Moving Guide
Whyshouldyoureadthis?
Buying a new home is a major commitment and can be a stressful experience. Finding the right property can require a lengthy search, many weekends spent trawling through property finder and estate agents’ websites. This booklet is designed to help you through the next steps of your move.
Sherrards Solicitors, has offices in both the City of London and St Albans that are perfectly placed to meet with your residential real estate needs. Whether it’s dealing with a property in a prime city location, a new-build home, country house, estate, or an entire property investment portfolio. We will help your transaction run smoothly.
This information booklet is designed to give you help and advice on how the conveyancing process works so that you know what to expect from the outset.
If you would rather speak to us, please feel free to email us, law@sherrards.com or call us, 01727 832830. Click here to go to our webpage.
Meet the Residential Real Estate team
We handle all elements of acquiring, financing and selling homes for individual clients to investment companies with large residential portfolios.
We balance your personal, legal and commercial needs to ensure that the outcome is successful and worry free, whether you’re buying or selling your property as a developer, investor or private individual.
Clients say our team is “efficient, professional and highly responsive” and that they would “happily recommend” us.
If you’d like to find out more, click here to go to our dedicated webpage.
What to think about when buying a new home in the UK
Here's a comprehensive list of considerations, along with current legal advice:
BudgetandAffordability: Determine your budget and affordability before starting your search. Consider all costs involved, including mortgage payments, taxes, insurance, maintenance, and any additional expenses.
Location: Research different areas and neighbourhoods to find one that suits your lifestyle, commuting needs, amenities, schools and future growth potential.
PropertyType: Decide on the type of property you want whether it's a house, apartment, or a specific style of architecture. Consider factors like size, layout, and number of bedrooms and bathrooms.
ConditionoftheProperty: Assess the condition of the property thoroughly. Consider getting a professional inspection to identify any structural issues, defects, or potential problems.
LegalChecksandDocumentation: Ensure all legal checks and documentation are in order. This includes verifying the title deeds, planning permissions, building regulations compliance, searches and any other relevant legal documents.
SurveyandValuation: Consider getting a survey and valuation done on the property to assess its true market value and identify any potential issues that may affect its worth.
FinancingOptions: Explore different financing options and mortgage deals available to you. Compare interest rates, terms, and conditions to find the most suitable option for your needs.
AdditionalCosts: Be aware of additional costs associated with buying a home, such as stamp duty, legal fees, survey fees, moving costs, and ongoing maintenance expenses.
Negotiation: Don't hesitate to negotiate the price with the seller, especially if you've identified any issues, findings in a survey or concerns with the property.
GazumpingandGazundering: Be aware of the risks of gazumping (where the seller accepts a higher offer from another buyer after agreeing to sell to you) and gazundering (where the buyer lowers their offer just before the exchange of contracts). While these practices are legal in England and Wales, they can be frustrating and stressful for buyers.
ChainSituation: If you're buying a property that is part of a chain (where multiple transactions are dependent on each other), be prepared for potential delays and complications. Consider having a backup plan in case the chain breaks.
CompletionDateandMovingPlans: Agree on a realistic completion date with the seller and make appropriate moving plans accordingly.
Leaseholdvs.Freehold: Understand the difference between leasehold and freehold properties, as well as the implications of each. For leasehold properties, consider the length of the lease, ground rent, service charges, and any restrictions or obligations imposed by the lease.
FuturePlansandResaleValue: Consider your future plans and the potential resale value of the property. Think about factors that may affect its value, such as nearby development projects, schools, transportation links, and local amenities.
By carefully considering these factors and seeking expert advice when needed, you can make informed decisions when buying a new home in the UK and minimize the risks associated with property transactions.
A Checklist timeline - what you need to think about when buying a new home
See if you are able to obtain a mortgage affordable to you if it is needed.
Get pre-approved for a mortgage to strengthen your offer when you find the right property. Some estate agents won’t even let you see properties without being preapproved for a mortgage or if your current house is not on the market as it can significantly slow down the process.
Hire a solicitor that fits within your budget and who is communicative and responsive. Always ask your solicitor for a quote prior to beginning work so you can understand all the costs associated with the purchase of the home, including stamp duty, all legal fees, survey fees and more.
Once you have negotiated the price, you are ready to put an offer down!
If successful, you will have to arrange finances. Finalise your mortgage and ensure all necessary paperwork is in place to proceed with the purchase.
You will need to obtain home insurance to protect your investment and meet the mortgage lender requirements although this is usually not the case on leasehold properties as there is a block policy.
Anticipate potential delays outside of your control in the coming weeks. Have a contingency plan in place in case this happens.
Go to your new property to inspect it is in the agreed upon condition, and so you can measure up as needed
If everything goes through, sign all necessary documents and pay any remaining fees to complete the transaction
Transfer utilities and services to your new property. You might want to redirect post in the meantime, change your address with any bank, building society and anywhere else you will need to change it.
Take meter readings on your last day!
Celebrate and move in!
Purchase Timeline
Instruct your Solicitor
Complete initial forms and ID verification
After receiving the memorandum of sale from Estate Agent, we will contact the seller's solicitor confirming we are instructed and await their pack. (2 - 4 weeks)
Once we have received contract pack and title documents, we will provide hand searches over the property and prepare a report. (4 - 6 weeks) The client should at this stage instruct a surveyor to carry out a survey over the property.
We would also raise enquiries with regard to the title documents and searches of the property.
Once this has all been dealt with and the client is satisfied with everything, we will report to them on and proceed to exchange and completion.
After completion, we would register the title at the Land Registry and pay the SDLT.
Movingday
Make sure you are prepared to vacate the premises by midday. Crosscheck what you are taking or leaving with the Fittings & Contents form. Any variation from this, or leaving rubbish behind, could lead to a claim for breach of contract.
Check meter readings and make note of them. You will need to phone these through to your utility providers and provide them with the purchaser's name.
Once we have received the completion funds from the purchaser's conveyancer, the transaction is complete. Transmission of the funds can take a few hours and is outside our control once the money is in the banking system. We will contact you by telephone once completion has taken place and you should then hand the keys to the purchaser or drop them into your Estate Agent.
Upon completion, we will make arrangements to pay your Estate Agent's fees and redeem your mortgage. We'll also deduct our costs. The net proceeds will then be sent to you, by cheque or by bank transfer.*
*A small fee will apply to each bank transfer and will be deducted from your final payment.