Choosing expert helpChoosing expert help
Surveys
Unless you are putting down a large deposit on the property, your mortgage company or lender will probably carry out a survey for their own purposes.
For your own peace of mind, and perhaps as a bargaining tool, you could have your own survey carried out. You can go to the expense of a full structural survey, or a cheaper survey that is less informative.
Having a survey carried out will give you some peace of mind, or alternatively it could highlight remedial work that needs doing, or even save you from buying an unsuitable property.
Solicitors
You will need to appoint a solicitor to deal with the conveyancing (legal formalities) of the property transfer.
Some solicitors charge their fee as a percentage of the value of the property and other as a fixed fee. Ask for quotes and seek personal recommendations. Some solicitors that specialise in conveyancing offer an online service.
Following the acceptance of a formal offer, the solicitor will make any pre-sale enquiries between you and the vendor and take you through the exchange and completion of the sale.
The solicitor will carry out one or more 'searches'. You may want to supplement this search by researching what's going on in the surrounding area yourself. You can ask the local planning department if any applications have been made to build new adjacent or relevant properties. You can also ask other people in the neighbourhood what it's like to live there and what's going on in the area.
Your solicitor will deal with the Land Registry to transfer the property to your name. This happens after the completion of the sale.
Prior to the day you move in, normally known as the 'completion date', you will exchange contracts with the vendor. You will need the mortgage offer to be in place by the time you exchange contracts. Following completion, your name will be registered with the Land Registry and you will have to pay Stamp Duty Land Tax. The solicitor will arrange this for you. At this stage, you will also pay any telegraphic transfer fees for transferring money from one account to another.
You will be aiming to move into the house on a date convenient for yourself, the vendor and any other parties in the chain above him.
A deposit of up to a maximum of 10 per cent of the purchase price is payable by you to the vendor on the date of exchange of contracts. The solicitor will handle this.
Note: The law, and buying and selling procedures are different in Scotland, where 'offers over' and 'fixed-price' systems are used. Generally speaking, solicitors become involved in the buying process at an earlier stage than in England and it is sensible to make contact with a solicitor before you begin serious house-hunting. Making an offer in Scotland is a more formal step than in England and can lead to your making a legal commitment to buy at an earlier stage.
For more detailed information about buying a first home and the various financing and ownership options go to www.FirstRungNow.com