Buying a new home can be a complex process so it is important that you seek independent financial and legal advice. Your mortgage advisor and solicitor will both be working on your behalf, taking care of the financial and legal side of your homebuying journey. But what exactly will they be doing? This guide takes away the jargon so you can see exactly how the process works.
Financial and legal
The financial and legal side of things
1
Find a mortgage advisor
There are many different mortgages out there, including fixed rate, tracker rate and interest only. A mortgage advisor can talk you through all appropriate options. They can also guide you on timings to ensure your application ties in with the completion date for your new home.
2
Choose a solicitor
A solicitor will handle all the legal aspects of your purchase, including your contracts, give legal advice, do local searches, and deal with the Land Registry. Your Sales Executive can provide you with a list of our recommended solicitors. They’ll be used to working with us so will help get things moving during your reservation period.
What happens next?
1
Securing a mortgage offer
Your mortgage advisor will help you to apply for a mortgage that suits your needs. Once your application is in, your lender will arrange a valuation of your new home and then, if your application is approved, you will receive your mortgage offer. Be sure to check all the details are correct and let your mortgage advisor know if there’s anything that doesn’t look right. Otherwise, you’re good to go.
2
Your solicitor will check draft contracts
They’ll make sure all the details are correct, including the price, details of any buying scheme – if you’re using one, deposit amount, title deeds, fixtures, fittings, and contents. Then they’ll send you a draft copy to read.
3
Your solicitor will carry out searches
These searches are to check there aren’t any issues before you buy your new home. These could cover things like ownership of the property, access to the property and any restrictions or planned changes in the local area which you should be aware of as a home owner.
4
Your solicitor will finalise contracts
When you have a formal mortgage offer, and you and your solicitor are happy with the search results and any queries that have been raised, you pay your deposit and sign your contract. Now we can exchange contracts.
5
Preparing for completion
Once your new home has been through our quality control process and received a cover note from your warranty provider, we’ll give you and your solicitor 14 calendar days’ notice of the legal completion date. Your solicitor can then make all the final preparations for completion day.
6
Completion day
Once you’ve paid your legal costs, it’s over to your solicitor to wrap up the final legal details. They’ll transfer ownership to you and transfer your funds to us, so you can complete. Your new home is legally yours.
Need some help?
Reach out to our sales team they will be able to help