If you’re looking to buy your first property, you’ll probably know that you need to use a solicitor for the conveyancing process. Conveyancing is the legal process of transferring ownership of property from one person to another. The process can vary depending on the specific transaction, but here is an example of what it might look like:
Step 1: Instruction
The first step in the conveyancing process is to instruct a conveyancer to act on your behalf. They will handle all the legal aspects of the transaction, including carrying out searches and preparing the necessary documents.
Step 2: Contract
Once the conveyancer is instructed, they will request the contract pack from the seller’s conveyancer. The pack will include details of the property, such as the title deeds, any restrictions, and any ongoing disputes or charges. The buyer’s conveyancer will review the contract pack and raise any queries they have with the seller’s conveyancer.
Step 3: Searches
The next step is to carry out searches. These are essential to identify any issues that may affect the property or the transaction. Searches will include checking the local authority records for planning permission and building regulation approvals, checking for any environmental issues, and verifying the boundaries of the property.
Step 4: Survey
The buyer may also choose to have a survey carried out on the property to identify any structural issues or defects that may need addressing.
Step 5: Mortgage
Your conveyancer will receive the mortgage offer from your lender, the lender will carry out their own valuation of the property to ensure that it’s worth the amount they are lending.
Step 6: Exchange of Contracts
Once all the necessary checks have been carried out, and both parties are satisfied with the contract terms, the contracts will be signed, and the deposit will be paid. This is known as the exchange of contracts and is a legally binding agreement to buy or sell the property.
Step 7: Completion
The completion date is agreed upon at the time of exchange, and on this date, the balance of the purchase price is paid, and the keys are handed over to the buyer. The conveyancer will register the change of ownership with the Land Registry, and the process is complete.