The conveyancing process can be confusing and overwhelming for first-time buyers.
Step 1: Instruct a conveyancing solicitor
After you have found the perfect property and had your offer accepted, you will need to hire a conveyancing lawyer to complete the legal sale. The estate agent will exchange the details of the solicitors representing the buyer and seller. After the details have been shared, the solicitor for the seller will send the contract package to your conveyancer along with The Fittings & Contents Form.
These documents provide important information on the property, such as boundary disputes and planning permissions, warranties, and environmental issues. For Conveyancing Solicitors Cheltenham, contact https://www.deeandgriffin.co.uk/services/conveyancing
Step 2: Arrange for a property survey
It is wise to get an independent survey done, even though it isn’t legally required. The report will identify any major defects with the property, and may suggest additional investigations. This can save you money by highlighting costly repairs before the exchange.
While a survey should be recommended to every home buyer, it is crucial for those buying:
- A listed property
- One with a thatched or timber frame roof
- Old or unusual builds
- In a poor condition
You may decide to proceed with the purchase if the results of the survey are favourable. However, you might also pull out if the cost or time required to repair any defects in the property is too high.
Step 3: Conduct property search
Before you exchange contracts with the vendor, your conveyancing lawyer will conduct what is known as “searches” to gather vital information about the property, including any risks.
There are the types of searches you should conduct for any property:
- Local authority
- Environmental
- Water drainage
- Flood risk
- Searches for mining
- Search planning
- Chancel repair liability
Your solicitor will review the results of all searches and surveys on your behalf and that of your mortgage lender to make sure there are no surprises at move-in. They will identify any problems that should be addressed and give advice on how to do so.
Step 4: Exchange the contract
Your solicitor will help you identify any problems before the contract is signed.
You will be asked to sign a final completion statement and a transfer deed or mortgage deed.
Your solicitor will confirm with the Land Register that the property has not changed since the initial searches. The signed transfer deed is then sent to the solicitor of the seller, the contracts are exchanged and the deposit is sent to their solicitor.
You are legally required to buy the property at this point.
Step 5: Complete the purchase
Completion day is the day that the sale is completed and your property legally transferred to you. Your solicitor will then pay the remaining balance (minus any deposit paid) and get the Transfer Deed signed by the seller.
