Buying a property in Peterborough can be a great experience if you know your rights and responsibilities as a prospective buyer. Unfortunately, when it comes to a real estate purchase, there is a lot of legwork involved, and it isn’t always obvious what needs to be done and by whom.

There are many different laws, local regulations and procedures which need to be followed. Some of these requirements can determine the price you pay for the property in Peterborough or elsewhere, for that matter.

So, let’s look at the general legal process involved in purchasing properties in Peterborough:

1. Find Solicitor

The first step is finding a solicitor specializing in conveyancing and property law. A good conveyancing solicitor in Peterborough such as AVRillo will provide you with information about the legal processes involved and suggest the best way forward.

Once you have found a solicitor, you must complete and sign the appropriate paperwork. You will be asked to provide details about your identity, address, Land Registry reference and details of any other properties that you own.

If necessary, all documents should be signed by both parties, including witnesses.

Once all documents are completed, send them to the solicitor, who will send them to the county registry office, where they will be processed.

2. Passing Credit Checks by the Lender

Credit checks are one of those steps but are not always necessary. If you want to buy a property and your credit is good, it is best to skip this step.

The majority of lenders will require a credit check before they agree to finance your purchase, and this can sometimes be a lengthy process.

It is important not only to ensure that your credit score is high enough but also that your application is sent on time. Otherwise, this could affect your chances of being approved by the lender.

If you are looking at a house that has been on the market for some time and other buyers have bid on it, but yours was not able to get approved, then you will need to pass a credit check before closing on your mortgage.

More importantly, it will ensure the lender knows you can pay back what you borrow when the time comes.

3. Agree on the Sale Price and Conditions

The sales agreement is signed by both parties and registered at the Land Registry. Once it has been registered, both parties are legally bound by this contract. It can be a formal or informal verbal agreement, but both parties must sign it before any money changes hands.

The seller must also provide a copy of their passport or driving license so that you can complete your application form with them.

It is important to note that if you decide to employ a solicitor or conveyancer for your purchase, they will need to give you a free quote before they start work – although this will vary depending on your specific circumstances.

4. Inspect the Property

You should speak with the seller’s solicitor before inspecting any properties in Peterborough because they may have specific conditions that need to be met before you can make an offer.

For example, some sellers require that all offers are accompanied by a deposit of at least 10% of the purchase price.

In contrast, others may insist on a higher deposit amount or even require escrow, whereby all funds must be held until after completion.

In Conclusion

Buying property is daunting, and so much to consider can make it especially difficult.

In this guide, we provided useful information concerning legal process involved in purchasing properties in Peterborough. Happy Buying!