Before you get the keys, there are a few crucial legal steps to protect your purchase and secure your new home. Here’s what happens behind the scenes.
Legal Proccess
There are many important legal processes you must be aware to avoid trouble and to protect your possessions.
Conveyancing: In the UK, conveyancing refers to the process through which your solicitor or lawyer oversees real estate transactions. This process includes the following steps:
- Title Deed:The seller’s solicitor hands over a copy of the Title Deed to your solicitor, which contains the property’s legal terms and conditions.
- Documentation process:Your conveyancer or solicitor manages all the required paperwork while diligently advocating for your best interests. They handle any inquiries or concerns and act as a reliable advocate for you.
- Local searches:In addition to locating the property in the area, lawyers can inquire about amenities, furniture, and other items, and gather important information regarding the surrounding area.
- Exchanging contracts: This means the meeting point where the buyer and seller come to a legally binding agreement and sign off the papers, making the deal enforceable and official. The duration of contract exchanging is typically 28 days after the property is reserved. At this point, the deposits have already been paid. For off-plan or under-construction properties, payments are usually made based on previously arranged schedules.
- Completion of purchase: This is the final stage when you make the last payment to your lawyer, which is also known as the total purchase price minus the deposit paid when exchanging contracts. From there, your lawyer will send the remaining payment to the seller’s lawyer.
