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Eight Things to Remember When You’re Buying a House or Flat
17 February 2023
Buying a property is one of the most significant investments that most people make in their lifetime. Whether you are a first-time buyer or an experienced property investor, the process of buying a house can be daunting.
There are numerous legal considerations when purchasing a property, but that is where we come in. As experts we know the property market inside out and the processes involved to ensure a smooth and successful transaction.
1 - Conveyancing
The process can be complex, and there are procedures that need to be followed which we will guide you through from start to finish.
2 - Property searches
We will carry out property searches to check if there are any potential issues. These could identify whether the property is listed, subject to a tree preservation order or whether there are highways or planning decisions that could affect it. Once these searches are complete we will issue you with a comprehensive property report
3 - Mortgage
If you need to take out a mortgage, it is important to understand the terms and conditions of the mortgage agreement.
4 - Property ownership
There are two types of property ownership in England and Wales: freehold and leasehold. We will explain in full the type of title and any implications of this to you and any obligations that you might have to fulfil
5 - Stamp duty
Stamp duty is a tax that you need to pay when you buy a property over a certain price. The rules and rates for stamp duty vary depending on the value of the property and other factors and we will advise you as to any liability and submit the return on your behalf.
6 - Exchange of contracts
This is the point at which the buyer becomes legally committed to buying the property and the seller is legally committed to sell it. They buyer will pay a deposit to the seller and a date for the completion of the sale will be agreed.
7 - Property insurance
It is important to arrange adequate insurance for the property, both before and after completion.
8 - Completion
At the completion of the sale the balance of the purchase price, is paid to the seller and the buyer becomes the owner of the property. We will tell you when this has happened and you will be able to collect the keys from the estate agent.
If you would like assistance to buy a property please call one of our trusted and experienced solicitors based at our Bournemouth and Christchurch offices.
Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.
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