Once you and your seller have settled on a price and your offer has been accepted, you’ll have to go through the conveyancing process in order to finalise your purchase of the property.
In simple terms, conveyance is the transfer of property from one owner to another – conveyancing is the preparation of the documents needed for the conveyance to happen.
You’ll most likely want to get a solicitor to carry out the conveyancing process for you, rather than doing it yourself. If you’d like help finding a solicitor, feel free to give us a call on 020 44 12345 and we can point you in the right direction.
Once you’ve got yourself a solicitor, they will write a draft contract that outlines all the costs required. Once you’ve approved it, they will then get in touch with the vendor’s solicitors to get all the documentation they need from them, including their draft contract.
When your solicitors have received the drafted contract from the seller’s solicitors, they’ll study the draft contract in case there are any discrepancies or enquiries that need to be raised. Likewise, if there’s any enquiries that you have, it would be a good idea to raise them at this point!
Throughout the conveyancing process, the conveyancer will conduct legal searches of the property to make sure that there aren’t any issues that you need to know about. This includes land registry checks, local authority searches and safety checks, like flooding risks, water authority searches and chancel repair searches, environmental searches as well as other locational dependent searches.
You’ll have to make sure that your mortgage is in place, and that you’re in a position to put down a mortgage deposit. Your solicitor will go through the conditions of your mortgage condition, and then it’s time to get a mortgage valuation, and carry out any surveys needed on the property. The next step is to get buildings insurance on the property you’re buying, then you’re finally on the homeward stretch!
Once everything up to this point is in place, it’s time to agree on an completion date and sign the contract. Once this has been done, you can then exchange the contract with the person you’re buying the property off. The exchange normally consists of each of the solicitors reading the contracts out over the phone to each other to ensure that the contracts are the same, and then posting it to one another.
When the contracts have been signed, you will be legally bound to buy the property, which means you will likely lose your deposit, and the seller can no longer accept any other offers, and they have to sell the property.