How to Buy a New Property in London?
Are you buying your first home? Or moving into a new area and needing to relocate fast? Things will become expensive as well as stressful if you fail to plan accordingly. It is important that you understand the process of buying a new property in London and ensure everything goes smoothly. This guide will provide you with some information on how to buy a new house in London.
Step 1: Put Your Offer Forward
Whenever you look at purchasing a property that catches your eye, you would be willing to offer a certain amount for it. If you and the seller agree on a price and terms, then it will be time to write up an offer for consideration by all parties. This is usually the point where your solicitor will come into play as they prepare the offer for submission to the sellers conveyancer.
Once the sellers accept your offer, the conveyancing solicitors will start looking into this further and taking steps to ensure all legal requirements are put forward in place before completion date.
Step 2: Draw up an Agreement
After agreeing to terms with the seller on how you will own the home (i.e if you are using a mortgage, what happens if one of you dies etc), you can then move on to drawing up an agreement of completion. This is where the contract for sale and purchase will be drafted and signed by all parties involved which includes you and your solicitor as well as the seller’s solicitor.
When this agreement is also agreed upon, a completion date will be set and it will usually be 21 days from when exchange of contracts was completed.
Step 3: Completion
This is the final stage where you both meet up at the solicitor’s office to complete and exchange all documentation, payment of monies and the completion of the property over to your name
Step 4: Mortgage and Moving
If you have purchased the new property with a mortgage, you will need to set up the mortgage. This will be a commitment that you take on where you agree to pay a certain amount of money per month for a number of years. This helps you secure the property and also assists in paying back the seller from whom you purchased it from.
At the end of the procedure, title to the property will be transferred to your name (if you paid in cash) or your lending agent’s name. You’ll get access to the keys and will be able to move in once you’ve received them.
Why are Conveyancing Services Useful When Buying a New Property in London?
When buying a property, using a conveyancing solicitor is vital as it ensures all legal requirements are fulfilled. A conveyancing solicitor will also be able to advise you of any issues that may concern the property or purchase and ensure they do not arise. This will help with the general smooth running of such a transaction and if there were any issues, the solicitor will have the know-how and experience to resolve them.
Conveyancing services also make the exchange of money and documentation quick and simple. They will handle everything from exchanging contracts to transferring money between bank accounts.
Hiring a specialist conveyance solicitor will ensure that all dealings between you and the other people involved in your transaction are legal and binding. You won’t be held liable for anything that may happen, so you can rest easy knowing you aren’t at risk of getting sued.
If you are looking for professional and reliable conveyancing services in London, contact AVRillo Conveyancing today for a stress free experience.