Conveyancing process for buying a house
Buying a home can be one of the most stressful times of your life. Properties to find, viewings to be organised, chains to deal with, deals to be made, along with the practicalities of moving such as packing, removals, utilities, decorating etc. The list is endless.
The last thing you need is confusion or conflicting information about the legal process of become the proud owners of your new home. That is where we come in - we take all that bother away from you!
The following is a step by step guide as to what will happen to complete the conveyancing process. Don't worry; we will be doing most of the steps for you!
So, where do you start?
- Instruct us to act for you. You could contact us using one of the links below, or by clicking on the 'purchase' button on the home page, you will be able to get a quote showing you exactly how much you're legal fees plus disbursements will cost, and then submit your details to us via a simple online form.
- Once we have received certain pieces of information from the vendor's (sellers) solicitor, we will undertake all the necessary "searches" (such as the Local Authority and Land Registry) on your behalf. Once these come back (anything from 2 to 4 weeks), we will study them and make any further enquiries as is necessary. We will also apply to the vendor's bank for the Land Certificate to be sent to us.
- By now your Offer Letter should have arrived from your lender, which will include any special instructions which must be carried out in order for the transaction to be completed.
- We will prepare the Mortgage Deed, and send it to you for signing, along with any other information relevant to our searches and enquiries in a special report. You will then send back the Mortgage Deed (signed) along with the deposit required by your lender. Completion dates are generally agreed at this time.
- Once we have exchanged contracts with the vendor's solicitor, the purchase must complete (the point of no return!). In other words, the purchase must legally complete. You are also effectively the owner of the property at this stage, so it is essential that you have already purchased your buildings insurance - in fact, we are not allowed to let you exchange contracts if it is not in place.
- Before completion takes place (the date you officially become the owner of the property) we will prepare our final accounts for you, and complete any last minute searches and checks. On the day your purchase completes, all monies will be handed over to the vendor's solicitor, and you receive the keys to your new home!
- The final part of the process is for a new Land Certificate to be produced by the Land Registry. This will show that the new lender has a First Legal Charge over your property, and also confirm that the previous lenders details have been removed. The original of this document will be sent to your lender, with a copy going to you. If Stamp Duty has to be paid, we will settle this on your behalf.
More detailed information about the conveyancing process can be found at www.theadvisory.co.uk web site. Gavin Brazg, the editor, provides impartial advice about choosing conveyancing solicitors.