In recent years, many Chinese people have gone to the UK to buy real estate.Since it is their first time to buy a house in the UK, many people do not understand that the process of buying a house requires hiring a lawyer, and they do not know what role a lawyer plays in the house buying process.Next, the editor of British Real Estate will introduce to you the role of lawyers in the house purchase process.
1. Determine the legality of identity and source of funds
In the process of purchasing a house, the authenticity of the buyer's identity and source of funds are very important. Therefore, the lawyer will identify the buyer, verify the authenticity of basic information, address and other materials, check the deposit situation, and help the buyer comply with anti-money laundering regulations.
2. House review
During the house purchase process, the lawyer will contact the seller's lawyer to obtain a draft contract and related documents. They then review these documents and perform a series of investigative projects to confirm the home's condition and legal liability. These survey items are usually clearly outlined in the service contract.
3. Sales Agreement
When the buyer and seller reach an agreement on the sale, the real estate lawyer will require the owner to provide the property certificate and fill in a detailed questionnaire.The lawyer will prepare the owner's legal information and sales contract information based on relevant information, obtain the settlement figures for housing mortgage loans and other secured loans, and communicate and coordinate with all relevant parties.
#{14 } IV. Exchange of ContractsIn the UK, a house purchase contract exists in writing, which contains all the terms agreed upon by both parties and requires both parties to sign. The lawyer will explain the terms in the home purchase contract to you in detail. These contracts contain a lot of legal terms, so it is very important to listen carefully to the explanation from a professional lawyer, which will help protect your own interests.
After the buyer and seller exchange contracts, the real estate lawyer will receive the deposit as the down payment, organize the final bill and prepare the final settlement, collect the balance of the required funds, approve the transfer deed and arrange for the owner to sign it.
5. Delivery
After the house is delivered and moved in or rented, the lawyer will pay the stamp duty and apply for the real estate certificate on your behalf. Once you receive the real estate certificate, the lawyer will report to you and hand over relevant information (such as real estate certificate, lease, new home insurance, stamp duty certificate, etc.) to you.
