Buying your first home is a huge milestone, and arguably the biggest and most important financial purchase you will make. It is an exciting but often overwhelming time, with a lot of coordinating parts and moving parts to organise, so it is important to try and understand as much as you can before you begin the process.
Most first-time buyers have limited knowledge and experience in dealing with legal and financial professionals and conveyancing terminology can cause confusion. Understanding where you are in the buying process and the different terms being used should help you to feel more confident and reassured throughout the purchase.
The Conveyancing Process Explained
Once your offer on the property has been accepted, the sale process can begin. Both the buyer and seller of the property will need to instruct solicitors to handle the legal transfer of ownership.
To begin the legal process, the seller’s solicitor will send the title and contract papers to the buyer’s solicitor. Once these have been received the buyer’s solicitor can begin the process.
Enquires & Searches
Your conveyancer will raise any enquiries relating to the property and order the relevant searches to be carried out. Examples of enquires include:
- Examine rights and restrictions associated with the land and property
- Various searches with the local authority and public bodies
- If the property is leasehold – checking the terms associated with this
The buyer of the property should also arrange a survey of the property – a detailed inspection of the property’s condition and to highlight any potential issues.
Proof of Funds & Mortgage
Your conveyancing solicitor will request proof of deposit funds as well as a copy of your mortgage offer. The mortgage provider will also carry out a mortgage evaluation of the prospective property.
Signing & Exchanging of Contracts
If all of the above runs smoothly and both parties are happy to proceed, the signing and exchanging of contracts can be completed by the conveyancing solicitors of each party on behalf of their clients.
From this point, the buyer is legally bound to purchase the property.
Final Checks & Deposit Transfer
The completion date will then be agreed upon, with both parties and the deposit is transferred to the seller’s solicitor. This is usually done in advance, so they arrive on time for the completion date.
The conveyancing team will request the remaining fees associated with the searches and sale and carry out final searches such ad bankruptcy and land registry to ensure no last-minute problems occur.
Once the seller’s solicitor has confirmed they have received the completion monies, the official transfer deed can be dated and finally you can go and collect your new house keys!
If you are a first-time buyer looking for a conveyancing solicitor you can trust to carefully guide you through the process, get in touch with Eddowes, Perry, and Osbourne to discuss a quotation.