Over a third of homebuyers don’t know what solicitors do in the house buying process, according to a new survey by conveyancers My Home Move.
Buying a home can be a stressful and confusing process. Especially when you’re not clear on all the stages and characters involved in the process. My Home Move surveyed 1,500 UK home buyers to reveal which parts of buying a house are the most confusing.
38 per cent of buyers admitted to not knowing what solicitors or conveyancers do. Another 26 per cent of people also admitted to not being sure what a stamp duty was. While 21 per cent of people said they were confused about what to look for in a new home.
To help avoid any confusion here’s a handy cheat sheet to clear up these confusing areas.
What does a solicitor do in the house buying process?
‘We take care of all of the legal work to transfer the title of the property,’ explains Ed Percival, director and operational quality and compliance for My Home Move Conveyancing. ‘We make sure you understand all the legal obligations which will impact you and protect your rights during the transaction.’
‘If you’re taking a mortgage, we’ll also work with your lender to make sure that the property is suitable for them to lend against. Also that you fulfil any special terms or legal obligations your lender imposes. And to ensure the funds are correctly dealt with.’
What is stamp duty?
A prospective home buyer has to pay stamp duty on a property worth more than £125,000. The more expensive the property is, the higher the stamp duty.
However, first-time buyers purchasing property costing less than £300,000 don’t pay stamp duty. The current stamp duty holiday means that stamp duty doesn’t need to be paid on properties worth less than £500,000.
What to look for in a new home?
This is all down to personal preference. However, before looking for home create a wishlist for the things you would like. This shouldn’t just include many details about the decor as that can be changed. Instead, you should focus on details such as location, natural light and space.
Hopefully, that has cleared up some of the confusion.