When you are buying a property, it helps to understand the conveyancing process in advance. The timeline of buying a property tends to be quite complicated and prolonged, so it helps if you can anticipate the key stages in advance and be as prepared as possible.
1. Instructing the solicitor or conveyancer
Your estate agent can recommend a solicitor or conveyance; however, it is worth shopping around to get the best deal from a qualified firm with a strong reputation.
2. Drafting the contract
This stage involves the solicitor looking at the draft contract and analysing the additional documents.
3. Arranging a survey
It is a good idea to do this, although a survey is not a legal requirement. The results of a survey might encourage you to change your offer, proceed with the purchase, or pull out.
4. Property searches
Property searches are very important, particularly if your property is to have a mortgage attached to it. These searches include title register and title plan searches, flood risk searches, and local authority searches. Extra or non-standard searches will sometimes be recommended depending on where you live, such as mining searches or additional local authority questions relating to plans for the surrounding land.
5. Conveyancing for the mortgage
This will help you to get your mortgage in place and will include a property valuation.
6. Building insurance
Building insurance must be arranged, especially if you are taking out a mortgage. A concierge conveyancing service such as https://www.samconveyancing.co.uk/ can help with this.
7. Signing the contracts
When you receive the draft contract, you should already know what will be in it due to the ongoing communication with your solicitor.
8. Exchanging contracts
Exchanging contracts is one of the most crucial stages and will be completed by your solicitor. This is usually carried out by the solicitors for each party, who will read out the contracts in person or over the phone to make sure they mirror each other. This is recorded. You are then within a legally binding contract to complete the purchase of the property and meet the moving date.
9. Pre-completion
The conveyancer will then do further paperwork to freeze the deeds so that payments can be transferred and HM Land Registry papers can be updated. You should organise your removals at this stage. You will also be given a payment figure for the purchase, which needs to be in the bank account of your solicitor one day or more before completion.
10. Completion
This is the big day. As soon as you complete, you legally own the new property and can move in.