Appointing a Solicitor/Conveyancer

When an offer on a property has been accepted, the seller's estate agent will need your solicitors details. Your solicitor handles all legal aspects of purchasing a property, this is known as conveyancing. You have to pay all solicitor's costs so it is quite in order to obtain quotes from a number of solicitors to decide which firm you wish to use. (Some mortgages now come with free legal services included, this could cut down your outgoings).

Finalising Mortgage Arrangements

Once your offer on the purchase has been accepted you need to finalise your mortgage arrangements. Ideally you should already have a decision in principle from a lender before you make an offer. The lender will usually want to see evidence of your earnings (recent pay slips), P60 and bank statements. Most lenders will also carry out a valuation on the property to determine whether the property is suitable as their security. You can pay for a more detailed survey that may point out any defects with the property. A homebuyer's survey and valuation provides a report on the general state of repair of the property. A full structural survey is more expensive as the surveyor covers all accessible parts of the property. The lender will only use a surveyor to obtain a valuation survey. It will not cover the purchaser in the event of any structural or other faults. If you have any doubts about the property it is advisable to obtain a survey of your own, which you have to pay for.

Exchanging Contracts

Once your solicitor has carried out all necessary searches and the contract terms have been agreed, the contracts can be exchanged. Once each party has signed the contracts and they have been exchanged, they are binding. The contracts will include a completion date, which is the date that the property becomes yours. At exchange of contracts any deposit required has to be paid. You will also need to arrange buildings insurance at this stage so that the property is insured from the day the property is legally yours. Usually, if you have one, your present insurer will cover this new property free of increased premium until the completion date.

Completion

This is the day when your solicitor will have completed the purchase on your behalf and the property is vacant for possession. The Transfer Deed, the document confirming you as the owner, will then be sent to the relevant registry for an update to the title showing you as the new freeholder.

Moving In

The property is now yours and you can move in. You may need to arrange for a firm of professional movers to help you. Once you are in your new home you have a legal responsibility to advise the local authority (rates), utility suppliers, the Inland Revenue and you will need to tell others as necessary (see below).

Once You Have Moved

Once you have moved into your new home there are a number of people you may need to notify of your change of address. Here is a checklist:
Family
Friends
Employer
Business contacts
Bank / Building society
Credit Card Company
Loan Company
Insurance Company
Pension Provider
Inland Revenue
HP Companies
Royal Mail
Cable / Satellite Company
Gas Provider / Electricity Provider
Water Provider
Telephone Company
Mobile Telephone Company
Television Licensing
Council Tax Office
Dentist
Optician
Doctor
Schools
Library
Vet
Clubs and Societies
DVLC