What is the legal process for buying property in the UK?

1. Both parties to the transaction have reached a verbal agreement on the price of the house, and then confirmed by email, provided the lawyer's information to the agency, or immediately searched for a real estate lawyer who confirmed their rights and handed over the work. ;

2. The intermediary company will then provide the parties and their lawyers with the formal price and some other conditions for purchasing the house (for example, occasionally it will include a parking space, furniture, or lawyer fees, etc.) ;

3. If you are purchasing a house with a loan, you will now be given the data of the real estate agency lender (financial institution), and a lawyer will also participate in the loan during the period. At this time, the borrower (customer) will fill in many statements. This procedure is usually carried out by lawyers, and lawyer fees must be paid at this time (the evaluation of the house that I have explained to you before is usually carried out at this time);

4. At this time, the house purchase lawyer will usually conduct a survey on the surrounding phenomena, including local planning policies, whether there will be a high incidence of floods, whether there is environmental pollution, whether it will be rebuilt, etc.;

5. At this time, the house selling lawyer will draw up a house purchase contract, which mainly includes the seller’s description of the property situation; then the buyer’s lawyer will check the contract terms one by one, and any questions will be clearly raised at this time;

6. If these houses are sold as leasehold, the buyer’s lawyer will ask the agency to produce corresponding documents, contracts, etc.;

7. If a loan is used , the lender will conduct a property appraisal at this time. If the evaluation results meet the conditions, the lender will issue a loan intention agreement, and the buyer’s lawyer will verify the terms;

8. If these houses are sold with a lease, the buyer’s lawyer will hope that the other party will Present policy documents such as the rental agreement;

9. After all the above verifications are correct, you can be ready to sign the contract;

10. When signing the purchase contract, the buyer A deposit is required (generally 10 or 20 of the total amount). The money is usually given to your buyer's lawyer, and then the buyer's lawyer pays the seller in the case of a swap agreement;

11. After signing the contract, when the house is about to be completed, the remaining balance of the purchase price needs to be paid. If there is no loan, just pay cash to your lawyer, go through all the procedures, and get the keys; if there is a loan, for example, a loan of 75, minus the deposit received before and 10% of the down payment. Just settle the remaining 15 days. For that part of the loan, your bank will determine the transfer and completion date with your lawyer. The lawyer can pay the seller the money for the house purchase, so that the house purchase process is completed, and anyone who owns the house will be declared a buyer and can get the key;

12. Now everyone can toast to celebrate After obtaining the key, your buyer's lawyer will then have to deal with the stamp tax on the contract and the registration of land resources. What are the UK real estate agency commission standards?

Since April 1, 2014, the British government department has authorized the National Trading Standards Real Estate Agency Team to assess whether British individuals or organizations are suitable to engage in intermediary work under the terms of the Real Estate Agency Act. This department that studies the characteristics of the society is actually the largest regulatory department for real estate agencies in the UK at this stage. Its scope of responsibilities includes publishing restrictions or warnings on intermediaries.

Under the constraints of relatively complete market rules and policies, real estate agencies in most cases cannot take advantage of opportunities and can only make some margins in some gray areas. When users realize that their interests have been harmed, they can report to companies and industry associations or file lawsuits to protect their legal rights.