Buying a property is a big commitment but it doesn’t have to be a complicated process. Our guide to the seven steps in the conveyancing process will explain things clearly and help your move go smoothly.
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1. Instruct a conveyancer
Once you have made the decision to buy and have had an offer accepted, you will need to instruct a conveyancer. This could be a qualified solicitor or a licensed conveyancer. The sooner you engage someone, the sooner you will get things moving.
2. Enquiries and searches
The next step for your conveyancer is to raise enquiries where appropriate on the contract. This might include details relating to any part of the sale, including any contents included the sale, access and boundaries. The vendor’s conveyancer will draw up the contract and it is down to the buyer’s conveyancer to raise the enquiries.
3. Agree your mortgage
You will probably already have a mortgage agreement in principle, so now is the time to submit your formal mortgage application. You can also proceed with a survey, whether a builder’s survey or the full structural version.
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4. Sign the contract
Once any searches and enquiries have been made and returned, both sides can proceed with signing the contracts. It is at this time that the best conveyancing solicitors, such as Sam Conveyancing, will start talking to you about ownership, buildings insurance and the deposit.
5. Exchange of contracts
For many people, the exchange of contracts is a key point in the process; until this point, there is a real chance that the deal could fall through. A date is agreed for the sale’s completion and the contract is legally binding, so there will be legal implications if you fail to complete on the agreed date. This period can vary in length depending on various factors involved in the sale.
6. Completion
As the name suggests, the completion date is when you get the keys to your new property. The funds will be transferred and the estate agent will release the keys. Many people choose to move in on the completion date; however, this is not always feasible and you can choose a date to suit you, as you are now the legal owner. It is possible to exchange and complete on the same day, although this has its own pros and cons.
7. After completion
Once completion has taken place, there are still a few things for the buyer’s conveyancer to do, such as transferring the ownership of the property and paying any stamp duty.
Please note that timescales can vary a great deal and every purchase is unique.