Process of buying a house or flat: Timeline and Choosing the best conveyancer to safeguard your move
Buying a house or a flat is a huge financial decision and it is important to be aware of all of the different stages involved in the process. By understanding what lies ahead, you can be better prepared for what is to come. If you are thinking about buying a house or a flat, then make sure to follow each of these steps to avoid any costly mistakes along the way.
Also read: The Cost of Buying a House and Moving
1.Buying a house or flat: Process, timescale and choosing the conveyancing lawyer
Stage 1. Two months is your estate agent’s bit ( I.e., funding the property and agreeing an offer. All before you instruct your Conveyancer)
- Week 6 to 8: Find your perfect home. To find your dream home, do your research on the area and compare different estate agents.
- Week 8: Make your offer. Outline your conditions and maximum budget to the seller.
- Week 9: Chase the offer, negotiate or accept.
- Week 9: If accepted, appoint your surveyor to check the condition of the property. Your solicitor and conveyancer will check for any legal issues.
- Week 9: Choose the right Conveyancer or risk being of the 1/3rd being who never complete. Choose a conveyancer with a 95% record of success as normally they only move 63%. That’s because not all lawyers are the same. The right Conveyancer is the key to your move. The wrong one will cost your move and will incur you in significant wasted costs if your move falls through.
Stage 1 takes approximately 9 weeks. Then comes the difficult bit. Stage 2. That’s an additional 5 months uk average; that’s when control leaves your and your estate agents hands and goes into your conveyancers.
Stage 2: An extra 2 to 5 months, depending on your conveyancers bit.
Whether you take an extra 2 or 5 months is down to you and your choice of Conveyancer.
Don’t delay. Appoint your conveyancer on the day the offer is accepted. Delay is a key contributor of 37% of sales falling through.
Don’t go for any lawyer. They’re not all the same! Benchmark your choice against AVRillo conveyancing, who has the best track record of a 95% success record of moving sellers and buyers, against the UK average of 63%.
Don’t get stuck with a conveyancer who will charge you if you change your mind. Benchmark against AVRillo who allow clients 2 months of free work if they change their mind.
Don’t go cheap as you risk paying double or treble and also a poorer service for a so called cheap price. When did you buy cheap and buy good. Your move involves hundreds of thousands of pounds. It’s just too much of risk to go cheap. You can lose so much.
Don’t instruct unless you see all their terms and menu of potential costs upfront, i.e., both in their instruction form and on their website too. Conveyancers are known for lack of transparency. So much so, that the government has had to introduce laws to help prevent this but still, many solicitors still breach these transparency laws. So what looks really cheap will end up more expensive. Sometime double or treble their quote. Benchmark your choice against what the best award winning conveyancers do. For example AVRillo conveyancing are one of the most transparent, with all their terms upfront for everyone to see, even on their website. They have no secrets, even their competitors see their costs on their home page of their website. In comparison, try to get actual full terms from other conveyancers and solicitors. That’s the full terms not just a quote or estimate.
“Fantastic company from start to finish. Wholly recommend AVRillo for anyone moving home. All staff excellent, kept in touch throughout and really had my interests at the heart of everything.” – Tony, a satisfied AVRillo client.
Stage 3. Work with your conveyancer to move in 2 to 5 months. This will vary depending on your chosen conveyancer and how you work with them. Please
That’s 5 months average to completion with uk solicitors and conveyancers
But 2 to 3 months to completion is the fastest we’ve seen. That’s AVRillo Conveyancing: www.avrillo.co.uk. You can benchmark them when choosing your conveyancer.
Process and Speed.
- Order the right searches if you are buying. Your expert conveyancer will guide you. Don’t scrimp on searches. They’re cheap so just order what’s recommended for your property. As UK law provides for “buyer beware@, if you don’t, you risk not finding legal defects a full set of searches would have revealed. If found you can ask your seller to pay. If not, you will be liable to pay.
- Ask your conveyancer to recommend an indemnity insurance policy to fix a problem to reduce delays which often lead to you not moving at all. A non expert solicitor may take you the long way round. More expensive and more time delays and more risk to you.
- Ask your conveyancer to resolve additional enquiries quickly by asking what you can and can’t take view on. Many solicitors will sweat the small stuff at your expense. Only lender CML specific conditions must be dealt with. The rest you can take view on to move to your completion. Solicitors insisting on arguing the small stuff miss the point, that’s for you to move, not to make it difficult for you to move.
- Pre Exchange. The sooner your conveyancer gets you past additional enquiries the sooner you can choose your move date and ask your conveyancer to exchange contracts. Sort out deposits, sign all your documents and contracts. Ask your lawyer to check the chain. Then ask them to exchange.
- Exchange. Once you mutually agree your move date, notify your conveyancer, they’ll exchange and secure your move.
- Completion. After you hand over the cash, the keys and deeds are officially yours.
Also read: Step By Step Conveyancing Process
2.Tips for Affording the Property You Want
If you’re looking to buy property, you may be wondering how to go about affording the home you want. With housing prices on the rise, it’s becoming increasingly difficult to purchase a home without breaking the bank. However, there are a few things you can do to increase your chances of being able to afford the property you want.
1. Use a mortgage calculator.
One of the first things you should do when considering whether or not you can afford a property is to use a mortgage calculator. This will give you an estimate of how much your monthly mortgage payments will be and will help you better understand what you can realistically afford. There are many different mortgage calculators available online, so be sure to find one that suits your needs.
2. Get pre-approved for a mortgage.
Another great way to increase your chances of being able to afford the property you want is to get pre-approved for a mortgage. This means that you’ll have already been approved for a loan up to a certain amount before even beginning your search for a home. This can help give you some peace of mind and will allow you to focus on properties that are within your budget.
3. Save for a larger down payment.
If you’re able to save up for a larger down payment on your home, this can also help increase your chances of being approved for a loan and ultimately affording the home you want. A larger down payment indicates to lenders that you’re serious about purchasing a home and that you have the financial means to do so. Additionally, it can help lower your monthly mortgage payments by decreasing the amount of money you need to borrow.
Purchasing property can be expensive, but there are steps you can take to increase your chances of being able to afford the home you want. Be sure to use a mortgage calculator, get pre-approved for a loan, and save up for a larger down payment if possible. By following these tips, you’ll be on your way to owning the property of your dreams in no time!
Also read: Fixed Rates and Mortgage Fees on the Rise
“Absolutely fabulous service by Avrillo. Not once did I have to chase them up. Ankita Ubeja, in particular, was extremely efficient and so pleasant to deal with. She was professional and very approachable throughout. Nothing was ever too much trouble. I wouldn’t hesitate to recommend using this firm.” – D. Horn, a satisfied AVRillo client.
4.How much should you offer when buying a house?
Buying a house is a big decision. Not only are you making a long-term financial commitment, but you’re also deciding where you want to live for the foreseeable future. If you’re planning on buying a house, there are a few things you need to take into account before making an offer.
Some of the key factors you need to consider when deciding how much to offer on a property are:
- 1. The current market conditions
- 2. The location of the property
- 3. The state of the property
- 4. Your finances
1. Market conditions:
One of the first things you need to consider when making an offer on a property is the current market conditions. Are property prices on the rise or fall in the area where the property is located? Is it a buyer’s or seller’s market? Knowing this will help you decide how much to offer.
Another important factor to consider is the location of the property. Is it in a desirable neighborhood? Is it close to public transport and other amenities? The more desirable the location, the more you should be prepared to pay.
3. State of the property:
You also need to take into account the state of the property itself. Is it in good condition or does it need some work? If it needs work, how much will that cost? Factoring in these costs will help you decide how much to offer.
4. Personal finances:
Last but not least, you need to consider your finances before making an offer. How much can you afford to spend on a property? Do you have enough saved up for a deposit? It’s important not to overstretch yourself financially when buying a property.
Let’s celebrate our mini-milestone, but there is still much to do. And remember, nobody is under any contractual obligations here, so let’s not get ahead of ourselves just yet.
6.The Dangers of Gazumping and Gazanging
There are two additional hurdles that buyers must be aware of: gazumping and gazanging. Let’s take a closer look at what these terms mean and how you can protect yourself from them.
Gazumping occurs when a seller accepts an offer from a buyer, only to then accept a higher offer from another buyer. This practice is not illegal in the UK, which means that there is little protection for buyers if they find themselves in this situation.
There are a few things that you can do to decrease your chances of being gazumped, though. First, try to be as flexible as possible with your moving date. This will give the seller more options and make it less likely that they will entertain offers from other buyers. Second, get your finances in order before making an offer. This way, you can be sure that you can pay the asking price if your offer is accepted. Finally, be prepared to move quickly once an offer is accepted. The longer you take to move forward with the sale, the more time the seller has to entertain other offers.
Gazanging occurs when a seller withdraws their property from the market after an offer has been accepted. This usually happens because the seller has found a buyer who is willing to pay more than the original buyer offered. Again, there is no legal protection for buyers in this situation, so it’s important to be as prepared as possible before making an offer on a property.
The best way to avoid being gazanged is to have a realistic idea of what you can afford before beginning your search for a new home. Once you’ve found a property that meets your needs and budget, be sure to get your finances in order quickly so that you can move forward with the sale as soon as an offer is accepted. Keep in mind that if the seller receives multiple offers, they may choose to accept one of those offers over yours, so it’s important not to low-ball your initial offer.
Buying a home is stressful enough without having to worry about gazumping and gazanging. These two practices can add significant delays and extra costs to what was supposed to be a simple transaction. By being prepared and flexible, you can decrease your chances of falling victim to either one of these situations. And remember, if things do go wrong, there is always the possibility of finding another property that’s even better suited to your needs!
Also See: How Long Does Conveyancing Take?
“First class service! Thank you for all the effort put into getting us through to completion. Ankita in particular was fantastic. Very patient, responsive and supportive throughout and in such a turbulent process we are very pleased to have chosen AVRillo.” – Frenchie, a satisfied AVRillo client.
7.How to Find the Best Mortgage for You
A mortgage is a loan that helps you finance the purchase of a home. there are many different types of mortgages available, and it can be difficult to know which one is right for you. The good news is that there are some simple steps you can follow to make sure you find the best mortgage for your needs.
1. Know Your Budget
The first step in finding the best mortgage is to know your budget. This means taking a close look at your income and expenses and determining how much you can realistically afford to spend every month. It’s also important to factor in things like stamp duty, legal fees, and other costs associated with buying a home. Once you have a good idea of your budget, you’ll be in a better position to start shopping around for mortgage options.
2. Shop Around
Don’t just go with the first mortgage offer you receive. Instead, take the time to shop around and compare different products from a variety of lenders. This will help you ensure that you’re getting the best deal possible. Be sure to compare things like interest rates, fees, and repayment terms before making a decision.
3. Get Help if You Need It
If you’re not sure where to start or are feeling overwhelmed by all of the options available, don’t hesitate to seek out professional help. There are plenty of mortgage brokers and financial advisors who would be more than happy to help you find the right mortgage product for your needs.
Purchasing a home is a big decision, and finding the right mortgage is an important part of the process. By following these simple steps, you can be sure that you find the best mortgage for your individual needs and circumstances.
Also read: Mortgage lending data released
8.Choose your conveyancing firm carefully
When you’re buying a property, one of the most important things to do is to choose a reputable and experienced conveyancing firm. The conveyancing process can be complicated, so you must have a solicitor who knows what they’re doing. Here are a few things to keep in mind when choosing a conveyancing firm.
Check for experience
When you’re looking for a conveyancing firm, one of the first things you should do is check for experience. How long has the firm been operating? Do they have experience with the type of property you’re buying? It’s important to choose a firm that has a good track record and is experienced in dealing with the type of property you’re interested in.
Check for qualifications
It’s also important to make sure that the solicitors at the firm are qualified. In the UK, all solicitors must have a law degree from a recognized university and must be qualified to practice law in England and Wales. You can check the Solicitors Regulation Authority website to make sure that your chosen solicitor is qualified.
Get quotes from multiple firms
Once you’ve checked for experience and qualifications, it’s time to get quotes from multiple firms. Conveyancing fees can vary significantly from one firm to another, so it’s important to get quotes from several firms before making your decision. When getting quotes, make sure to ask about all potential fees so there are no surprises down the road.
The lender will check that you and your property make good financial sense
When you’re buying a property, the lender will do more than just check your credit score. They’ll want to know that you and the property make good financial sense.
Here’s what they’ll be looking at:
Your Credit Score
Your credit score is one of the first things a lender will look at. This number gives lenders an idea of how likely you are to default on a loan. A low credit score indicates that you’re a high-risk borrower, while a high credit score means you’re considered to be low risk.
Your Debt-to-Income Ratio
Your debt-to-income ratio is the second thing a lender will look at. This ratio is a measure of how much debt you have compared to your income. A high debt-to-income ratio means you’re using a large portion of your income to make debt payments, which could make it difficult for you to make your mortgage payments on time.
The Property itself
The third thing lenders will look at is the property itself. They’ll want to know if the property is worth the price you’re paying for it. They’ll also want to know if the property is in good condition and is located in a desirable area. All of these factors will affect whether or not the lender approves your loan.
“We are very happy me and my brother for all the help we had from this team, specially Nathan. All the proceeds goes very fast and they done all the paperwork in only 7 weeks!
We recommend AVRillo 100% for everyone! Thank for all the help!” – Marian, a satisfied AVRillo client.
10.Searches That Your Solicitor Will Do For Mortgage
When you are buying a property, your solicitor will carry out some important searches to make sure that there are no problems that could affect the value of your new home.
Local Authority Search
The first search that your solicitor will do is called a Local Authority search. This will reveal any planning permission that has been granted for the property, as well as any building regulation consents. The search will also show if there have been any previous applications for planning permission or building regulations consent that have been refused. It is important to know about these things as they could affect your mortgage lender’s decision to lend you the money to buy the property.
Water and Drainage Search
The second search is called a Water and Drainage search. This search will reveal if the property is connected to main water and sewerage and whether there are any public drains or sewers close by. The results of this search could affect your decision to buy the property, as well as your mortgage lender’s decision to lend you the money.
The third search is called an Environmental Search. This will reveal if there are any environmental hazards near the property, such as landfill sites, chemical works, or mines. The results of this search could affect your decision to buy the property, as well as your mortgage lender’s decision to lend you the money.
These are just some of the searches that your solicitor will carry out when you are buying a property with a mortgage. It is important to know about these things as they could affect your decision to buy the property, as well as your mortgage lender’s decision to lend you the money.
Also read: What Are Searches When Buying a Property?
Keep in Touch With Your Solicitor to Get Completion Faster
One of the main reasons for delays in completion is a lack of communication between the buyer and their solicitor. For example, if there are any changes to your financial situation, it is important to inform your solicitor as soon as possible. If you are unsure about anything, don’t hesitate to ask your solicitor for clarification. By keeping your solicitor up-to-date, you can avoid any potential delays in completion.
Also read: Can You Change Conveyancing Solicitors?
11.Booking Your Property Survey
If you’ve decided that you need a property survey, the next step is to find a licensed professional to conduct it. You can ask your real estate agent for recommendations, or look for qualified professionals online or in the yellow pages. Once you’ve found someone who looks reputable, give them a call and ask for a quote. Be sure to ask whether they charge by the hour or by the square footage of the property, as well as whether they offer discounts for multiple properties or repeat customers.
A property survey is a vital step in the process of buying a property. The purpose of a survey is to provide potential buyers with information about the condition of the property they are interested in purchasing. Surveyors will inspect the property and compile a report that will identify any potential problems that could impact the value of the property or cause unforeseen repair costs.
There are two main types of property surveys available:
A HomeBuyer Report is suitable for properties that are in a reasonable condition. The report will identify any major or minor defects that should be taken into consideration before purchasing the property.
A Building Survey is suitable for properties that need major repair or renovation work. The survey will provide a comprehensive overview of the condition of the property, as well as highlight any structural issues that need to be addressed.
The Do’s and Don’ts of Getting a Survey Done in the UK
- • Choose a qualified professional: When it comes to surveying your potential property, you’ll want to make sure you choose a qualified professional who has experience doing surveys in the UK. There are different types of surveys available, so be sure to ask your chosen professional which one would be best for your needs.
- • Ask for a copy of the survey report: Once the survey has been completed, you should receive a copy of the report. This report will contain important information about the condition of the property, as well as any potential problems that were found during the survey. Be sure to read through the report carefully and ask your chosen professional any questions you may have.
- • Use the information from the survey to negotiate: If there are any problems with the property that were revealed during the survey, you can use this information to negotiate with the seller. For example, if there are significant repair issues that need to be addressed, you may be able to negotiate for a lower purchase price or have the seller make repairs before completing the sale.
- • Try to do it yourself: Surveying a property is not something that should be attempted by someone who is not qualified. Many things can go wrong, and unless you know what you’re doing, it’s best to leave it to a professional.
- • Ignore damaged areas: If there are damaged areas on the property, don’t just ignore them and hope they go away. These areas will likely need to be repaired before you can move forward with the purchase, so be sure to factor this into your budget.
- • Forget about maintenance: Just because a property doesn’t have any major damage doesn’t mean it won’t require regular maintenance. Be sure to factor this into your budget as well so you don’t end up being surprised down the road.
Also See: Does Conveyancing Include Surveys
12.Great. You’ve Received a Mortgage Offer. Now what?
1. Review the Offer Carefully
Once you’ve received your mortgage offer, you must review it carefully. You should make sure that you understand all of the terms and conditions of the offer before signing anything. Pay close attention to things like the interest rate, repayment period, and any fees or charges that are associated with the loan. If there are any terms or conditions that you don’t understand, be sure to ask your lender for clarification.
2. Compare Offers from Multiple Lenders
It’s always a good idea to compare offers from multiple lenders before making a decision. There will likely be some variation in the terms and conditions offered by different lenders. By comparison shopping, you can ensure that you’re getting the best possible deal on your mortgage.
3. Negotiate with the Lender
Once you’ve reviewed your mortgage offer and compared it with other offers, you may want to try negotiating with the lender who made the offer. You may be able to get a better interest rate or more favorable terms by doing so. It never hurts to ask!
4. Get Everything in Writing
Once you’ve reached an agreement with your lender on the terms of your mortgage, be sure to get everything in writing! This way, there will be no misunderstanding about what was agreed upon. The last thing you want is to have disagreements down the road about what was supposed to be included in your loan agreement.
Also read: No Sale No Fee Conveyancing Solicitors
13.Time to sort your building insurance
Most mortgage lenders in the UK will require you to have building insurance in place before they approve your loan. This is because your home is usually the collateral for the loan, so the lender wants to make sure that their investment is protected in case of any damage to the property.
The cost of buildings insurance varies depending on several factors, including the value of your home, where it’s located, and the level of coverage you require. Generally speaking, you can expect to pay between £100 and £300 per year for buildings insurance.
14.Why it is important to negotiate a completion date
When you’re ready to move on from your current home, the first step is to negotiate a completion date with the buyer. This can be a tricky process, as both parties will likely have different timelines in mind. If you’re motivated to sell quickly, you may be tempted to agree to the buyer’s proposed date. However, it’s important to make sure that you have enough time to properly prepare for the move. This includes packing up your belongings, arranging for transportation, and tying up any loose ends at your current residence. On the other hand, if you’re not in a hurry to sell, you may want to hold out for a date that better suits your schedule. In the end, the most important thing is to come to an agreement that works for both parties.
Also read: What do solicitors do in house buying?
15.Send your deposit money to your solicitor as soon as possible.
Before you can exchange contracts and buy a property, your mortgage lender will need to see evidence that you have paid your deposit to your solicitor. Your deposit is normally 10% of the purchase price of the property. Once you have paid your deposit, your solicitor will send a copy of the receipt to your mortgage lender. In some cases, you may be able to pay your deposit directly to your mortgage lender, who will then hold the money until completion. If you are buying a new build property, you may also be asked to pay a ‘Reservation Fee’, which is usually between £500 and £1,000. This fee secures the property for you and is normally deducted from the purchase price when you complete the property. Your mortgage lender will need to see evidence that you have paid this fee before they will release the funds for your purchase.
When two parties enter into an exchange contract, they agree to trade goods or services of equal value. This type of agreement is often used in business transactions, but it can also be used in personal relationships. For example, a person might exchange their car for another person’s boat. The key to a successful exchange contract is to make sure that both parties are happy with the terms of the agreement. If one party feels that they have received the short end of the deal, the contract is likely to be unsuccessful. To avoid this problem, it is important to take the time to negotiate the terms of the contract before signing anything. By doing so, both parties can be sure that they are getting what they want from the deal.
A completion statement is a document that your solicitor will prepare for you once the sale of your property has been completed. The completion statement will list the final purchase price of the property, as well as any outstanding debts or charges that are still to be paid. It is important to check the completion statement carefully before signing it, as it represents the final record of the transaction. If there are any discrepancies, you should query them with your solicitor before signing. Once the completion statement has been signed by both parties, it cannot be altered.
18.Signing the transfer deed
When you’re ready to finalize the purchase of a property, one of the last steps is signing the transfer deed. This document officially transfers ownership of the property from the seller to the buyer and should be signed by both parties in front of a notary public. In some cases, the real estate agent may also need to sign the deed. In addition to signing the deed, the buyer will also need to pay any remaining balance owed on the purchase price. Once the deed is signed and the funds have been transferred, the transaction is complete and the buyer is now the official owner of the property.
Also See: What Are Conveyancing Deeds?
20.The solicitor will withdraw the money from your lender
Your solicitor will need to request the funds for your purchase from your mortgage lender. This is known as ‘drawing down the mortgage’. Once the funds have been released, your solicitor will hold them in their client’s account until completion. In some cases, you may be asked to provide additional money to top up your deposit if the final purchase price
21.Paying for the house
The final step in buying a property is paying for the house. This is known as ‘completion’. Completion is usually scheduled to take place on a Friday, as this gives both parties time to finalize any last-minute paperwork. On the completion day, your solicitor will transfer the purchase price of the property to the seller’s solicitor. Once the funds have been transferred, ownership of the property will officially be transferred to you. You will then be able to pick up the keys to your new home!
Completion is the final step in buying a property. It is the day on which ownership of the property is officially transferred from the seller to the buyer, and the buyer pays for the house. Completion is usually scheduled to take place on a Friday, as this gives both parties time to finalize any last-minute paperwork.
Also read: Can I do my own property conveyancing
23.Your solicitor will handle the payment of your stamp duty
Stamp duty is a tax that must be paid when buying a property. Your solicitor will handle the payment of your stamp duty on your behalf. The amount of stamp duty you will need to pay depends on the purchase price of the property, as well as whether it is your main residence or investment property.
24.Register your ownership
Once you have completed the purchase of your property, you will need to register your ownership of the property at the Land Registry. This is a legal requirement to protect your interests in the property. The registration process can take up to eight weeks to complete. The fee for this will be around £250 to £500, depending on the price of the property.
25.Get the title deeds
Once your ownership of the property has been registered at the Land Registry, you will receive the title deeds for the property. The title deeds are legal document that proves your ownership of the property. They will list any restrictions or conditions that apply to the property, such as planning permission for any extension or alterations. It is important to keep the title deeds safe, as they will be required if you ever need to sell or borrow against the property in the future.
Finally, the stress of moving is over! You can now begin to focus on making memories in your new home and start paying off that mortgage.
Also read: Can Conveyancing Be Done in 3 Weeks?