The five steps to buying a home

home-589068_1920The conveyancing team at DMA Law is here to give you the key to buying a home for the first time.

Our goal as residential conveyancers is to ensure that your home buying process is simple, clear, and as stress-free as possible. We offer competitive pricing and represent our clients with honesty and transparency, to be sure you are making the best decisions for your personal circumstances.

We recently brought you a guide on to what questions to ask as you prepare to buy your home. Now we have an explanation of the legal steps involved with buying a home. It is sometimes assumed that everyone knows this – but we understand that’s not the case, and are happy to guide our clients through the process.

Remember, there is no such thing as a daft question when it comes to buying a home. It can be a long, sometimes complicated process, and you should feel absolutely comfortable about everything that is going on. If you ever have any concerns during the purchase process, speak to your solicitor and they should be able to help.

1 Pre-contractual stage

Once an offer is accepted, the seller draws up a contract, including details such as the selling price, what fixtures and fittings will be left in the property and the date for completing the purchase, known as ‘completion’. The buyer’s conveyancer then checks everything is correct. This is when surveys and valuations will be completed and buildings insurance arranged.

2 Exchange of contracts

When the buyer and seller are happy with the contract, they sign final copies and send them to each other. The agreement is legally binding and neither party can pull out without paying compensation.

Buyers usually pay the seller a deposit of about 10% of the purchase price at this point, usually held by the solicitors until completion.

3 Between exchange and completion

A few more checks will be done by the conveyancers at this stage, such as making sure they have all the necessary funds, and they will then arrange for the transfer of funds to the seller.

4 Completion

The money for the property is transferred from buyer to seller and the keys and legal documents are handed over. The property now belongs to the buyer.

5 After completion

The buyer’s conveyancer registers the change of ownership with Land Registry, the buyer pays stamp duty and has to inform their insurer that completion has taken place.

Ready to take the first step toward buying a home?

Get in touch with the DMA Law Conveyancing team and we will be happy to walk you through the process of buying your first home.

We have offices in Chester le Street, Consett, Darlington, Sunderland, Peterlee, and Hartlepool, so where ever you are hoping to buy across the North East, one of our team will be able to assist you throughout the whole process.