What Is The Conveyancing Process? Here is everything buyers need to know…
We know the process of buying a home may be daunting. Having your offer accepted on your dream home is obviously a very exciting time. But what happens next? We have explained the next steps of the process to try and make it as easy as possible for you.
Once you’ve had your offer accepted on your new home…
You will need to instruct a solicitor, also can be known as a conveyancer. They work on everything legal to make sure there are no issues with the property and work towards transferring the ownership over to you at the end of the process.
Don’t worry, if you do not already have a conveyancer in mind, our team can recommend some of the best in the industry!
You will have to make a mortgage application…
Your mortgage advisor should have already found you the best deal of the market, so as soon as you have your offer secured on your dream home they are ready to get the application submitted for the lender to review!
Now is also the right time to instruct any surveys you may want carried out on the property.
Your solicitors will receive the draft contract pack from the sellers solicitors. They can then raise any initial enquiries they may have and instruct the searches.
This process can take place over a number of weeks as we wait for the search results to come in, however once all received your solicitor will be in touch with you to discuss the contents of the contract, the searches and enquiries they have raised.
When you and your solicitor are happy with everything…
It will be time to discuss completion dates!
Once these have been agreed with everyone in the chain, and the draft transfer deeds have been approved by both solicitors you will need to sign contracts in readiness for completion. Your solicitor will then apply to your lender for the loan and arrange for the monies to be sent to them.
You will need to send your deposit monies to your solicitors so they are ready to exchange contracts with the sellers solicitors.
Contracts are then exchanged (normally prior to completion day). Completion day can be a bit of a waiting game for funds to be transferred up the chain and solicitors to confirm we can release the keys!
Your solicitor will send any stamp duty payable to HM Revenue and Customs. They will receive the title deed and transfer deed from the sellers solicitors, then your solicitor will register the property in your name. You will receive a copy of the registered title deed from the land registry. The house is finally yours!
Buying a home doesn’t have to be overwhelming. If you’d like a clear, step-by-step guide to the conveyancing process — without the legal jargon — get in touch with our team today. We’ll explain everything in plain English and keep you informed at every stage.”
