Buying a property is often the biggest financial decision a person or a family will take in their lives, so it’s crucial to ensure the process goes as smoothly as possible. Our expert Residential Conveyancing team has years of experience guiding clients through the purchasing process.
Below is a guide to the steps involved in purchasing a property in England or Wales, and how we can help.
Instructing a conveyancing solicitor
- Once you have put in an offer on a property and the estate agents have confirmed the offer has been accepted, it’s important to instruct a conveyancing solicitor as soon as possible. This solicitor will be responsible for all the legal work and documentation required to transfer ownership of the property, so it’s vital to instruct a firm that specialises in this work to ensure the process goes well.
- You will need to provide proof of ID, address, and other basic information at this stage for anti-money laundering checks, which are legally required to prevent fraud.
Conducting property searches
Once instructed, we will carry out various searches to gather information about the property and the surrounding area. Common searches include:
- Local authority searches: Checking for any planning or local issues that could affect the property.
- Environmental searches: Determining if the property is in a flood risk area, or if there’s soil contamination.
- Water and drainage searches: Confirming that the property has access to water and drainage systems.
- Additional searches: Depending on the location, additional searches may include mining searches or other specific reports.
CONTACT US
If you wish to discuss a case with us, please contact Tracey Longdon on 01420 81285 or fill in the form below.
Reviewing the contract pack
- The seller’s solicitor will provide us with a draft contract pack, which includes:
- The draft sale contract
- Title deeds
- Property Information Forms (e.g., Property Information Form (TA6) and Fittings and Contents Form (TA10)).
- We review the pack and ensure all documents and information are accurate.
Raising enquiries
- After reviewing the contract pack and search results, we may raise enquiries with the seller’s solicitor. These could relate to anything unclear or missing in the documents, or questions about the property itself.
- Enquiries often include questions on boundaries, rights of way, disputes, and any restrictions on the property.
Arranging a survey (optional but recommended)
- Although not part of the legal process, it’s advisable to arrange a property survey. This can help identify any structural issues or potential repairs, which could impact your decision to proceed with the purchase. A survey can help you avoid unforeseen and potentially costly issues arising after the purchase is completed.
- Common surveys include Homebuyer Reports (suitable for conventional properties in reasonable condition) and Building Surveys (more detailed and suited for older or non-standard properties).
Your mortgage
- If you’re obtaining a mortgage, you’ll need to finalise the mortgage application and obtain a mortgage offer.
- The lender will usually require a valuation to confirm that the property is worth the agreed sale price.
Reviewing the final contract
- Once all searches are complete, enquiries answered, and your mortgage offer is in place, we will review the final contract with you.
- You will confirm details such as the purchase price, completion date, and any additional terms, and then sign the contract to confirm your intention to buy.
Exchanging contracts
- Once both parties are ready and have signed their contracts, exchange of contracts takes place. This is when the sale becomes legally binding.
- At exchange, you will pay a deposit (usually 10% of the purchase price).
- After exchange, neither party can withdraw from the sale without financial penalties.
- We will provide you with a completion statement, detailing the amount you’ll need to transfer, including fees, Stamp Duty, and any balance to complete.
Final checks and preparation for completion
- Before completion, we will:
- Arrange final Land Registry searches
- Request funds from your mortgage lender (if applicable) .
Completion day
- On completion day, the buyer’s conveyancer transfers the remaining purchase funds to us.
- Once funds are received, we will have completed your purchase, and you can collect the keys (usually from the estate agent).
- The seller’s solicitor will settle any outstanding mortgages or debts associated with the property.
Post-completion tasks
- After completion, we will:
- Pay Stamp Duty Land Tax (SDLT) on your behalf.
- Register the property in your name with HM Land Registry. This updates the official record, confirming you as the new legal owner.
- Send you the title deeds and any remaining documents (these may be kept by your mortgage lender if you have a mortgage).
Key tips for a smooth purchasing process
- Choose a reputable conveyancing solicitor early in the process to avoid delays. Get personal recommendations or check sites like Reviewsolicitors.co.uk for client reviews.
- Budget for all fees and costs in advance to avoid surprises – your solicitor should be able to give you an idea of costs.
- Be responsive to your solicitor’s requests for documents or information, as delays can impact the entire chain.
- Consider property insurance from exchange, as you’ll be liable for the property from that point onward.
Contact us
If you have any queries about purchasing a property and how we can help, please contact us at [email protected] or 01420 82879
