Purchasing your first home is such a huge achievement and should be a really exciting time. However, with so much information to take in and new jargon to learn, it can sometimes be a little difficult to process it all. But it’s incredibly important to be as clued up as possible about the process.
Surveys and Searches
Surveys
and searches are an important part of the home buying process. It’s a
good idea to get the property checked by a surveyor to shed light on any
problems that the property may have. Depending on the type of survey
you choose, you’ll find that the cost will vary. Your conveyancing
solicitor will conduct a number of searches which are usually carried
out with the local authority, water and drainage provider, and
environmental searches. There may be some additional searches required
depending on the property.
Exchange of Contracts
Exchange
of contracts is the point where all parties become legally bound to the
purchase. At this stage, you’ll transfer your deposit to your
conveyancing solicitor. If you were to pull out, you would more than
likely lose your deposit and if the seller was to pull out they would be
forced to pay penalties too. You’ll now be financially responsible for
the property which means that it’s important to ensure that you have
building insurance in place at this stage too.
Completion and Beyond
Congratulations!
The final stage in your home buying process has finally arrived. At
this stage, you’ll be required to pay any remaining fees and balances.
It’s also the most exciting point of the process as you’ll be able to
pick up your keys and move into your new home! Your conveyancing
solicitor will arrange the filing of stamp duty land tax return to HM
Revenue and Customs (HMRC). They will also register the property in your
name with HM Land Registry or register the lease in your name if you’re
purchasing a leasehold property.
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