If you’re in the UK and planning to buy your first house or move into a new home, one of the most pressing questions you might have is, “How long does it take for solicitors to complete a house purchase?” The process of buying a house involves various legal steps, and understanding the timeline can help you plan your move effectively. A good rule of thumb is to expect the sale process to take 19 weeks from when you find the right home. At Bromfield Legal, we are experts in the field, we’ll break down the key stages of the house-buying process for you and provide insights into the timeframes involved. 

Our property solicitor team can deal with all the legal issues and documentation, so you don’t have to worry. Leave all the forms and legislation to us. We’ll make sure that every requirement is met so your purchase goes smoothly.

Finding the Right Property 

Before you even involve solicitors, you need to find the perfect property. This stage can vary greatly in duration, depending on your preferences, budget, and the state of the property market. 

Mortgage Approval 

Once you’ve found your dream home, the next step is securing a mortgage. This process typically takes between 4 to 6 weeks. During this time, you’ll work with your chosen lender, providing financial documents and undergoing credit checks. It’s important to have your mortgage offer in place before moving forward, as this will affect the timeline.

Appointing a Solicitor 

After securing your mortgage, you’ll need to appoint a solicitor or conveyancer to handle the legal aspects of the purchase. The time it takes to find and appoint a solicitor can vary, but it’s crucial to choose one who specialises in property law and has experience with residential transactions. Bromfield Legal, for example, is a reputable firm that can provide personal, expert guidance in this area.

Property Searches and Due Diligence 

Your solicitor will begin by conducting property searches and due diligence. This involves investigating the property’s title, checking for any outstanding issues, and ensuring that it’s fit for sale. 

Exchange of Contracts 

The exchange of contracts is a pivotal moment in the house-buying process. At this stage, both the buyer and seller commit to the transaction, and a legally binding agreement is formed. Delays can occur due to various factors, such as complex legal issues or a long property chain.

Completion 

Completion is the day you’ve been eagerly waiting for – when you officially take possession of your new home. It involves the transfer of funds, finalising legal documents, and ensuring that all outstanding matters are resolved.

Registration and Post-Completion 

After you’ve moved in, your solicitor will handle the post-completion tasks, including registering your ownership with the Land Registry. 

Stamp Duty and Other Costs (Variable)

Stamp Duty Land Tax (SDLT) is a significant cost associated with buying a property in the UK. The amount you pay depends on the purchase price and your circumstances, and it must be settled within 14 days of completion. Your solicitor will help you calculate and pay the correct amount.

Managing Expectations

It’s essential to have realistic expectations about the timeframes involved in buying a house. Delays can occur at any stage of the process, and factors such as the complexity of the transaction or the efficiency of your solicitor can impact the timeline.

To gain further insights into the house-buying process and ensure a smooth experience, you can visit the Bromfield Legal website. We offer expert legal services for property transactions in the UK.

Buying a house is a significant life event that comes with a series of legal processes. While the average time it takes to complete a house purchase is approximately 19 weeks, it’s important to remember that this timeline can vary based on numerous factors. Finding the right property, securing a mortgage, appointing a reputable solicitor like Bromfield Legal, and navigating the legal steps all contribute to the overall duration of the process. By understanding these stages and being prepared for potential delays, you can approach the journey of buying a house with confidence and realistic expectations. Get in touch for advice today, your new home may be just a few months away!

With the property market moving more compared to earlier in the year, a common question we see being asked is if tenants in common is a good idea for individuals.

Whether tenants in common is a good idea completely depends on the specific circumstances and goals of the individuals involved. At Bromfield Legal, we are experts in Conveyancing and Property Law and discuss below some factors for you to consider. We would always recommend consulting with a legal professional to best practice, as each person’s state of affairs is different.

What is tenants in common?

Tenancy in Common (otherwise known as TIC) is a legal arrangement in which two or more parties share ownership rights in a real estate property or parcel of land. Each independent owner may control an equal or different percentage of the total property, whether commercial or residential. The parties are known as tenants in common. This is a popular option for couples that aren’t married and would rather have security in their agreement. It is also a great alternative for friends moving in together, as now, more than ever, it is a popular way for first time buyers to fund their home.

What does tenants in common provide?

Shared Ownership: Tenants in common is a form of joint ownership where each owner holds a share of the property. This can be beneficial when multiple individuals want to have ownership rights over a property while maintaining separate interests.

Flexibility: TIC allows for flexibility in ownership shares. Each owner can have a different percentage of ownership, which can be advantageous if individuals contribute varying amounts of capital or have different investment objectives.

Estate Planning: Tenants in common can be useful for estate planning purposes. Each owner can specify their desired beneficiaries for their share of the property, ensuring that their assets are distributed according to their wishes upon their death.

Shared Expenses and Responsibilities: Owners typically share expenses and responsibilities related to the property. This can include costs for maintenance, repairs, and property taxes. It’s important to have clear agreements and communication among the owners to avoid conflicts.

Selling or Transferring Ownership: Allows for individual owners to sell or transfer their share of the property independently. This flexibility can be beneficial if an owner wants to divest their interest or if there is a change in ownership structure desired by one or more parties.

Understanding the law – why would I need a solicitor?

Potential Disputes: With shared ownership, there is a potential for disputes to arise, particularly if there are disagreements about the use, management, or sale of the property. It’s crucial to have a clear legal agreement in place that outlines decision-making processes, dispute-resolution mechanisms, and exit strategies.

Ultimately, whether tenants in common is a good idea depends on the specific needs and goals of the individuals involved. We urge you to consult with a legal and financial professional like Bromfield Legal to get a better understanding of the legal implications and to determine the best ownership structure based on the specific circumstances. As specialists in the industry, we take pride in our ability to provide an exceptional service. 

For expert advice, please contact one of our solicitors based at our offices in Nuneaton or Warwick. We can also advise you over the phone if preferred, please telephone our offices on 024 7638 2343 to make an appointment.