How to Approach the Legal Process of Buying a House
Once you have your heart set on a particular property, the legal process of buying a house begins. The process of buying a house is usually initiated by making a formal offer – based on the asking price and average house prices in the area. And once you have had an offer accepted, you will probably want to appoint a solicitor or a conveyancer to ensure a smooth and timely transaction (although it is possible to do your own conveyancing). With a little planning, research and guidance from estate agents and property experts, you can give yourself the best chance possible of buying a house, hassle-free and at the right price.
Put Yourself in a Strong Negotiating Position
People with houses for sale in your chosen area will most likely want the best price possible for their property. However, if you can guarantee that buying a house will be a smooth and quick process, you could negotiate yourself a significant discount on the asking price.
Before you find property for sale, you should have your mortgage offer or funds in place. People selling houses are often enticed by the prospect of a quick sale, and they might be persuaded to drop their asking price a little as a reward. Ensure that both the vendor and the estate agent know that you are in a position to proceed immediately.
If you are lucky enough to have no property chain to contend with, this could also strengthen your negotiating position. Of course, you could be a first-time buyer, so your purchase won’t be reliant on selling a house first. Or if you are prepared to find property to rent for a few weeks, you could sell your home first. That would give you the funds you need and the ability to proceed immediately – a situation that should give you the opportunity to drive a hard bargain.
The negotiation stage is a time when the assistance of an experienced and talented agent is incredibly valuable. Not only will agents guide you on comparable property values in the area, they will assess the situation of the vendor, which could give you an advantage during a price negotiation.
Appointing a Solicitor or Conveyancer
A conveyancer is someone who will process the legal documentation, searches and exchanges involved in a property purchase. They are sometimes qualified solicitors, but not always. Whether you hire a trusted solicitor or a professional conveyancer, you should expect them to complete the following tasks on your behalf:
Compile relevant information surrounding the property, including boundary ownership, local disputes and a full inventory of fixtures and fittings
Compile and check certificates of permission and guarantees, including planning permission and energy certificates
Assess the legitimacy of the vendor’s ownership
Research local searches in the areas
Organise the payment of stamp duty
Process the exchange documentation and the registration of title
According to a recent article on the Guardian website, a conveyancer should be appointed at the same time as you choose a mortgage lender. You could save money this way, as some lenders choose only to work with a panel of trusted conveyancers. You will normally be supplied with a list of approved conveyancers after receiving your mortgage promise, from which you can choose the most suitable based on the following criteria:
What they charge, and whether they offer a no sale, no fee payment structure
Hidden charges for extra services such as environmental searches
How receptive they are to your questions
Can they meet your deadlines? And are they willing to update you on the progress of the sale at regular intervals?
Once you have had an offer accepted, and you’ve appointed your conveyancer, much of the work will be done behind the scenes. You will need to provide details of your mortgage, ID and the speedy completion of all the legal paperwork you’re asked to sign. However, with a capable conveyancer on the case, you should be able to tentatively look forward to taking possession of your new home.
‘If I’m selling a house and buying another and I need to sell quickly, who’ll buy my house now, as opposed to selling slower on the high street? This is where Flying Homes can help.
Because buying a new home is easier when you have no chain to worry about, it may be prudent to sell your house fast to a property buyer like Flying Homes. We help house sellers by matching them with nationalhomebuyers who are ready to proceed immediately, so that means you don’t have to jeopardise the chances of securing the home of your dreams by waiting about for your own property sale to go through. We hope you have enjoyed our blog on the legal process of buying a house. For more information on selling a house quickly call Flying Homes on 0800 68 99 420.