Step by Step Guides Buying

Looking to get on the property ladder? Broaden your portfolio? This guide covers all the aspects involved in a property purchase, helping you whether you’re a first-time buyer or have some experience in the property market.

Sections:

1. Where to begin
2. Property Hunt
3. Viewing
4. Conveyancing
5. Offer and Application
6. Survey
7. Mortgage Agreed
8. Searches
9. Exchange
10. Insurance
11. Complete
12. Moving

4. Conveyancing

Conveyancing is the name for all the legal work and administration involved in transferring the ownership of land or buildings. This part starts right after an offer for a property has been accepted.

• You need to hire a solicitor or a licensed conveyancer to do this work. You can try to do it yourself but it takes quite some time and you may not have the required amount of expertise for things to go as they should. Most lenders will pressure you into using a solicitor to protect their interests. Additionally, the seller may reject your offer based on the grounds that you plan to do it yourself.
• Apart from solicitors, who were traditionally the people for this job, there are also licensed conveyancers. They must be registered by the Council for Licensed Conveyancers in order to be able to charge for their work.
• In the end, whether you choose to hire a solicitor or a conveyancer, it's your choice. You just have to consider: 1. Price may not be the best indicator to assess the quality of the work. 2. Work with someone you feel comfortable with and inspires your trust. 3. Evaluate whether they will have time to handle your case properly and also if they can deliver to the required timeframe.
• Have a solicitor / conveyancer available and "ready to go" as soon as possible, so that he or she can get things going the moment you make an offer.
• You can find a solicitor here in our directory.

The conveyancing process:

Before the contract:

1. Your solicitor contacts the seller's solicitor.
2. Your solicitor receives and negotiates the draft contract.
3. Your solicitor makes enquiries previous to the contract.
4. Your solicitor sends you a property information form or a copy of the draft contract for you to check.
5. Your solicitor carries local searches at the council, checks the title, contract and papers and raises queries with the seller's solicitor.
6. The contract is negotiated and agreed. A completion date is agreed.
7. You get a formal mortgage offer to replace the agreement in principle. Your solicitor sends you the mortgage deed to sign.

The exchange of contracts:

1. Contracts are exchanged. You hand over a deposit; non-refundable should you pull out at this stage.
2. Your solicitor draws up a transfer document and sends it to the seller's solicitor.
3. Your solicitor arranges finalisation and the signing of your mortgage documents.
4. Your solicitor carries out the final searches.

After the contract:

1. The house is ready for you to move in.
2. You pay the seller the balance of the property through the solicitor.
3. You receive the transfer document and the title deeds.
4. You pay extra costs: stamp duty, Land Registry fees and solicitor fees.
5. Your solicitor carries out any final administration work.

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