Are you buying your next home? This is all you need to know regarding the conveyancing process as a Buyer.. Navigating your way through the purchase of a new home can be incredibly stressful and at mint homes we are fortunate to be able to offer the conveyancing services of our fantastic conveyancing team who works and communicates fluently with us and to understand and acts on your behalf throughout the whole process. We can guide you through the whole process and will keep communications open the whole way. Looking for a quote? Get in touch!
Once you’ve made an offer on a property and it has been accepted, you will need to have a solicitor in place to be able to act for you whilst the purchase goes through. When you formally instruct your chosen solicitor, they will require suitable ID to do their inhouse checks. The Estate Agent will send out the ‘Sales Memorandum’ to each solicitor, plus yourself and the Vendor to let everybody in the sale know who is acting for who.
The sellers solicitor will then send your solicitor the Contract Pack (this is the formal agreement to sell) along with the Property Information Form and the Fixtures and Fittings Form. This will provide your solicitor with the property title and forms that have been completed by the seller, information about the property, ie boundaries etc, and what is to be left included in the sale price – for example, the oven, fridge etc.. if the property is leasehold, a copy of the lease will also be sent over. Your solicitor will look over all the paperwork on your behalf, but it is still very important that you look through these forms and raise any questions you may have via your solicitor.
Whilst the legal work is taking place and if you require a mortgage, a mortgage valuation would have taken place once it has been accepted, and your application approved. The mortgage offer will get sent to you and a copy to your solicitor.. did you want to know more about the mortgage side of things? Take a look at our blog on mortgages and everything you need to know! If you decide to carry out a survey on the property, you can send the report to the solicitor to look over. We also have a blog on surveys and which type you should go for! Until that all important exchange date, either you or the seller could change your mind and pull out of the sale without any legal consequences. It is important to note that some solicitors do charge an ‘abortive fee’. They should highlight this to you in the initial stages.
Your solicitor will carry out required searches, to include a Local Authority search, Environmental search, Land Registry search and Water Authority search. We will be doing a separate blog on searches in the near future.. keep your eyes peeled!
Once your solicitor is satisfied with all enquiries raised on the searches and paperwork that was sent via the sellers solicitors, they will then prepare all their documentation for signature and report to you with documents to sign. You will then check your signed documents and settle your deposit in order to exchange contracts.
You can then talk to your solicitor about a suggested completion date and negotiate an agreed date with the sellers solicitor. This may be a good time to get the estate agent involved if an agreement isn’t forth coming. Your solicitor will gather the final completion statement, transfer deed and mortgage deed for you to sign and agree. This will also advise you on what money you have to provide them for completion. A final Land Registry search will be applied for to check that no changes have been made to the Land Register since your initial search. Once an agreed completion date has been put into place, your solicitor will notify the sellers solicitor that exchange can go ahead and your solicitor will send them the signed transfer deed, deposit and contracts will then be exchanged. Your solicitor will request mortgage funds from your lender. On exchange, you are legally committed to proceed with buying the property or risk losing your deposit.
That all important completion date is when the sale is finalised and the property is transferred to you as the new, legal owner! At this stage, your solicitor will pay the balance of the sale price (less the deposit as you paid that on exchange) via the lender, and receive the signed Transfer Deed. Title deeds, transfer deeds and proof of outstanding mortgages will be obtained by your solicitor.
After Completion, your solicitor will send your deeds to your lender, arrange for Stamp Duty Land Tax (if applicable) to be received by Revenue and Customs and finally, send you documents to HM Land Registry which will register you as the new owner of your home! This is to be done within 30 days of completion of the purchase. HM Land Registry will send the title deeds to your conveyancer and these will subsequently be passed to your mortgage lender, or if you are a cash buyer, passed on to you.
The conveyancing process for sellers coming soon…