• Accident & Medical Claims
    • Accident Claims
    • Road Traffic Accidents
    • Medical Negligence
    • Asbestos Claims
    • Serious Injuries
    • Funding Your Personal Injury Claim
  • Divorce & Children
    • Divorce & Separation
    • Children Law
    • Prenuptial & Postnuptial Agreements
    • Living Together
    • Domestic Violence
    • Same Sex Families
  • Wealth Management
    • Pensions
    • Financial Advice
    • Tax
    • Life Insurance
    • Residential Care Home Planning
    • Trusts
  • Wills & Inheritance
    • Wills
    • Dealing with a Death
    • Inheritance Disputes
    • Powers of Attorney
    • Court of Protection
    • Notary Services
  • Business Services
    • Business Disputes
    • Business Agreements & Contracts
    • Debt Recovery
    • Corporate Services
    • Insolvency Advice
    • Intellectual Property
  • Employment & HR
    • Employer Legal Advice – Managing Your Workforce
    • Employee Rights
  • Property Services
    • House Sales & Purchases
    • Commercial Property
    • Property Disputes
    • Landlord & Tenant
    • Planning Law
    • Construction & Engineering
  • Sectors
    • Education Law
    • Academy Conversion Services
    • Services for Academies
    • Education Training
    • Charities
  • About Us
    • Our People
    • Find Us
    • About
    • Careers at Nelsons
    • News
    • Events
    • Blogs
    • Fusion Legal
  • Pay Online
  • Our People
  • Find Us
  • About
  • Careers at Nelsons
  • News
  • Events
  • Blogs
  • Fusion Legal
  • Pay Online
logo
0800 024 1976 Email us
logo
For advice and support 0800 024 1976
Email us
  • Accident & Medical Claims

    Accident Claims icon arrow

    Compensation for your injuries

    Asbestos Claims icon arrow

    Asbestos exposure and related diseases

    Road Traffic Accidents icon arrow

    Car, bike, bus and lorry accidents

    Medical Negligence icon arrow

    Advice when you need it most

    Abuse Claims icon arrow

    Abuse compensation claims

    Serious Injuries icon arrow

    Head, brain and spinal injury claims

  • Divorce & Children

    Divorce & Separation icon arrow

    Resolving your relationship issues

    Children Law icon arrow

    Child arrangements and adoption

    Prenuptial & Postnuptial Agreements icon arrow

    Drafting and reviewing marital agreements

    Family Mediation icon arrow

    Resolving separation disputes

    Living Together icon arrow

    Legal protection for living together

    Domestic Violence icon arrow

    Protecting you from abuse

  • Wills & Inheritance

    Wills icon arrow

    Making or changing a Will

    Dealing with a Death icon arrow

    Probate and inheritance services

    Inheritance Disputes icon arrow

    Challenging or disputing a Will

    Powers of Attorney icon arrow

    Managing your financial and legal affairs

    Court of Protection icon arrow

    Making decisions for your loved ones

    Notary Services icon arrow

    Witnessing your documents

  • Wealth Management

    Independent Financial Advisers icon arrow

    Investment management planning and strategies

    Pensions icon arrow

    Corporate and personal pension planning

    Cash Flow Modelling icon arrow

    Strategies to calculate your future income

    Tax icon arrow

    Personal tax planning

    Residential Care Home Planning icon arrow

    Planning ahead for your future

    Trusts icon arrow

    Creation and administration

  • Business Services

    Business Disputes icon arrow

    Resolving commercial and business conflicts

    Business Agreements & Contracts icon arrow

    Commercial agreements for your business

    Debt Recovery icon arrow

    Collecting money owed to your business

    Corporate Services icon arrow

    Company law, banking and finance

    Professional Negligence icon arrow

    Compensation for negligent advice

    Restructuring & Insolvency icon arrow

    Corporate and personal, bankruptcy and liquidations

    Intellectual Property icon arrow

    Agreements, trade marks and disputes

  • Employment & HR

    Managing Your Workforce icon arrow

    Managing and supporting your workforce

    Employee Rights icon arrow

    Your rights in the workplace

  • Property Services

    House Sales & Purchases icon arrow

    Get an instant online quote

    Commercial Property icon arrow

    Real estate acquisitions, leases and disposals

    Property Disputes icon arrow

    Resolving property and land issues

    Landlord & Tenant icon arrow

    Services for landlords and commercial tenants

    Planning Law icon arrow

    Planning applications and appeals

  • Sectors

    Construction & Engineering icon arrow

    Contracts and alternative dispute resolution

    Education Law icon arrow

    Legal services to the Education sector

    Charities icon arrow

    Legal support for charities

    Dentists & Dental Practices icon arrow

    Specialist advice for dentists and dental practices

    Manufacturing icon arrow

    Specialist legal support and advice for manufacturers

    Family Businesses icon arrow

    Specialist advice for your family business

  • Home
  • Blogs
  • Blogs
  • Property
  • Top Tips When Buying A Property

Top Tips When Buying A Property

Posted on March 3, 2020 at 2:30 pm.

Written by Rachel Maxwell

This article is for information only and does not constitute legal or financial advice. Please consult one of our qualified lawyers or financial advisers for advice tailored to your specific position.

Buying a property is one of the biggest decisions a person can ever make. Below, we have put together the following guide with important information about the process of buying a property in England and Wales and what you will need to consider.

Guide to buying a property

1. Set realistic timescales

When you have a property to purchase and have negotiated a price with the seller, a typical house purchase will take roughly six to eight weeks to complete.

This is only an estimate and will depend on the speed of any chain, terms of the mortgage offer and the complexity of the title of the property.

2. Work out your finances

You will need to work out the budget you have to purchase the new property and how you will be paying the purchase price. If you require a mortgage for your property purchase, apply for this with your chosen lender. If you are also selling a property and intend to transfer or port your existing mortgage to your new property, you will need to obtain a new mortgage offer as this does not take place automatically.

If you are purchasing the property using cash savings, or money tied up in stocks and shares it is vital to ensure that the money is available for instant access.

3. Instruct a conveyancer/solicitor

Guide buying propertyWhen considering quotes from conveyancers/solicitors, look for firms with the conveyancing quality logo (see right) – this means they are conveyancing specialists accredited by the Law Society’s Conveyancing Quality Scheme.

Once you have instructed your conveyancer/solicitor, they will perform checks on the property, including Local Authority searches, boundaries and any planning or building regulations certificates. They will prepare a report on the property’s title, and liaise with the seller over issues such as fixtures and fittings.

At this stage you will need to complete and return relevant financial information forms to progress your property purchase. Throughout the process, in order to avoid any delays, it is advisable that you return any documents as quickly as possible.

4. Property survey and buildings insurance

It is always recommended to obtain an independent survey to check the state and condition of the property you are buying. If you have a mortgage, your lender will obtain a valuation but this will not give you any guarantee about the property’s condition.

You should also arrange buildings insurance to be in place from exchange of contracts. Make enquiries at an early stage, not only to find the most competitive quote but also to obtain insurance that is most suitable to your circumstances and the property you are buying.

If you are buying a leasehold property (generally this applies to flats), it is likely that buildings insurance will be provided by the landlord.

5. Exchange of contracts

After all title checks, searches, enquiries, surveys and financial arrangements are in order, you will be ready to become legally bound to the property purchase. You will now be ready to start thinking about the completion (moving) date.

In readiness for this, your conveyancer/solicitor will have obtained your signature to the contract and will also have agreed a completion date with your seller. Signing the contract in advance has no legal effect – it is not until the seller and buyer exchange their duplicate signed contracts through their solicitors/conveyancers that the transaction becomes legally binding.

At exchange of contracts, the buyer is required to pay a deposit. This must be paid through the solicitors/conveyancers and not directly to the seller – this is a requirement of money laundering regulations which protect against fraud.

If your purchase cannot complete due to the seller’s default, you are entitled to your deposit back. If you pull out of the sale after exchange of contracts, you will lose your deposit paid to the seller.

It is important not to make any firm plans to move in, for delivery of items or to give notice on any rented accommodation until contracts have been exchanged and a completion (moving) date is fixed.

6. Completion (moving date)

The completion date is the date on which the funds will be transferred to the seller and the keys will be given to the buyer. The money will have been collected in from you prior to the date of completion and the mortgage advance will be requested from your mortgage lender before this date.

The balance monies are sent to the seller’s solicitors. When the money arrives at the seller’s solicitor’s bank, the matter legally completes and you are entitled to move into the property. This is usually at mid-day.

If the seller is vacating the property on the day of completion and is using the sale money to buy another property, please note that there may be a delay in the keys being handed over which you will need to bear in mind, but this should not be delayed beyond mid-afternoon.

The seller must remove all belongings and refuse from the property but you may have to exercise some tolerance here. If you have concerns that the property will not be properly cleared by the seller, we advise making your solicitor/conveyancer aware of your concerns as soon as possible and definitely prior to the exchange of contracts.

Guide buying propertyHow can Nelsons help?

Rachel Maxwell is a Solicitor in our expert Residential Conveyancing team.

For further information in relation to buying and/or selling a property, please contact Rachel or another member of the team in Derby, Leicester or Nottingham to discuss your circumstances.

Please call 0800 024 1976 or contact us via our online form.

 

Categories
  • Accident & Medical Negligence Claims
  • Business
  • Charity
  • Education
  • Employment
  • Family
  • Individuals
  • Property
  • Wealth Management
  • Wills & Inheritance
Recent Posts
  • Long Covid Classed As A Disability – What Does This Mean For Employers?
  • A Claim Of Occupation Rent In Relation To Property Held In A Deceased’s Estate
  • Building Safety Act Comes Into Force
  • CQC Report Highlights GP Service Providers Falling Below Standards In Leicestershire
  • High Court Dismisses Claims Of Undue Influence And Upholds Elderly Testatrix’s Will

Share this

Related articles

  • Property

A Claim Of Occupation Rent In Relation To Property Held In A Deceased’s Estate

Read more

  • Property

Building Safety Act Comes Into Force

Read more

  • Property

Break Clauses In Commercial Agreements

Read more

See all articles

Request a document we are storing for you

Email us

Join our mailing list to keep up to date with our latest news and events

Sign up
Nelsons logo
Nelsons Derby

Sterne House
Lodge Lane
Derby
Derbyshire
DE1 3WD

01332 372 372
Nelsons Leicester

Provincial House
37 New Walk
Leicester
Leicestershire
LE1 6TU

0116 222 6666
Nelsons Nottingham

Pennine House
8 Stanford Street
Nottingham
Nottinghamshire
NG1 7BQ

0115 958 6262
  • Our People
  • Our Offices
  • About Us
  • Careers at Nelsons
  • News
  • Events
  • Blogs
  • Fusion Legal
  • Terms of Use
  • Privacy Notice
  • GDPR FAQs
  • Client Records Retention Schedule
  • Cookie Policy
  • Complaints
  • Accessibility
  • Sitemap
  • Website by Hallam
  • Design by M&D
  • Lexcel logo
Cyber Essentials logo

Nelsons Solicitors Limited is a limited company registered in England and Wales (Reg No: 07219010) and a wholly owned subsidiary of Nelsonslaw LLP, a limited liability partnership registered in England and Wales (Reg No: OC335458).  Their registered offices are at Pennine House, 8 Stanford Street, Nottingham, NG1 7BQ. A list of members of Nelsonslaw LLP may be inspected at the registered office. Nelsons Solicitors Limited and Nelsonslaw LLP are authorised and regulated by the Solicitors Regulation Authority. Nelsons Solicitors Limited is authorised and regulated by the Financial Conduct Authority. Our notaries are regulated by the Faculty Office. Nelsons Solicitors Limited’s VAT No is 385 184 329.

 

We use the word “partner” to refer to a member of Nelsonslaw LLP and/or a director of Nelsons Solicitors Limited and its use in connection with the business of Nelsons Solicitors Limited should not be construed as an indication that any member or director carries on business in partnership with any other member or director within the meaning of the Partnership Act 1890.

We use cookies to improve your experience of our site (we do not track your identity). To comply with the new e-Privacy Directive we need to seek your consent to set these cookies. If you do not make a selection, we will assume that you consent to the cookies being set. Find out more. Accept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT