By Chris Ringham 06 Feb, 2020 0 Comments

What Are The Steps Of A Property Transaction?

What Are The Steps Of A Property Transaction-1

Stepping onto the property ladder is an exciting time, but the process of purchasing your first home can be confusing.
Buying your first home? Download our First Time Buyers Guide today!
In this guide, we walk you through the conveyancing process step by step. Of course, if you have any queries, contact one of our experts for advice.


Initial Instructions

Once you have agreed to the purchase price for the property, your estate agent will forward the details to the buyer's and seller's conveyancers.

Although your conveyancer will handle most of the paperwork on your behalf, you should still go through these forms carefully and raise any queries.

When your mortgage application is approved, your conveyancer will obtain a copy of the mortgage offer. At this stage, you should arrange for a property survey to be carried out.

Searches

Your legal representative will carry out searches on the property, including a local authority search. Searches provide essential information, such as the property boundary, rights of way and planning conditions.

Contract And Completion Date

Your conveyancer will review the mortgage offer, contract pack, and local authority searches.

Assuming there are no issues to discuss, your conveyancer will negotiate a completion date with the seller. Contract exchange and payment of your deposit can then take place. Once you have exchanged contracts with the seller, you are committed to the purchase.

Completion

On the agreed completion date, your purchase will be finalised and the property ownership transferred to you.

Your conveyancer will pay the balance of the purchase price and receive the title deeds, transfer deed, and proof that there are no outstanding mortgages on the property.

Post Completion

After completion, and within 14 days of that date, your conveyancer will forward the property deeds to your mortgage lender, arrange for Stamp Duty to be paid to HMRC (if applicable), and forward your documents to HM Land Registry so that you can be registered as the new owner of the property.

HM Land Registry would forward the title documentation to your conveyancer for onward transmission to the mortgage lender if applicable or to you if you bought the property with cash.

Final Thoughts

Buying a property is a complex process that is best handled by an experienced conveyancer. Here at Bowsers, we have the expertise to manage all aspects of your property transaction from offer through to completion.

Contact us today to find out more about the comprehensive range of legal services that we offer, including conveyancing.

 

New call-to-action

Image source: Unsplash

Arranging Childcare Between Two Households During Covid-19

By Chris Ringham 21 Sep, 2020 0 Comments

Figuring out childcare details when families are split across two households is complicated and stressful at the best of times, but the current...

Continue reading

Wills and Probate: A Covid-19 Update

By Chris Ringham 14 Sep, 2020 0 Comments

We are currently going through an incredibly unusual period, and due to lockdowns, office closures and furlough schemes, many processes,...

Continue reading

What You Need To Know About Landlord Rent Deferrals Under The Coronavirus Act

By Chris Ringham 01 Sep, 2020 0 Comments

When lockdown began, the government released the Coronavirus Act, which gave important details to landlords and tenants. It announced that from...

Continue reading

How Much Does A Divorce Cost In 2020?

By Chris Ringham 25 Aug, 2020 0 Comments

Nobody expects their marriage to end in divorce, but it happens more often than you might think. 42% of marriages in England and Wales currently...

Continue reading

What Does The Stamp Duty Holiday Mean For You?

By Chris Ringham 18 Aug, 2020 0 Comments

The UK government has announced a stamp duty holiday in England and Northern Ireland on all property purchases completed by March 31st 2021. This...

Continue reading

Conveyancing During Covid-19 Lockdown

By Chris Ringham 11 Aug, 2020 0 Comments

Buying a house can be a stressful time for many under normal circumstances. But the Covid-19 pandemic and lockdown have also made matters more...

Continue reading

Subscribe Here!

Guide To Boundary Disputes - Small CTA

Recent Posts

bowsers-debt-recovery-methods-guide
the-conveyancing-process-explained-guide