What are the key stages of buying a property?
Buying a property is an exciting milestone, but it can also feel overwhelming, especially if you’re unfamiliar with the legal process. We aim to make your journey as smooth and stress-free as possible. Below, we outline the key stages of buying a property so you know exactly what to expect.
Commencement of the Process
Once you instruct us, your conveyancer will send you an initial pack. This includes a letter outlining our responsibilities, our terms of business, a breakdown of costs, and forms to collect details about you and the property you’re purchasing.
As part of this stage, we will carry out ID checks and ask for information about how the purchase is being funded. These steps are vital to ensure compliance with legal regulations and to prepare the file for the transaction ahead.
Receiving the Contract Pack
While we handle your initial paperwork, the seller’s conveyancer will be preparing the contract pack. This typically contains:
- A draft contract
- Official copies of the title register and plan
- Completed property information forms
- Certificates, guarantees, and service records
We will send you copies of these documents for your review and use them to begin our legal investigation of the property.
Searches and Survey
At this point, many buyers choose to arrange a property survey. There are several types of surveys available, from basic condition reports to full structural surveys. These help identify any defects or issues that could lead to unexpected costs down the line, and also confirm that the property’s value is in line with the agreed price.
Conveyancing in England and Wales is governed by the principle of caveat emptor – “let the buyer beware.” This means that the buyer is responsible for discovering any problems with the property. Our role is to help by conducting legal searches, which are strongly recommended in all cases and are required if you are obtaining a mortgage.
Standard searches typically include:
- Local Authority Search
- Drainage and Water Search
- Environmental Search
Additional searches may be needed based on location, such as:
- Coal Mining Search
- Cheshire Brine or Salt Search
- Tin Mining Search
We will advise on any specialist searches based on the results and the property’s location.
Raising Enquiries
After reviewing the contract pack, survey results, and search outcomes, we will raise a set of formal enquiries with the seller’s solicitor. These questions aim to clarify any uncertainties or concerns about the property.
This stage may involve several rounds of communication, especially if complex issues arise, but it’s crucial to ensure that you fully understand the property you are buying – including any limitations or required repairs.
The Property Report
Once all enquiries have been satisfactorily addressed, we will prepare a detailed report on the property. This includes:
- A summary of key documents
- Highlights of any legal restrictions or responsibilities
- Important considerations for future use or development
This report is your go-to guide for the property and will help you make an informed final decision.
Exchange of Contracts
Exchange of contracts is the point at which the deal becomes legally binding. Both parties will have signed identical contracts and, once you’re happy to proceed, they are formally exchanged.
At this stage, a completion date is set and, if you’re purchasing a freehold property, you should put buildings insurance in place.
Completion
Completion is the final step. On the agreed date, we transfer the purchase funds to the seller’s solicitor. Once the money has been received, the purchase is complete, and keys can be collected.
After completion, we will:
- Pay any Stamp Duty Land Tax due to HMRC on your behalf
- Register your ownership at HM Land Registry
Once registration is complete, we’ll provide you with confirmation and updated title documents showing you as the new legal owner.
Conveyancing Experts
Our expert conveyancing team is here to guide you every step of the way, from initial instruction to collecting the keys to your new home. Whether you’re a first-time buyer or adding to your portfolio, we make the process clear and efficient.
Contact us today to speak to a member of our Property team.
How can we help?
When you submit this form an email will be sent to the relevant department who will contact you within 48 hours. If you require urgent advice please call 01202 525333.
