Buying Properties in UK

Buying property in UK is same as buying it in any other country but of course, there are a few things that you might need to know before you set out on your property hunt and if you want it to come easy, there are a few steps you can follow to get the whole process simplified. You can always use the assistance of property cash buyers who would fetch you some best property options making the process all the more easier for you. But even in that case, a little homework is required to be done!

The first thing that you need to do is set a budget and if there is an involvement of a mortgage, make all the necessary arrangements as soon as possible.
Once you have selected a property and decided on it and have also made a verbal offer to the vendor’s agent and have got it accepted then what will happen next? The agent will submit the offer to both solicitors through the Memorandum of Sale.

The seller’s solicitor will contact your solicitor providing him with a copy of the seller’s title. Your solicitor will have a chance to raise enquiries on the title provided and all the other matters that he may consider relevant. The solicitor will also put in hand all the usual local searches that he might consider important.
Mortgage offers tend to be slower so you have to be patient with this one.

This work is basically the part of the pre-exchange of contracts that states that neither the seller nor the buyer is committed in any way whatsoever and either party can still withdraw from the transaction made. Once this work is completed and all the necessary mortgage offers have been received by you, it would be the time to discuss the completion dates. After the final agreement, there will then be an exchange of solicitors’ contracts. After this step of the proceeding, you’d be asked to pay 10 % of the total purchase price. And once this has been done, neither party can withdraw.

An important thing that you must keep in mind is that if you decide to withdraw after the contracts have been exchanged, you will not only lose your deposit but there is a chance that the seller sues you for the losses that he might suffer. It is, therefore, advisable that you do not exchange contracts until you are fully satisfied with the property you are about to purchase and able to proceed financially.

On the date of completion, the solicitor will make the required arrangements to settle the remaining sum of money for the property purchase and then get the title registered at the Land Registry and send you evidence of registration made.

This will mark the completion of your journey to make the purchase of our choice and too through a legal proper channel.
Thereafter, the property belongs to you and you can now take the possession of the keys!

Source: www.propertycashbuyers.com