If you are looking to buy a property, it is probably a good time to go over the steps involved in the conveyancing process, so you know what to expect and when you need to do things in the process.
First thing - have you used our online quote tool to get your detailed conveyancing quote? The quote we send you details our fixed cost legal fees and third party fees, you can get a full breakdown of the costs in our guide to your online conveyancing quote.
Our handy guide breaks down the process into easy to follow steps, helping you keep your move on track.
Step 1 – Starting with the initial instructions from you
To start the conveyancing process for buying a house we need to receive your initial instructions. We will send you a Welcome Pack with your initial paperwork to complete; you will need to provide us with a form of identity and payment for the searches you wish to have.
Step 2 – Receive draft contract
The draft contract will be completed by the seller’s representative and sent to us. The contract will include; official copies (electronic deeds), property forms and duplicates of all relevant documents for the property you are buying.
Step 3 – Searches and investigation of title
This step involves our conveyancers carrying out the searches you have requested for the property and review the paperwork received from your seller’s representative. If we find anything we need to query about the paperwork or the property for you, we get in contact with the seller’s representative, who they may need to contact the seller for information. This process can sometimes be lengthy depending on the number of queries raised.
Step 4 – Reporting back
Once we have received all the replies for the queries raised and results of all the searches requested, a report is created for the property and sent to you along with your mortgage offer. We will set out the financial information for the transaction, which provides you with a detailed completion statement highlighting the amounts due from you.
Step 5 – Signing
Once you have confirmed you are happy with the paperwork, we can then arrange for you to sign and we can then agree a completion date with all parties involved in the transaction. At this stage of the conveyancing process, you will transfer the deposit, usually 10% of the purchase price to us enabling us to be ready to exchange contracts.
Step 6 – Exchange of contracts
The transaction and completion date is legally binding on exchange of contracts. The deposit will be sent to the seller’s representative and a request for your mortgage advance will be paid from your lender. Before completion, the balance of funds due from you must be with us at least one working day beforehand.
Step 7 – Final step of the conveyancing process for buying a house
Completion day has arrived, this is the day the full purchase price is transferred to the seller’s representative.
The keys are left with the estate agents and once the seller’s representative has confirmed they have received the funds the keys will be given to you.
Congratulations you are ready to move!