Conveyancing Process for Buying a Property

Buying A Property Step By Step

Conveyancing is the transfer of the legal title of property from a seller to a buyer. This article will provide you with a step by step overview of the process of buying a property.

Instruct your conveyancer

The first stage is to confirm and instruct your chosen conveyancer. Initial commencement paperwork is sent to you including information, terms and conditions and a request for basic information regarding the purchase. Information required will include things like the marketing agents’ details, intended completion date, whether a mortgage is being prepared and any financial adviser’s details.

Requests for proof of identity and initial funds for conducting searches are also asked at this stage.

Preparing the draft contract

The seller’s solicitors will complete a draft contract for the sale and send it to your solicitors. Included within the draft contract will be Land Registry official copies, property questionnaires and copies of any applicable documents for that property.

Searches and enquiries

Once in receipt of the draft contract your solicitor will conduct local authority and water searches on your behalf in addition to reviewing the contract. Any queries are raised directly with the seller’s solicitors and any findings are reported back to you.

Buyer’s report

Along with your mortgage offer (if applicable) your buyer’s report will sent to you which will also include details of all financials and any areas that are deemed appropriate to highlight to you.

Contract signing

After you have carefully read through the report and contract and are happy to accept it is time for you to sign. A completion date is then agreed with all parties in the transaction. From here the normal practice is to transfer your deposit to your solicitors. Please remember that there is a growing rate of fraud so please ensure that you send your funds to the correct account.

Conventionally the deposit is 10% of the total purchase price. Once received the solicitors will be ready to exchange contracts.

Exchanging of contracts

Once the signed contact has been exchanged the completion date and transaction are legally binding. The deposit sent to your solicitors will be sent to the seller’s solicitor and if a mortgage is required a request to your lender for the funds will be submitted.

Completion

Your completion day is the date that the final transaction is completed and you are able to collect the keys to your new home.