purchase transaction. The fee (including additional fees and disbursements) may vary depending on the source of the instruction, your solicitor’s experience and location, the property price and what work we are required to do.
Legal Fee: £399 – £4,500
A First time buying process can often be confusing. It can be a complex and long procedure, and it is important to hire an experienced solicitor in this matter.
There's no better time than now
People rely on us, and we pride ourselves on our client-centered advocacy and representation.
How to Get in Contact
Please call us on 01234 350 244 or email us at firstname.lastname@example.org for further information and advice about our services. We will happily provide you with a free initial discussion about your individual circumstances.
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