London, UK, is one of the property hotspots in the region. Owning property in this developed city is a dream for most people. However, to climb the property ladder in this part of the UK, you should be ready for the daunting legal process.
The conveyancing process in London can take up to three months. Therefore, you should hire an experienced and competent conveyance and property solicitors in London such as AVRillo to convey on your behalf. These are the legal steps when buying property in London.
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Step #1 – Make your offer
There are many established places in London where you can buy your new home. You can work with a local estate agent to help locate a house that matches your preferences. Have some proof of an agreement in principle and proof of deposit if you want your property seller to accept your offer fast.
Once you get a house of your choice, you should contact the seller’s solicitor and make an offer. If the seller accepts your offer, you should now proceed to instruct your property solicitor and conveyancer to continue with the legal process. The instruction of a solicitor should take up to two weeks.
Step #2 – Production of contract papers
The next legal step in buying property in London involves the production of contract paperwork. Your solicitor will ask the property seller to provide complete and accurate property information, content from, fitting, and indicate if the property is a leasehold or freehold.
Collecting this information is a fundamental part of the contract papers and offers crucial information from the property seller regarding the property. The contract papers should also entail the information collected from the Land Registry, showing that the seller is the actual owner of the property.
Step #3 – Conducting searches and arranging finances
Your property solicitor should inquire about the seller based on their contract papers and information. He will inquire about the title, contract, and property sold. Before proceeding with the purchase, you should be convinced by the seller’s replies.
At this stage, you should request searches on the property. Your property solicitor should conduct all the relevant searches on Mining, Drainage, Local, and Environmental.
Once the solicitor receives results on the search, he makes further inquiries.As a property buyer, you should arrange for the mortgage and inform your property solicitor on time.
Step 4# – Signing the contract
The next step after searches and getting a mortgage offer is to sign the contracts. Once the buyer’s solicitor is fully satisfied with the search results, the conveyancer reports to the buyer and offers legal advice on the property Title Deed.
The reporting may take longer for a leasehold property. The buyer should go through the report and ensure they are satisfied fully. Make any inquiries on the report if possible.
The buyer and seller solicitor arrange for the buyer and seller to sign the contracts. They also agree on the completion date and include this on the contracts.
Step #5 – Exchange of contracts
Once the buyer receives and signs the contract and pays a principal deposit, the contract is exchanged formally. At this point, the contract is binding to both seller and buyer, and pulling out may attract a fine.
Money is transferred from the buyer’s solicitor to the seller’s solicitor account. A completion date is agreed upon, and the buyer is handed the keys to the new house.
When buying property in London, you should hire a property solicitor to help with the conveyancing. The legal process is lengthy and requires a property solicitor to handle it professionally.