The conveyancing process – A step by step guide
Whether it’s your first purchase or you’ve moved before, buying a property can be a daunting prospect. Bird & Lovibond explains the conveyancing process to guide you through each step.
Appoint a solicitor
To get a head start on the process, we recommend that you appoint a solicitor before making an offer. When you instruct a solicitor, they will provide you with a client care pack and ask you to complete various ID and information gathering forms. By completing these forms at the outset, your solicitor is ready to start the legal work as soon as the sale is agreed.
If you haven’t already arranged a property survey, we would recommend that you do so now. Although it is not a legal requirement, it can highlight any faults or issues with the property or recommend additional investigations to be conducted. It may also allow you to renegotiate on the purchase price if costly issues are identified.
Contractual documents and mortgage offer
The seller’s solicitors will draw up the draft contract and send this to your solicitor together with title deeds, plans, protocol forms, and leasehold information if applicable for them to review.
You will also need to ensure that your lender now forwards the mortgage offer to your solicitor. You will sign the mortgage deeds before the exchange of contracts.
Searches and enquiries
Your solicitor will apply for searches on the property to ensure there are no hidden surprises. There are a variety of searches that include:
- Local Authority – this will detail issues such as any planning permissions granted, whether the property is in a conservation area, any tree preservation orders on the land
- Environmental – which looks at issues such as flood risk, ground stability, local infrastructure, and land contamination
- Water & drainage – checks that the property is connected to water and sewerage
- Land registry – confirms the seller is the legal owner of the property
Your solicitor will raise any enquiries regarding the results of the searches and prepare a report for you on the replies received. Once you are happy with the contents of the report, a date is agreed for exchange of contracts and the subsequent completion date.
Exchange of contracts and completion
Upon exchange of contracts, you will pay the deposit to the seller’s solicitors (usually 10% of the purchase price) and will be contractually obliged to complete on the set completion date. You will not be able to back out of the purchase without incurring major costs, such as losing the deposit.
The date of completion is usually at least five working days after exchange of contracts to ensure adequate time for the funds to arrive in the solicitor’s account.
Now is also the time to book your removals.
In readiness for completion, your solicitor will request the remaining monies/mortgage funds from your lender and any balance necessary from you. These are then ready to be transferred on completion day.
On the day of completion, your solicitor transfers the funds and, once the seller’s solicitors have confirmed receipt of the monies, it is time for the keys to be released. Your solicitor will register the property in your name and forward all the relevant documentation.
You are now ready to collect the keys to the property and move into your new home.
For advice and support on house purchases or sales, speak to one of Bird & Lovibond’s experienced property solicitors who can guide you through every step of the conveyancing process.
Tel: 01895 256151