The 6 Stages Of The Conveyancing Process When Buying

Posted by Chris Ringham on Jan 15, 2021 12:26:00 PM

The 6 Stages Of The Conveyancing Process When Buying

When buying a house, there are six stages of the conveyancing process that you must go through. You may wonder “how long will conveyancing take?” Here, we will seek to explain each of these stages to you and you will see how this is based on a number of factors.

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Stage 1: Instruct A Conveyancer

Upon finding your future home and having your offer accepted, you will need to instruct a conveyancing lawyer who can complete the legal process for you. The details of both your conveyancer and the seller’s conveyancer are exchanged through the estate agent as the conveyancing process begins. Your conveyancer will then receive the contract pack, which contains important documentation about the property.

Stage 2: Arrange A Property Survey

Whilst not a legal requirement, arranging a property survey is a good idea as it will find any faults in the property that may not have been listed. This way, you will know of any repairs you will need to make and this may allow you to renegotiate your purchase price. At this point, you may either decide to proceed or pull out if the works required are too expensive or difficult.

Stage 3: Conduct Property Searches

Your conveyancer will now proceed with searches to find out extra information about the property. This is vital before the exchange of contracts as it negates any surprises that may occur when you move in. The search should cover planning searches, flood risk, environmental issues and more.

Stage 4: Exchanging The Contract

After any issues are resolved, you will agree the final completion statement, the mortgage and transfer deed, and sign them. After this, your conveyancer will check with the Land Registry to confirm everything remains the same as at the initial search stage. With this confirmed, the transfer deed is given to the seller’s solicitor, contracts are exchanged and the deposit is sent, if required.

Stage 5: Purchase Completion

In order to reduce the risk of delays on your day of completion, your conveyancer should request your mortgage advance to be sent to them the day before you are due to complete.

On completion day, your conveyancer will send the balance of the purchase monies to the seller’s conveyancer and the property will legally be yours.

Stage 6: Post Completion

Your conveyancing solicitor will now arrange for any necessary Stamp Duty to be paid. You will be registered as the property’s new owner – it is a legal requirement that you are registered as such with the HM Land Registry within thirty days of completing. Your title deeds will be passed on to your mortgage lender, if applicable, or to you if you bought with cash.

For more help and advice on the conveyancing process, contact the expert team at Bowsers Solicitors today.

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Topics: Residential and commercial conveyancing