Buying a Property
Buying a home can be both exciting and daunting especially if you are a first time buyer. But at Burd Ward we will help you through the process by offering you a simple step by step explanation of the process and guide you through any legal issues that my come up.
Buying a property involves the legal transfer of the property (from seller to buyer). How long it takes depends on several things, such as how many buyers and sellers are involved in the process, but it can take anywhere from 4 weeks to 3 – 4 months.
The process involves obtaining Searches which your solicitor will undertake on your behalf and on behalf of the mortgage lender. If anything is found on the searches our experts will explain it to you and advise of what actions should be taken. In addition it is advisable for you to obtain a Surveyors report.
Our Conveyancing Solicitors will carry out all necessary investigations and help resolve any property-related issues before the Exchange of Contracts and Completion.
Searches include a Land Registry search to see if there are any charges or other matters affecting the property.
Surveyors Report is a survey carried out by a specialist usually instructed by your mortgage lender. This survey may highlight any problems with your potential new home such as structural damage, damp etc. Please note that a report obtained by your lender is for the benefit of the lender only and will be to ensure that the property you are buying is of adequate value for the amount which you are borrowing. It is therefore advisable for you to obtain a private Surveyors report. If any problems are found then you may wish to go back to the seller to see if they will reduce the price to take into account the work that needs doing to fix any problems.
Exchange of Contracts is when you enter into a binding agreement (contract) for the purposes of purchasing the property from the seller. The contract will include a date for when the purchase is to be completed. Once the Contracts have been exchanged they become legally binding and there may be financial penalties if you or the seller were to pull out. These will be explained to you by your Solicitor.
Completion includes the transfer of funds between the solicitors for you and the seller. You will get the keys to your new property and we will make arrangements for any Stamp Duty to be paid. Finally we will register your name as the new owner of the property with the Land Registry office.