Thursday, 04 June 2020

Across the Pond: How to Buy a House UK Style

Written by Posted On Monday, 08 July 2019 06:14

Starting your next chapter in the UK? Plan ahead so you can settle in quicker. Learn how to buy a house in the UK with this new homebuyer's guide.

Ready to plant your roots along the River Thames?

If you're looking to move across the pond and make a home in the United Kingdom, there are a few steps you have to complete, first. 

Today, we're taking a look at how to buy a house UK style. Follow this guide and you'll be sipping tea with the Queen's Guard in no time!

Step 1: Find a Licensed Conveyancer

Buying a house in the UK is a little different than buying one in the United States. The biggest change is that you'll need to partner with a licensed conveyancer to complete the process. This person will serve as your legal representative moving forward. 

Not sure where to find one? Hop online and head to the Conveyancing Supermarket.

Here, you'll find resources to help you understand the conveyancing process, as well as a panel of regulated solicitors and licensed conveyancers who can help walk you through the process. 

First, however, you'll partner with a real estate agent. You'll work with your agent to find the home of your dreams. Once you agree on a purchase price with the sellers, the legal matters from that point onward go to your conveyancer. 

The seller's conveyancer will send your legal team the formal contract pack, which includes the actual agreement to sell, along with: 

  • The Property Information form
  • The Fittings and Content form
  • Property title
  • A copy of the lease (if applicable)

The first document provides extra information about the property, while the second lists exactly what fixtures are staying and which are leaving. After you receive this document, go ahead and schedule a survey of the property.

Step 2: Conduct Searches

Your conveyancer will then conduct all necessary searches on your property, including a Local Authority Search. These investigations are required to unearth details such as:

  • The boundaries of the property
  • Any ongoing disputes
  • Specific rights-of-way
  • Planning constraints or permissions

This offers you, the buyer, valuable insight into the history of your potential purchase.

Step 3: Set Completion Date

With the local searches completed and satisfactory and the contract pack and mortgage offer in hand, your conveyancer will set a completion date. You'll negotiate this date with the seller.

Step 4: Exchange Contracts

Next, the conveyancer will create the final completion statement for you to sign. In addition, you'll also sign the transfer deed and mortgage deed at this time. 

Before moving forward, your conveyancer will also organize an HMLR final search, which will verify that no changes have occurred to your property since those initial searches.

The seller's legal team will receive the official, signed documents, along with the deposit that you send to the seller's solicitor. Now, you're committed to buying the property.

Step 5: Attend Completion

This is the day you've been waiting for! You'll finalize the sale and officially receive the property as its new legal owner. At this time, you'll work with your conveyancer to send over the remainder of the sale price, minus the deposit you've paid. 

In exchange, you'll receive the signed transfer deed.

Final Steps Post-Completion

If you're taking out a mortgage on the property, your conveyancer will send your deeds to your lender at this time. 

You'll also calculate and pay any Stamp Duty, if applicable. Within 30 days of your completion date, you'll need to send your official documents to the HM Land Registry, as well. This records you as the official owner of the property!

How to Buy a House UK Style, Made Simple

Though this list is short and sweet, it provides a basic overview of how to buy a house UK style! The biggest step is to find the right conveyancer, as a qualified expert will make the rest of the process a breeze. 

For more real estate information, be sure to keep reading our blog. We're experts in this niche and we'd love to help make things easier as you navigate the route to your new home!

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tracy handy

Tracy is a full-time real estate advisor and blogger. she specializing in real estate technology .and she would like to write real estate,  home improvement topics.

https://myrealestate.com/
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