Buying a house is a lifetime decision that most people look forward to in the UK. Whether you are buying a house as a long-term investment or you want to upgrade, you should make the right moves.
Conveyancing in the UK takes a lot of time, meaning you should work with a conveyancing solicitor conversant with the legal process of moving property.
These are the steps involved in buying property in Winchester.
1 – Instructing a conveyancer
The first step in buying property is getting an offer from a seller. Once your offer is ready, you should proceed to instruct a lawyer or a conveyancing solicitor in Winchester. Your conveyancer will receive a contract pack containing the Property Information Form and other essential documents.
These documents contain helpful information about the property you buy, such as the planning, permissions, and boundary disputes. It also includes the title deeds, indicating the type of property ownership – whether a leasehold or freehold.
2 – Property survey
The next step involves your conveyancing solicitor arranging for a property survey. Conducting a property survey is vital if you are buying a house in poor condition or a listed building. You should get a private property surveyor to do this work for you.
A property survey report will disclose all the issues in the property that are likely to influence your decision to proceed with the purchase.
3 – Conducting property search
After you’re done with the survey, searching for the property you want to buy is the following legal process.
The main objective of doing searches is to find the most crucial information about the property you want to buy before you get into binding contracts with the seller.
Some of the searches you will likely carry out when buying property in Winchester include flood risk, local authority, mining, and chancel repair liability.
4 – Exchanging of contracts
Your conveyancer will work on all the issues identified in the search before you can proceed to
sign contracts. You will then agree on a completion statement, and all relevant papers signed.
The conveyancing solicitor will also do a final check at the Land Registry, confirming that all the changes have been made on the property. After this, you can sign the transfer deed and allow your solicitor to deposit funds to the seller’s solicitor. You are now the owner of the property.
5 – Completion of purchase
Completion is the last step in buying property. Once you finalize the sale of the house, your solicitor will legally transfer the property to you on the completion day. Your conveyancing solicitor will arrange to have the funds from the mortgage lender if you’re buying on a home loan.
The final stage in buying a house is arranging for Stamp Duty which is paid to the Revenue and Customs within 30 days after completion.
Buying property in Winchester should not be that challenging. You should instruct a conveyancing solicitor to take you through the legal process and save you time and money. These are the basic steps you follow when buying property.