Buying your first home is exciting but can be daunting. In this blog, we explain in simple terms the conveyancing process, which is a critical part of the purchase of your home and deals with the legal process that facilitates the transfer of property ownership from the seller to the buyer.
Key Takeaways
- Conveyancing plays a vital role in protecting you during your purchase, ensuring the legal transfer of ownership is handled properly, and any potential risks are identified early.
- The process follows six key stages, from instructing a solicitor through to completion, helping to keep your purchase organised, transparent, and progressing smoothly.
- Howell Jones Solicitors, Surrey solicitors, has an experienced conveyancing team in Surrey that offers clear, professional guidance at every step, supporting first-time buyers as they get onto the property ladder.
1. Offer Accepted – Instruct a Conveyancer or Property Solicitor
- Check they are regulated by a Professional Body (i.e. Council of Licensed Conveyancers – CLC or Solicitors Regulation Authority – SRA)
- Obtain a few quotes to compare fees, but bear in mind the cheapest isn’t always the best.
- Check Google Reviews, which will give you a good feel for the person/firm you are about to instruct.
- Your chosen Lawyer will send you the initial paperwork to complete and return, which will include ID requirements. Once all the initial paperwork and requirements have been dealt with, the Lawyer can proceed with the work on your behalf.
2. Contract Pack
- The seller’s Lawyer will send over a pack of documents, which will include a draft Contract/sale agreement, title documents relating to the property, Property Information Form, Fittings and Contents Form, and any other miscellaneous documentation that they have relating to the property.
- Your Lawyer will review these documents, raise any enquiries they feel necessary, and then send them to you to review with an initial report.
- Any red flags or concerns will be highlighted at this point.
3. Property Searches
- Your Lawyer will conduct searches. These are to uncover any legal or environmental issues related to the property. They include:
- Local Authority: checks for planning permissions, building regulations, enforcement notices, road adoption, amongst other things.
- Environmental Search: checks for flood risk, land contamination, climate change risk, nearby development, and many other potential risk factors.
- Water and Drainage: ensuring the property is connected to the public services and giving details of the water provider.
You will receive a report with the findings, and again, any red flags or issues will be highlighted to you.
4. Mortgage Finance
- If you are getting a mortgage, your Lawyer will receive a copy of your offer directly from the Lender. It will be reviewed by your Lawyer, and a report will be sent to you to ensure that you understand the terms and conditions and that the details are correct.
5. Exchange of Contracts
- Once your Lawyer has completed all the investigations, reported to you, and you are happy to proceed, the exchange of contracts will take place between the two Lawyers from each party. Your authority will be required before the exchange can take place. This is the point where the purchase becomes legally binding and a completion date is set. From this point, no party can withdraw without serious consequences.
- Your Lawyer will apply for your mortgage funds on your behalf once the exchange has taken place, and you will receive a final statement setting out how much will be required from you to complete the purchase.
6. Completion
- Completion will take place on the day agreed in the Contract. Once your Seller’s Lawyer has received the purchase monies from your Lawyer, the keys will be released, and your estate agent will be in touch to confirm that you can pick them up. Your Lawyer will also confirm that completion has taken place. You can then move in!
- In the background, your Lawyer will deal with registering your purchase with the Land Registry, and you will receive a copy of the new Title Deeds showing you as the new owner once this last step has been completed.
Howell Jones has a dedicated team of conveyancing solicitors in Surrey who can guide and support you through every step of buying your first home. Get in touch with our Surrey solicitors today for clear, professional advice to help you take your first step onto the property ladder.
