Did You know?
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.
What are the legal aspects to be considered when buying a property?
- The property buying process, including legal considerations and searches
- Exchange of contracts
- Completion
- Registration
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.
Completion date
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?
How much will it cost me?
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.
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