What do you need to know about buying a house in the UK?

Your solicitor will need to prove that the seller is the legal owner of the property you’re buying. They do this by checking with HM Land Registry, which registers the ownership of land and property in England and Wales. A local authority search gives detailed information about the property and its surrounding area.

What’s the law about buying and selling land?

Home Land Law The Law Regarding the Buying and Selling of Land. A fundamental rule in English law is that any agreement to buy or sell land must be made in writing, incorporating all terms on which the parties have agreed. This means a verbal agreement to buy and sell land is not legally enforceable.

How does the purchaser protect their interest in the land?

The purchaser owns the beneficial interest in the land and property; The purchaser may protect their interest in the land by registering their interest. For instance, if the land is unregistered, the buyer can protect their interest by registering a Class C Land Charge against the property.

What happens when you buy land in a trust?

A purchaser will take the property subject to the beneficial interests of anyone they knew or ought to have known about (under the doctrine of ‘notice’). A typical example is where the purchaser buys land subject to a trust, knowing that an individual has a life interest in the property and can remain in occupation until their death.

Why are people buying property in the UK?

While they may currently be living abroad, there are many reasons why expats are buying property in the UK and why UK real estate is desirable; as an investment, as somewhere to stay occasionally or as a way to provide for future needs.

Where does the interest go when buying a house in the UK?

When a buyer pays a deposit on a property this is held by the seller’s solicitor or licensed conveyancer. Any interest earned on the deposit during the period is kept by the solicitor or, in England and Wales, the licensed conveyancer and should be passed on to the seller at completion.

How does the money go from the seller to the buyer?

The money is transferred from the buyer to the seller. The legal documents needed to transfer ownership are handed over to the buyer. The seller moves out and leaves the property in the state agreed in the contract. The seller hands over the keys to the buyer. The property now belongs to the buyer.

What should a buyer know before buying a property?

For many years, the onus was on the buyer to carry out due diligence on the property they were purchasing to make sure they were aware of any problems or issues. This due diligence was of particular importance due to the principle of ‘ caveat emptor ’, or ‘buyer beware’.