For many homebuyers, particularly those buying for the first time, finding their dream home feels like it should be the hardest part of the process. However, it is easy to forget that this is just the beginning, as many things need to fall into place before you get your hands on the keys to your new property.
That is where conveyancing solicitors in Surrey step in, making sure all the steps are taken and documents are in place to make the homebuying procedure as easy for you as possible.
– Get a solicitor
The first thing you need to do is secure a conveynacing solicitor, who will be able to provide legal advice and conduct the local searches.
– Arrange a mortgage
After your offer is accepted, you need to transfer your decision in principle to a real mortgage offer, so make sure you do not change your financial situation or buy expensive items at this stage.
Your financial services provider will conduct a mortgage valuation to ascertain the property you are buying is worth the amount you have offered for it, and once the bank is satisfied of its value, you can go ahead with the purchase.
Even though your mortgage provider has done a valuation survey, it is worth paying for a more comprehensive check of the house. By having a chartered surveyor look closely around the property, you will get a much better idea of what condition it is in and what repairs might need to be done.
There are two types of survey you can get – the HomeBuyer Report and the Building Survey. The former is advisable if your prospective new home is in a decent state and is not considerably old.
This type of property inspection looks at the visible areas that are easily accessible, which is why if you are investing in a period property or one that has been heavily altered since its construction it might be worth getting a Building Survey to check what state it is in.
A Building Survey provides a detailed overlook of both inside and outside the home, including underneath floorboards and inside the roof.
By having one of these inspections done, homebuyers will be in a much more informed position to know what repairs need doing to the property when they move in. They could also use this to re-negotiate the value of the house with the vendor.
– Local searches
The next phase involves your solicitor dealing with a number of searches, including local authority, water authority, floor risk, chancel repair, environmental and local specific searches. They will also get the title register and deal with Land Registry on your behalf.
– Transfer funds
After all the searches are completed, you need to think about transferring your funds. These include your deposit, solicitor’s fees, and Stamp Duty taxes. Your conveyancer will handle all of this, ensuring you do not pay your deposit until you exchange contracts on the asset.
Once you have agreed upon a completion date with the seller, all you need to do is pack up your belongings and get ready to move.
On the day of completion, your solicitor will transfer the balance of the property sum to the vendor’s and the new house will be yours.
At this point, you can pick up your keys and start making your new house a home.