Buying a property? What do I need to do?

What exactly is involved in the process of buying a house? What you must first do is to choose a reputable Solicitor who will ensure that all matters are investigated fully. Choosing the wrong legal representative could prove a costly mistake. Once instructed, your Solicitor will write to the seller’s Solicitor confirming they act for you as the buyer and requesting the relevant paperwork. On receipt of the papers they will apply for any searches which may be required and raise any necessary enquiries that are not answered by the paperwork received. On receipt of satisfactory replies and search results your Solicitor will ‘report’ to you and advise you on any matters of which you should be made aware. Your Solicitor will also go through your mortgage offer with you (if applicable) and ask you to sign the relevant paperwork. It is likely that your Solicitor will also discuss what date you require as the moving date at this stage. You, as the buyer, need only be concerned with arranging your buildings insurance for the property and arranging for your cleared deposit to be sent to your Solicitor.

Once matters are agreed ‘exchange’ can take place which means the seller’s and buyer’s Solicitors telephoning each other to agree that the Sale Contract can now be dated, from which time the terms of the agreement to purchase become binding. Your Solicitor will apply for your mortgage money from your lender (if applicable) and on the agreed moving date will electronically transfer the purchase money to the seller’s Solicitor who will telephone the buyer’s Solicitor once received. Your Solicitor will then telephone you to advise that you can collect the keys either from the estate agents or if there are no agents then usually the seller’s Solicitor. Your Solicitor will also deal with payment of any stamp duty which may apply and will then register the change of ownership at the Land Registry and forward the Land Registry’s confirmation and any relevant title deeds or documents either to your lender (if applicable) or you, dependent on the individual lender’s requirements.

Wolferstans Solicitors has one of the biggest conveyancing teams in the South West. Pauline Anning is a Solicitor heading our Plymstock office conveyancing team and has been based at Plymstock for over 15 years. Her local knowledge and reputation means Pauline can meet client’s needs well.