The First-Time Buyer's Magical Guide to Buying a House
Residential Conveyancing team |04 December 2023
We’re welcoming December and the exciting festivities it brings by introducing you to two of our fantastic clients. We’ve recently represented an enchanting elf couple, Buddy and Holly, and will be sharing with you their exciting story.
Buddy and Holly had been together for a long time and were looking to progress their relationship to the next step. They planned on buying a house together and found just the property. To help with their home-buying adventure, they enlisted the support of our Conveyancing team to ensure they were equipped with everything they needed to help the process run smoothly.
Buddy and Holly viewed the property and made an offer, which was agreed. Once their offer was accepted and their mortgage was arranged, they instructed Nash and Co.
Nash received the contract from the seller’s solicitor and started with the necessary searches and checks on the property to ensure that there would be no hidden surprises that would affect Buddy and Holly’s ownership. Buddy was keen to check whether he could keep animals at the property as he had hoped to take his pet reindeer. Holly on the other hand wanted to know whether they had a right to use the rear lane to access the property making it easier to get to and from their snowmobile.
The mortgage lender carried out their own valuation of the property but tt was down to Buddy and Holly to organise a survey, which is an optional step but very often recommended given the age of the property. How in-depth a surveyor assesses the property depends on the survey chosen but it provides the buyer with more information about the physical condition of the property.
Nash and Co sent Buddy and Holly a report on title including all of the information they had obtained from the seller and the searches that they had carried out. Included in the report was an explanation about stamp duty, which is a specialised tax when buying a house. The team explained how this works and that, as first-time buyers purchasing a property in England under £425,000, they were exempt from paying it.
Elated with the news, Buddy and Holly signed their Contract, Transfer and Mortgage deed in readiness for exchange. They then ensured their deposit was ready to be transferred for the exchange of contracts.
Everything went well with the contracts and both parties were happy, the mortgage offer was confirmed, and the deposit was received by the provider, Buddy and Holly progressed to agreeing a completion date and the contracts were exchanged.
When the day of completion arrived, Buddy and Holly were filled with glee. The team received the mortgage funds from the provider, which were sent to the seller’s solicitors. Once receipt of the funds was confirmed, Buddy and Holly collected the keys to their first home from the estate agent.
Buddy and Holly were delighted with their new purchase and had felt at ease asking the team all the questions they needed to. The team at Nash tied up the final details, including registering the property in their names.
Our expert Conveyancing team are on hand to answer any questions you may have about the process and support you from start to finish. You can contact them here.
