The conveyancing process for buying a home starts once your offer on a house has been accepted and completes when you receive the keys.
To understand more about how the process works, you can see the step-by-step guide as follows:
Stage 1: You have made an Offer
- Now you have chosen a solicitor or conveyancer. In this stage will provide you with a copy of our Starter Pack. You will need to complete this as soon as possible; as soon as we receive your starter pack, we will begin work on your case.
Stage 2: Mortgages and Surveys
- You should have spoken with your chosen mortgage provider and at least received an ‘offer in principle’, a statement showing that how much the mortgage company is prepared to lend you.
- When the conveyancing process has started, you will need to get an offer from your mortgage lender. The lender will need to know that you have made your offer, how much the offer is for and the details of the property you are buying.
- You would need to consider getting a survey done. The survey’s costs vary in price depending on whether you opt for a basic survey, known as a homebuyer’s report, or a full structural survey, which is strongly recommended if you’re looking at an old or listed building.
- In the meantime, we will get to work on the legal process and request the contract pack from the seller’s conveyancer.
- As soon as we have received the contract pack, we will then request any relevant searches e.g. an environmental or coal mining report. We will examine this information to make sure your home does not come with any defaults, such as being built upon a disused mine shaft or built on contaminated land.
- Once we have finished our searches, we will raise enquiries with the seller’s conveyancer and send you a report on what we find. This will give information about the title and a preliminary draft of the contract for you to sign.
- We will ask you to read the preliminary contract carefully, sign it and return it to us.
- When an offer is made by your mortgage lender, they will send us a copy, so we can check through any special conditions and determine whether the details held by the lender are correct.
- As soon as all of the outstanding issues with the searches, mortgage and enquiries are resolved, we will require your deposit.
Stage 3: From Exchange to Completion
- Now, we have received your signed preliminary contract and we will exchange contracts with the seller’s conveyancer and agree a completion date.
- Once the contracts have been exchanged, the property is yours. The exchanging of contracts marks the point at which the property is legally in your possession, and you and the seller are legally obliged to continue with the purchase on the set completion date.
- On the day of completion we will send the outstanding balance of the purchase price, including the money received from your mortgage lender, to the seller’s conveyancer by telegraphic transfer.
Stage 4: Moving In
- As soon as all of the above steps are complete, you can move in your new home.
- But we continues beyond this stage. We will still need to carry on our work and there will be a couple of things to be done.
- When the purchase has completed we will pay stamp duty land tax on your behalf. We will also inform the Land Registry that you are the new owner of the property and if there is a lender, we will let them know that the mortgage lender has an interest in your property.
- We will send you a copy of the title information document after a few weeks. We will also forward any miscellaneous documents supplied by the seller.
For further information, please speak to our team members in the Conveyancing and Property Department on 02089125241.