Home Purchase Legal Process
Understanding the Legal Process of Buying a Home
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When buying a home, you’ll need a solicitor to handle the legal aspects, including local searches, contract drafting, and other essential legal matters.
Legal fees are an essential part of the process... Buying or selling a home is both legally and administratively complex. While the process can vary slightly, there are typically three key stages involved in the legal side of home buying:
Stage 1: Prior to Exchange of Contracts
- Draft contracts are received and negotiated.
- Necessary enquiries are made.
- A formal mortgage offer is obtained from the lender.
Stage 2: Exchange of Contracts
- Contracts are signed, and a deposit is paid.
- Final accounts are prepared.
- The mortgage deed is requested and signed.
- Final searches are conducted.
Stage 3: Completion
- You receive the keys to your new home and the title deeds.
- Stamp duty is paid.
- The transfer is registered at the Land Registry.
Once the solicitor has completed all required tasks, they will request the funds from the lender and schedule the exchange of contracts, allowing for the completion to take place.
Arrange Buildings Insurance
It’s essential to arrange buildings insurance to start from the exchange of contracts.
After Completion
Once the mortgage is finalized, you can move into your new property. Your lender will notify you about your monthly payments, including the amount and due dates.
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