Solicitors For Buying a House

What’s the Process of Buying a Property?

It doesn’t matter if you’re:

• A first time buyer
• Moving up the property ladder, or
• Adding a property to your portfolio

at Rothera Bray, the process involves:

Instruct Us to Act On Your Behalf

When you instruct us to look after your property transactions, we’ll assign you a case manager. They will take your instructions and ask you to complete the initial paperwork and various documents. These include:

• Proof of identity, such as a driving licence or passport
• Proof of your current address, in the form of a council tax or utility bill
• Proof of funds, including recent bank statements and mortgage offer letter
• Proof of insurance for the property you wish to buy (if you’re using a mortgage to fund the sale)

Advice on Property Surveys

There are different types of property surveys you can have done when buying a property. Their purpose is to identify any problems with the condition of the building before you legally commit yourself to the purchase.

The most common types of survey are;

• Home buyers report
• Condition report
• Home condition survey
• Building survey

These surveys vary in their comprehensiveness. The more comprehensive the report, like the building survey, the more expensive they are.

The type of survey you choose will depend on the age of the building and/or if there are any other areas of concern about its condition.

Contract and Title Documentation

The seller’s solicitor is responsible for sending the Title to the house and drafting the contract and supporting documents to us.

When we receive the contract pack, we’ll raise any queries and provide you with an initial report. At this point, you’ll have the opportunity to go through the report and raise any questions.

Mortgage Offer

Once your mortgage has been checked and approved, we’ll review the terms and advise you of your obligations to the lender.

Property Searches

We’ll advise you on which searches are relevant to your transaction. We’ll also provide you with a report on each search and offer advice on any further search that might be relevant.

Exchange of Contracts

Once everybody in the chain has signed their part of the contract, we can arrange a completion date.

At this point, we’ll request your deposit (if applicable). On exchange of contracts, the completion date is legally binding for all parties.

With the exchange of contracts complete, we’ll release your mortgage funds, together with any other relevant fees.

Completion

This is your moving day. With all funds transferred and received, we’ll call you to confirm that you can collect the keys to your new property.

Following Completion

We’ll pay stamp duty and deal with Land Registry requirements . We’ll then provide you with a copy of the Title in your name.

Why Do I Need to Instruct a Solicitor to Help Me Buy a House?

You’re not legally obliged to use a solicitor when buying a house. So you could, in theory, do your own conveyancing.

However, in the UK, property is sold on the principle of ‘caveat emptor’ which means ‘buyer beware’. As the buyer, you are responsible for checking the quality and condition of the property you intend to buy.

Once you’ve agreed a price through the estate agent on the house you want to buy, there’s a process that must be followed before the legal ownership of the property can be transferred to you. Searches need to be carried out, to make sure the property is in good order and contracts will need to be drafted and reviewed.

If you’re not qualified to do your own conveyancing, it could lead to;

1. Significant delays to the process
2. A complete collapse of the sale, and
3. Substantial financial losses

Your conveyancing solicitor will follow this process and look after your best interests.

Can I Use the Same Property Solicitor For Buying and Selling?

Yes, you can.

In fact, if you’re selling a house and buying a new one, it’s a good idea to use the same solicitor. This way, they can act on both sides of the sale to make sure the process goes well.

What Are Rothera Bray’ Solicitor Fees When Buying a Property?

Buying a house can be stressful, even when things are going well. That’s why we’re upfront about our conveyancing fees.

From the very start, we’ll provide you with all the costs involved, including:

• Disbursements from third parties
• Search fees, and
• Stamp Duty

Freehold Sale or Purchase Fees

Our fees for a standard house purchase range from around £900 up to £3,000 including VAT. The simpler the transaction, the lower the fees.

Read More About Our Freehold Sale or Purchase Fees

Leasehold or Purchase Fees

Our fees for leasehold purchase range from around £1,300 to £3,000 including VAT. Again, the simpler the transaction, the lower the fees.

Read More About Our Leasehold Sale or Purchase Fees

Mortgage and Re-mortgage Fees

These range from £595 – £795 including VAT.

Read More About Our Mortgage and Re-Mortgage Fees

How Long Does the Conveyancing Process Take?

On average, a property sale will take 14-18 weeks to complete. Although each transaction is different, so the length of time can vary depending on;

• How long searches take to complete
• Mortgage offers
• Other parties in the chain, and
• The complexity of the transaction

At Rothera Bray, we understand the importance of dealing with property transactions. After all, it’s your future family home. That’s why we always strive to complete your purchase as quickly as possible.

What Is Stamp Duty Land Tax? And How Much Will I Have to Pay?

Stamp duty is a tax which you might have to pay when you buy a house or piece of land.

If:

• You’re a first time buyer, you’ll qualify for First Time Buyer’s Relief. This means you won’t pay stamp duty on properties costing up to £300,000. You’ll also get a discounted rate on properties costing up to £500,000.
• You’re not a first time buyer, you’ll pay Stamp Duty Land Tax on properties costing more than £125,000. The percentage you pay will depend on the cost of the property.
• You’re buying a second home, you’ll pay an extra 3% on properties costing more than £40,000.

The table below shows you how much you’ll pay.

Example:

If you’re buying your next house for £300,000, you’ll pay:

• Nothing on the portion up to £125,000
• 2% on the portion between £125,001 and £250,000 and
• 5% on the remaining £50,000

Why Should I Use Rothera Bray When Buying a House?

Our property and conveyancing team is made up of experienced solicitors who deliver a reliable service. We aim to make the process of buying your house as quick and as painless as possible.

Once you’ve instructed our conveyancing team, we’ll assign you a dedicated team member. They will look after your transaction from the very beginning through to completion. You’ll get their direct phone number and email address and we’re flexible about how we work with you. If you prefer face to face meetings, email or phone communication, we can help.

We speak in plain English and we’ll keep you up-to-date at each step of the transaction. If any issues arise, like a dispute for example, we’ll deal with it on your behalf, to get a quick resolution.

Our fees are transparent, competitive and communicated upfront so you won’t be surprised later on.