Buying a home is exciting but the legal process, known as conveyancing, can feel confusing and complicated. It begins as soon as your offer has been accepted and you’ve appointed a conveyancer, and it’s important that every step of the process is completed correctly as it ensures the property is legally transferred to you. Here are the key steps to buying a house, so you know what to expect.
1, Instruct a conveyancerÂ
The first step is to appoint a Conveyancer to act on your behalf. They’ll handle all the legal aspects of the purchase, including reviewing contracts, communicating with the seller’s solicitor and ensuring everything is in order for a smooth transaction. It’s crucial to choose a solicitor who is experienced and communicative – good advice and clear updates can make all the difference.
You’ll then receive some essential documents to fill in to get the process underway. Meanwhile, your solicitor will review the draft contract they receive from the seller’s solicitor, check over the title deeds and raise any initial enquiries about the property – about things like boundaries and planning permissions.
2, Property searchesÂ
Your solicitor will order a series of property searches to uncover any potential issues that may not be visible during a viewing. These typically include the following:
- Local authority search – looking at planning applications, road schemes and building regulations.Â
- Environmental search – assessing the risk of flooding, contamination or ground instability.Â
- Water and drainage search – checking the property is connected to mains water and sewage systems.Â
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3, Secure your mortgage offerÂ
Although you may have a mortgage agreement in principle, this is the stage where your lender will issue a formal mortgage offer. Before this can happen, your lender will conduct a valuation of the property to confirm its worth. It’s crucial to review the terms of the mortgage offer carefully and discuss any concerns with your broker or adviser before signing.
4, Arrange a property surveyÂ
While the lender’s valuation confirms the property’s market value, and searches give you valuable information about the property, a survey gives you a better understanding of the condition of the building. A survey can reveal issues that might affect your decision to proceed with your purchase, or prompt you to renegotiate the price.
There are different levels of surveys, and the most common are:
- Home buyer report – suitable for conventional properties in reasonable condition.Â
- Building survey – a more detailed report, ideal for older or more unusual properties.Â
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5, Review and signing of house contractsÂ
Once your solicitor has completed the searches, received your mortgage offer and resolved any queries with the seller’s solicitor, you’ll be sent the contract pack. This includes the title deed, property information form and fixtures and fittings list. Your solicitor should guide you through the terms before you sign the contract.
6, Exchange of contractsÂ
Exchanging contracts is a major milestone in the process of buying a house – it’s the point at which the purchase becomes legally binding. Both parties (buyer and seller) sign and swap contracts via their solicitors, and you’ll usually be asked to pay a deposit (for example 10% of the purchase price). At this stage, a completion date is also agreed.
7, Final checks and completionÂ
Before completion, your solicitor will carry out final checks, including a bankruptcy search and verifying the mortgage funds are ready. On completion day, the balance of the purchase price is transferred to the seller’s solicitor, and you receive the keys – congratulations, you’re officially a homeowner!
Looking for a conveyancing solicitor you can trust? Contact Amicus Law today.Â