Conveyancing Process: Buying a Property.

Buying a property can be quite daunting. After-all, for 83% of homeowners living in the UK, it is the greatest asset they own. For that reason, we at LegalHome.co.uk believe that the entire process should be made transparent from the start, as our fees are.

It is important to keep up to date with your solicitor to ensure that you are aware of what stage your conveyancing transaction is at, and what remains, so that you are in control of the entire process. We have broken down the process in a simple, step-by-step guide:

1. The Purchaser makes an offer on the property.

2. The Purchaser instructs a Solicitor to deal with the conveyancing transaction upon acceptance of the offer.

3. At this initial stage, the Purchaser arranges a survey on the property they wish to be carried out. We recommend having a mortgage offer granted in principle prior to this, but if you have not, this is the next best time to obtain your mortgage offer.

4. The Purchaser’s Solicitor confirms their instruction by a letter setting out the terms of business and fixed fees. This is referred to as a Client Care Letter or CCL. The Purchaser will sign and return this.

5. The Purchaser’s Solicitor contacts the Vendor’s Solicitor to obtain the draft contract pack.

6. The Purchaser’s Solicitors will request searches on your behalf. Your Solicitor will not order searches until you have made the initial payment.

7. The Purchaser’s Solicitor will review the draft contract pack and raises any pre-contract enquiries.

8. The Purchaser’s Solicitors will obtain their client’s mortgage offer and report to you on it with any documents for signing. If there are any items which need to be reported to the lender such as a monetary gift, they will do so at this point.

9. The Vendor’s Solicitors will respond to any enquiries raised.

10. The Purchaser’s Solicitor will review the replies to enquiries, if they are satisfied, they will report to their Client.

11. When reporting to the client, it will contain a copy of the draft contract pack, replies to enquiries, search results, and any documents for signing.

12. The Purchaser will review the report and sign the Contract, the Transfer (TR1) and Stamp Duty Land Tax (SDLT) return which they will return via post.

13. Upon receipt of the signed documents, the Purchaser’s Solicitors will review their file and have it signed off.

14. When the Purchaser is ready to proceed, arrangements are made for the deposit to be paid to their Solicitor in readiness for exchange of contracts.

15. All parties agree on a completion date and contracts are formally “exchanged” – contractually binding all parties to the transaction.

16. The Purchaser’s Solicitor will apply to their Client’s mortgage lender for the mortgage advance to be requested for the day of completion.

17. On completion, the Vendor vacates the property by the agreed time (usually around midday) and the Purchaser’s Solicitor sends the proceeds of sale to the Vendor’s Solicitors..

18. The Vendor’s Solicitor will contact the estate agents to authorise key release and forward title deeds (if any) and the Transfer document to the Purchaser’s Solicitors.

19. The Purchaser’s Solicitors will pay any stamp duty due to HMRC.

20. Upon receipt of the Transfer the Purchaser’s Solicitor makes an application to register the property in the name of their clients at The Land Registry.

21. The Purchase will receives a copy of the registered title from The Land Registry once completed

Please contact us if you require assistance with purchasing a property.