Buying a house can be pretty confusing, especially with all the paperwork. But knowing what documents you need to buy a house can make things faster and simpler. Here’s a guide on what papers you should prepare when buying a house in Burnley, a historical town in Lancashire, England. I’m a local and a real estate agent in Burnley and I can share some tips on how to make the home buying process easier and faster for you.
The first document you need is the Mortgage in Principle. It’s a statement from your lender saying that they could lend you a certain amount of money based on some basic info. It shows the house seller and the selling agent that you’re serious about buying the house and that you have the money for it.
Next, you need a Memorandum of Sale. The selling agent makes this document. It includes the agreed price, the names and addresses of the buyer and seller, and the details about the house and the lawyers. It’s not legally binding, but it’s accepted proof of the agreement.
Survey reports are also important. They give a detailed review of the house’s structure and condition. There are different types of surveys, from a basic HomeBuyer’s Report to an in-depth Building Survey. You should choose the one that fits your situation and the house you want to buy.
You should also have some searches done on the house by your lawyer. These searches can show anything you should know about the house and its area. Usual searches include local authority searches, environmental searches, and water and drainage searches.
Exchanging contracts is a key part of buying property. After the contracts are exchanged, both parties are legally bound to the agreement to buy and sell. If anyone backs out, they’ll have to pay a penalty. The contracts outline the terms of the house sale, like the agreed price, the date of completion, and the deposit.
Last, your lawyer will give you a completion statement. This statement shows the final amount you need to pay. You’ll also need to get insurance for your new house, starting on the day you complete.
It’s also a good idea to do a careful check on the house you’re buying. You should visit the house to see its condition. And it’s smart to hire property surveyors and legal professionals so there aren’t any unexpected problems later.
To sum up, you need several important documents to buy a house in Burnley. From getting a Mortgage in Principle, to doing surveys and local searches, to exchanging contracts and finalizing your completion statement, each step has its own document requirements. Now that you know what forms and contracts you need, you’re better prepared to buy a house. While it may not be easy, with the right preparation and advice, it can definitely be less stressful and more satisfying. I hope this guide has made it easier for you to understand the paperwork part of buying a house in Burnley.