17 December 2015
Why Do I Need A Lawyer When Buying A House?
Buying a house is probably the largest and most significant purchase you are likely to ever make, so it’s important to ensure that it’s done right first time.
Making sure that all the legal aspects are covered correctly is vitally important. You do not want problems to arise after you have purchased the property or when you come to sell it on. This is where a lawyer can assist. The terminology used in the conveyancing process can be baffling. Procedural obstacles must be overcome and a lender must be satisfied that all is in order.
A property lawyer, or conveyancer, deals with the legal transfer of property from seller to buyer in addition to carrying out necessary search and title checks and registration requirements. Mortgage providers will insist that you use a professional to carry out the necessary legal steps to complete the mortgage and to ensure everything is done correctly and legally.
How Can a Lawyer Help me Buy my New Home?
Explain the Process
A lawyer will help explain the whole process of buying a new home, from exchanging contracts to actual completion of the purchase and your related sale.
Property searches are an essential part of the checks which need to be carried out when buying a property. These searches may include looking at whether there is building work proposed in your area, or if a new road is about to be constructed on your doorstep. Searches can also show if the house is in a flood risk area, or if there has been past mining or other environmental contamination that may affect the property.
A lawyer will carry out all relevant searches, report on their findings and advise how best to proceed.
When you have agreed on a price, the survey and searches have been done, you will need to exchange contracts with the seller. A lawyer will ensure that the contract is drafted properly to protect your position. If there are any legal problems regarding the property, your lawyer will ensure that these are resolved before allowing you to exchange. They will also arrange a date that you agree on for the purchase to be completed.
Your lawyer will take all the steps needed to complete your house purchase including the transfer of funds. This is the moment you get the keys to your new home. Your lawyer will make arrangements to pay Stamp Duty Land Tax to HMRC if necessary. They will also register your name as the owner and your mortgage provider as the lender at the Land Registry.
Buying a house can be a complicated process and time consuming process and there are a number of legal documents to be completed. Ensure you get the right advice for such an important purchase.
Slater and Gordon have a team of property lawyers, solicitors and conveyancing specialists. Call us on freephone 0800 223 0537 or contact us online and we will call you back.