Solicitor

Conveyancing for buyers

Conveyancing is the process of legally transferring ownership of a property from the seller to the buyer. It includes the various searches and checks and any final tasks following the sale. Find out what happens at each stage and what you need to do as a buyer.

There are five main stages of conveyancing for a buyer:

  1. Pre-contractual stage
  2. Exchange of contracts
  3. Between exchange and completion
  4. Completion
  5. After completion

Buying a home typically takes around two to three months.

1. Pre-contractual stage

Once you’ve made an offer, legal documents are prepared to transfer ownership from the seller to you.  The seller draws up a contract – you can negotiate its terms if necessary. If you’ve instructed a solicitor or licensed conveyancer, they will carry out this work and advise you on the contract.  The contract details include:

  • the selling price
  • the property’s boundaries 
  • what fixtures and fittings, like carpets, are included 
  • legal restrictions or rights on the property 
  • planning restrictions 
  • a description of the services to the property, for example drainage and gas
  • the date for completing the purchase (called ‘completion’)

Researching the property

Before you sign and exchange the contract, you and your solicitor should find out as much as possible about the property. The seller doesn’t have to voluntarily tell you about problems with the property or neighbourhood. The seller should, however, reply truthfully to enquiries. Your solicitor or licensed conveyancer will do a number of searches and checks including:

  • checking the ‘title’ – the legal document that proves the seller’s ownership 
  • asking the local authority about planned works, like roadworks or new developments, that might affect the property
  • enquiries to the seller’s solicitor or licensed conveyancer about the contract details

Getting home insurance for the property

  • You are usually responsible for insuring the property as soon as contracts are exchanged.  Please ask us to help you with this.

Getting a property survey

  • You should get a property survey before the exchange of contracts, to uncover any problems with the building.  Please see our ‘survey’ page for more information.

Getting your mortgage in place

  • If you’re using a mortgage, you’ll need a formal mortgage offer from your lender before you sign the contract. The lender will send documents for you or your solicitor or conveyancer to sign.  Please see our mortgage page for more information.

2. Exchange of contracts

When the buyer and seller are happy with the contract, they sign final copies and send them to each other. This is called the exchange of contracts.

Once contracts are exchanged, the agreement to sell and buy is legally binding and usually neither party can pull out without paying compensation.

Buyers usually pay the seller a deposit (normally ten per cent of the purchase price) at the exchange of contracts stage.

3. Between exchange and completion

There are often a few further checks to be done at this stage. If not dealt with already, your solicitor will:

  • prepare the legal documents to transfer ownership 
  • check mortgage documents 
  • make sure they have all the necessary funds, including their own fees
  • arrange for the transfer of funds to the seller
  • do final Land Registry checks
  • check all agreed tasks set out in the contract have been done 
  • check that fixtures and fittings have been left as agreed

4. Completion

Once all matters between exchange and completion are dealt with, the money for the property is transferred from buyer to seller. The sale is now completed and the keys are handed over. The property now belongs to the buyer.

At this stage, you will:

  • receive the keys on the agreed date 
  • pay the seller the remainder of the property cost through your solicitor 
  • receive the legal documents that prove ownership 
  • pay your solicitor’s fees, if not already done

5. After completion

At this stage your solicitor will need to:

  • register the change of ownership with the Land Registry
  • pay Stamp Duty Land Tax (Stamp Duty)

You’ll also need to tell your insurers that completion has taken place.

NB: If you do not have a preferred conveyancer, please talk to us.  We have access to hundreds of solicitors and conveyancers around the country at reduced rates and can organize this straightaway.

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