The experience of buying a new home is exciting, but it can also be complicated. It is in your new home where you will spend most days and nights. It will become a place for family gatherings and holidays, and hopefully, a place of comfort after a long day. It is important that you are satisfied, not just with the property, but the buying experience, as that is your first memory of this new home.
The requirements for buying a home can be complex and confusing, but a real estate or conveyancing solicitor can help you navigate the process. Experienced conveyancing solicitors in London will help you handle all parts of purchasing a residential home.
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Step 1: Review the Offer and Negotiate the Contract
To many people the purchase of a residential home appears straightforward: exchange money for freehold interest in the property and all is complete. Often, this is not the case. The offer will include the financial terms of the agreement, but when it comes to real property there is significant risk in a purchase. A solicitor will call attention to these issues and address each in the contract.
Allocating this risk fairly between the parties is a huge part of a conveyancing solicitor’s job. A solicitor will insist on certain terms and conditions being included in the contract, such as whether an inspection will be completed or whether there are any contingencies for closing. A solicitor will continuously inform the client what obligations are in the different contract provisions.
Step 2: Discuss Financing and Loan Documents
In many instances a conveyancing solicitor is also skilled at reviewing other documents entwined in a real estate transaction. When it comes to the purchase of residential property, the most important documents, after the purchase contract, are the agreements that secure financing or a loan to purchase the home. While many banks provided standardised loan documents, it provides peace of mind to have a solicitor read the documents for any irregularities or oppressive terms.
Step 3: Close on the Purchase
The day closing takes place, it is important to have your solicitor present. Multiple documents will be presented and exchanged for signatures, and your lawyer is able to review each document before and after you sign. This will ensure that all original documents are properly prepared, that all necessary documents are executed by you and the other party, and that each document is executed correctly according to any special rules or procedures. Once every document is signed to the satisfaction of your solicitor, it is time to celebrate as a new homeowner.
Other Residential Property Issues
In addition to helping clients through the process of purchasing a home, conveying solicitors are capable of handling a myriad of legal matters. Questions may concern selling residential property, landlord and tenant disputes, property refinancing and lending, and purchase of property for investment purposes. Irrespective of the issue, when it comes to legal questions regarding your residential property it is always best to contact a lawyer.