A Buyer’s Guide to Conveyancing
1. Make an offer on the property you wish to purchase.
The first step is to make an offer on a property and once your offer has been accepted, the legal process of purchasing your property, known as the conveyancing process, will begin!
2. Instruct a solicitor to act for you.
Who to instruct? We have a very experienced team of solicitors at Nantes who can assist with all property matters please feel free to contact us for a no-obligation quote. In most cases, our residential sale and purchase transactions are available on a no exchange no fee arrangement and a fixed fee basis.
3. Contract pack
Your solicitor will receive the contract pack from the seller’s solicitor which will need to be reviewed. If you are using Nantes, we will go through this paperwork in a meeting with you either face to face or via the telephone (if you cannot attend in person) to identify any enquiries.
4. Mortgage offer
If you are having a mortgage, you will be provided with a copy from your lender. The lender will also send a copy to your solicitor who review any conditions that the mortgage company may require and ensure that they are able to meet these. This information will be reported back to you, and you will be asked to sign a mortgage deed.
5. Property searches
Searches are necessary to ensure you are provided with up-to-date accurate information in relation to the property you are looking to purchase. These are ordered by the solicitor and paid for by the buyer. The results of these are fundamental to the process as they are used to consider when determining whether you should continue with the purchase or not. The most common searches solicitors will conduct are a local authority search and a water and drainage search. Sometimes it will be necessary to conduct further searches as requested by your lender due to the location of the property you are buying.
A local authority search will provide information relating to planning permission, building regulations and environmental issues. A water and drainage search will determine whether the property is connected to mains water and sewage and identify any issues relating to water supply or drainage system, both compulsory if you are having mortgage finance.
6. Raising enquiries
Review of the contract pack will lead onto raising enquiries with the seller’s solicitor. Enquiries are vital to ensure you are entering into the purchase you expect and that any issues are identified and dealt with before you purchase the property.
7. Replies to enquiries
Once the replies have been received, your solicitor will be in touch to discuss any outstanding concerns. At this point (if not already done so) you will be asked to sign the contract, the transfer deed (TR1) and a mortgage deed (if applicable).
8. Should I have a survey?
We would always recommend a survey is undertaken to ensure you are fully informed of the condition of the property that you wish to purchase.
9. Deposit
Before the exchange can occur, your solicitor will require your deposit for the purchase of the property. Your solicitor will talk you through this at the appropriate stage of the transaction. This will also allow you the opportunity to discuss and finalise the exchange and completion dates. Once you have exchanged the contract is legally binding, so you are obligated to continue with the purchase of the property; pulling out at this stage will have substantial penalties.
10. Exchange of contracts
On exchange of contracts your completion date is incorporated into the contract of sale, the contract is dated and the deposit handed over. Once this process has been confirmed you are then able to start to pack up, book your removals and make any other arrangements that you need to. The time between exchange and completion will depend upon the requirements of the chain, whether there is a mortgage or any other complications that need to be factored in.
11. Completion
For purchases which involve mortgage finance, lenders will usually require a minimum of 5 working days’ notice to release mortgage funds. Once mortgage monies have been received, your solicitor will transfer the money to the seller’s solicitor and the keys will be released to you on the day of completion. You are now the owner of your new home.
Please feel free to contact Nantes Solicitors should you require any legal advice in relation to any property matters. Alternatively, you can read our Conveyancing FAQs.
