Buying a new home is an important milestone, but it can also be a complex process that raises numerous questions. Here at Clapham & Collinge we frequently encounter common enquiries from first time buyers. This article aims to address some of the frequently asked questions and provide valuable insights to help new home buyers navigate the legal aspects of purchasing a property.
1. I have found a house I want to purchase, what do I do next?
In the first instance it is important to consider what costs are involved and how you are looking to finance your purchase. As you are probably aware, there are more fees than initially meet the eye when purchasing a property. Once your source of finance is decided, it is strongly recommended to speak to a property lawyer or someone experienced in dealing with quotations so that you can get an understanding as to the extra fees that you may be liable to pay based on the value or age of your property. Choosing a property lawyer that understands your needs and can assist you through the process is an integral part of the process and you must choose the right person for you.
2. I want to buy a house, how long will the conveyancing process take?
The timeline for completing a property purchase can vary depending on various factors. The process of buying a house involves multiple stages and parties, so it is therefore important to understand the typical timeframe involved.
Once you find a property, you will need to make an offer through the estate agent. The negotiation process can take a few days to several weeks, depending on the seller's response and any counteroffers.
After your offer is accepted, the conveyancing process begins. This involves hiring a property lawyer who will manage the legal aspects of the transaction. We normally say that the conveyancing process takes around 8-12 weeks from issue of the contract papers, but it can be longer or shorter depending on various factors.
3. Why do I need a property lawyer and what do they do?
A lawyer specialising in property law has the necessary legal knowledge and expertise to navigate the complex legal framework surrounding property transactions – which are expanding everyday as a result of the Grenfell fire, climate change and coastal erosion etc. Your lawyer will understand the intricacies of property contracts, relevant laws, regulations, and potential risks and they have to keep up to date with all of the changes. Their expertise ensures that the process complies with the legal requirements, protects your interests, and minimises the chances of future legal complications.
4. When do I own the Property?
Completion is the final stage where ownership of the property is transferred to you, and the remaining funds are paid to the seller. On completion day, your lawyer's firm will transfer the funds and, once the seller's lawyer has received the funds and their client has finished moving, you will receive the keys to your new home.
Once the property has been registered at the Land Registry, the title will be in your name. Depending on the type of transaction this can take a few days but, we are currently seeing some transactions which have not yet been registered by the Land Registry after a number of months, as a result of the effects of the COVID lockdown and staff shortages. For example, a new build property can currently take two years to be registered.
5. How can Clapham & Collinge help me?
Here at Clapham & Collinge we offer a personal, one on one service. You will remain with the same team from the initial instruction until your completion. When you obtain a quotation we will stick with it unless something emerges during the transaction which you were not aware of and which we had not been advised of. One example is when the agent says that you are buying a freehold property and it transpires that the property is leasehold. Our fee structure is on our website and we will not alter our fee without discussing it with you first.
For more information, please contact us for a free no-obligation quotation on 01603 693510 or enquiries@clapham-collinge.co.uk.
