Whether you are buying your first home or adding to a property portfolio, the purchase of residential property is a big step.
And if you haven’t undergone this process before, it can seemingly be riddled with technicalities and paperwork, which can be more than a bit confusing. And that’s before we get to buying timelines!
At Andrew & Andrew, our conveyancing solicitors Portsmouth have been helping clients to buy properties for over a decade and can assist you whether it is your first buy or your fifth! Our expertise and professionalism will ensure that any purchasing of a property goes off without a hitch, and we will aim to take as much of the stress off of you as we can. Great!
But for the sake of this article, let us assume that it is your first time buying a property, as there has been a recent upsurge in first-time buyers. Below, our conveyancing solicitors Portsmouth have answered 5 of the most common questions that we receive from our first-time buyers, so you can get a better idea of what will be involved when you begin the process of purchasing your first home.
What is conveyancing?
Under UK law, conveyancing involves the exchange of contracts concerning a property regardless of whether it is residential or commercial and encompasses all of the paperwork contained within these areas. In the UK, our conveyancing solicitors Portsmouth will typically focus on two key areas of the conveyancing process, which is the exchange and the completion.
But if you are new to this area, we can also oversee advising you on mortgages, conducting property searches and ensuring that the house that you are purchasing is worth what is being asked. So, as mentioned earlier, we will aim to take as much of the stress off of you as possible.
How long will it take?
Thanks to the pandemic of 2020, it is now harder than ever to estimate how long the conveyancing process will take when you approach our team. However, typically, it will take between 10 to 12 weeks to complete the process and get you the keys to your new home.
What is involved in applying for a mortgage?
If you have already begun applying for a mortgage, then our team at Andrew & Andrew can ensure that all the paperwork is completed on time and that any issues, which may occur with either the bank or private mortgage provider, will be handled promptly.
But if you are approaching our team to help choose a mortgage, then we will begin the process of searching for a mortgage suitable for you.
What is the difference between completion and exchange when purchasing a property?
The exchange date is when our team and the seller’s solicitor exchange contracts, cementing the purchase of the property. The completion date is when you leave your old home and move into the new one and the sellers of the property vacate.
What is stamp duty?
If you purchase a property over a certain value in England and Northern Ireland, you will have to pay stamp duty. In the UK, this tax is placed on a property that is worth over £125,000. As the property value increases, the percentage of the stamp duty also increases; for more advice on this talk to our team.