Buying a Property: How Our Solicitors Can Help

Buying a property is an exciting milestone, but it can also be a complex and overwhelming process. Whether you’re a first time buyer, moving to a new house, or investing in properties, understanding the legal steps involved is important for all types of buyers.

Our experienced Solicitors are here to guide you through every stage of your property purchase. From reviewing contracts and conducting essential property searches to handling the exchange of contracts and completion, we work to protect your interests and ensure everything is legally sound.

With the right legal support, buying a home doesn’t have to be stressful. Our team will take care of the legal formalities so you can focus on your future in your new property.

For expert assistance with buying a property, get in touch with our residential property team today.

The Legal Process of Buying a Property

Buying a property is a significant financial investment; whether it’s your first or subsequent property, it is both as exciting as it is daunting. There are a lot of legalities involved, and many people feel overwhelmed by the process.

Solicitors can help simplify the property buying process, ensuring step by step that every detail is handled correctly to prevent delays, financial risks, and legal complications.

Typically, the process begins once you find a property you like and want to buy. You will make an offer on the property to the estate agent representing the seller, and if your offer is accepted than the purchase can move forward. However, at this early stage of the process, the agreement is not legally binding, meaning either party can still withdraw from the sale.

At this point, instructing a Solicitor can be invaluable as buyers will need to organise essential legal checks and begin the conveyancing process. This involves verifying the property’s legal status and ensuring there are no issues that could affect ownership.

You will also need to ensure that, if your purchase is being supplemented by funds from a mortgage provider, that you inform them that your offer has been accepted, and you begin the process of formalising any mortgage offer.  Delays can often arise in a purchase when a mortgage in principle has been made, allowing an offer to be made to the seller of a property, but when the mortgage provider has not formally completed all checks and made a formal proposal of a mortgage.  It is therefore imperative that you kick-start this process as soon as possible after your offer is accepted.

On the legal side, Solicitors representing buyers will carry out property surveys and searches to check for planning restrictions or development projects that may impact the property, as well as environmental searches to identify any flooding or potential health risks (such as known former mining activity in the area, potential movement of the land, or exposure to high Radon levels). All of these searches are important as they can uncover potential issues that are not immediately apparent to potential buyers when putting an offer in on a property.

If you are buying the property with the help of a mortgage, your Solicitor will liaise with your mortgage lender to ensure all financial arrangements are in place. They will review the mortgage offer, check for any conditions that need to be met, and ensure that the lender’s requirements align with the terms of the purchase.

Once all the legal checks and searches are complete, the next big step is exchanging contracts. This is a key moment in the process because it makes the purchase legally binding for both you and the seller. Your Solicitor or Conveyancer will go through the contract carefully to make sure everything is fair and that any important conditions you’ve agreed on are included.

The final step of the process is the completion day. This is when the remaining balance is transferred, and the property officially becomes yours. You will need to provide your deposit to your Solicitor, as well as amounts on account of stamp duty due.  Any mortgage provider contributing to the purchase, will also transfer their share of the funds to your Solicitor.

Your Solicitor will take care of the financial side of things, making sure payments are processed correctly, all the paperwork is in order, and your ownership is registered with the Land Registry. If Stamp Duty Land Tax (SDLT) applies, they’ll also handle that for you. With everything sorted, you’ll be ready to pick up the keys and move into your new home.

Having a Solicitor by your side means you’re protected every step of the way, making sure everything is handled properly. Our team of residential property Solicitors take the stress out of the process, so you can focus on the excitement of getting the keys to your new home while they handle the legal side of things.

Do You Need a Solicitor to Buy a House?

There is no legal requirement to hire a Solicitor when purchasing a property. However, it is highly recommended due to the complexities and legalities that come alongside the property buying process. Our Solicitors can expertly assist with the following:

• Handling the legal process – Our team manages the conveyancing process, ensuring the legal transfer of ownership is done correctly.
• Conducting property searches – We can check for any potential issues with the property, such as planning restrictions, disputes, or environmental risks.
• Reviewing contracts – Your personal Solicitor will go through the contract to make sure there are no unfair terms or hidden obligations.
• Liaising with mortgage lenders – If you’re buying with a mortgage, the lender will usually require a Solicitor to oversee the legal aspects of the loan.
• Registering ownership – After completion, your Solicitor will ensure the property is correctly registered with the Land Registry.

Understanding Costs and Legal Fees

There are various costs involved when buying a property, aside from the purchase price itself. There will be fees and costs related to your mortgage (if you have one) and others relating to any applicable tax and fees for private services.

If you’re securing a mortgage, you may face mortgage application fees, valuation fees, and arrangement fees. A mortgage broker can help you navigate the mortgage market, comparing deals to find the best one for you. Once you apply, you’ll receive a mortgage offer and an agreement in principle outlining the terms, including interest rates and repayment plans.

Another major cost is Stamp Duty Land Tax (SDLT), which depends on the property’s price. First time buyers may qualify for relief through home buying schemes, which can reduce stamp duty.

Apart from the mortgage and stamp duty, there are other costs involved in purchasing a property, including:

• Solicitor’s fees for conveyancing (handling the legal side of the purchase).
• Valuation fees, which may be required by your lender before they offer a mortgage.
• Home inspections or surveys to ensure the property is in good condition.
• Moving costs that can vary depending on whether you’re hiring a moving company or handling it yourself.

Our cover all aspects of the work required to purchase a property. Our residential property team will inform you at the outset of the breakdown of our costs so you are fully aware and confident that there are no hidden or additional charges. If you would like more information on our fees, please get in touch today to speak to a member of our team.

How Our Solicitors Can Help

AFG Law has a team of specialist Solicitors and conveyancers to assist clients with buying a property.  Whether you are looking to buy or sell a property, as independent experts, our residential and commercial property teams are here to help you.

We can effectively assist clients throughout England and Wales, and are not bound by location to assist with a property transaction, so please do not hesitate to get in touch with us today for advice or assistance.

To contact one of the residential team, we can be contacted via email at residentialproperty@afglaw.co.uk, or to speak to one of our experts, please call  01204 377600.