How to Approach the Legal Process of Buying a House
Once you have your heart set on a particular property, the legal process of the purchase of a house begins. Making a formal offer initiates the process of buying a home – 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 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 home 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 enticed by the prospect of a quick sale 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 a 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 present an 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 equal property values in the area, but they will also 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 lawyers, 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, you should appoint a conveyancer at the same time as you choose a mortgage lender. You could save money this way, as some banks want only to work with a panel of trusted conveyancers. You are given 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 fees 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 is 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 an able conveyancer on the case, you should be able to look forward to taking possession of your new home tentatively.
If you’re selling a house and buying another, and you need to sell quickly, Flying Homes can buy your house now, as opposed to you selling it slower on the high street.
Because the purchase of 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 a nationalhomebuyers service where purchasers are ready to proceed immediately, meaning you don’t have to jeopardise the chances of securing the home of your dreams by waiting about for your property sale to go through. We hope you have enjoyed our blog on the legal process of buying a house. For more information on how to sell a property quickly, call Flying Homes on 0800 669 6784.