The Key Stages Of Buying A Property In Peterborough

If you have never purchased a home before, this is the blog post for you. Our conveyancers have put together what to expect and the key stages involved in buying a property in Peterborough. If you have any queries or need to speak to a conveyancer, you can call our conveyancing team now. They will be happy to answer any queries you might have about the key stages of buying a property in Peterborough.

The first stage of buying a home is the instruction and opening of the file. Our conveyancing solicitor will send an instruction form for you to complete. Payment to cover initial fees will also be required at this time. You will need to supply ID and evidence of your source of funding for the property.

This will be followed by the searches and contract pack review. This will all be looked after by your conveyancer in Peterborough. They will order searches such as local authority, water and drainage and environmental. They will review the draft contract from the sellers’ conveyancers too.

When your mortgage offer is received, our conveyancing team will check the terms. They will liaise with the lender on your behalf to confirm any title-related concerns. This will quickly be followed by surveys and valuations. A price survey is highly recommended. The lender will also request a mortgage valuation. If you are purchasing an older property we would recommend a structural survey too.

The next key stage of buying a property will be the pre-exchange preparation. This is where your conveyancing solicitor will send you a report of the property once queries have been raised and resolved with the seller’s conveyancer. At this point you will be asked to sign the contract and mortgage deed. You will also need to pay the pre-agreed deposit for the property.

We recommend that you arrange buildings and life insurance from exchange of contracts. The mortgage funds will also be requested by your solicitor, as well as any balance from you for the property. This is when final checks will be made. This includes Land Registry checks and bankruptcy searches.

Once this is done, we will move onto the exchange of contracts. This is done when everyone in the change is ready. Contracts will be exchanged, and a completion date will be arranged. At this point the house buying transaction will become legally binding.

The next key stage of buying a property in Peterborough is completion day. At this point funds will be transferred to the seller’s conveyancing solicitors. Once funds have been received the keys will be released. This is when you will be able to take possession of your new home.

After completion your conveyancing solicitor will pay any Stamp Duty fees. They will also register your ownership of the property at the Land Registry. If no mortgage is involved, the electrical title register will be sent to you, if not, it will be sent to your lender.

Unsure of the key stages of buying a property in Peterborough and need a friendly conveyancer to help you through the process? Call our conveyancing team at Burgh Thorpe Solicitors now. We will be only too happy to help you purchase your dream home.