Conveyancing Specifically For Home Buyers | Homebuyer ConveyancingWritten by homebuy1
Find value for money Home Buyers Solicitors without the need to enter any personal details. When ready take a quote away and schedule a call.
Buying Property - The Conveyance Process
The property buying conveyancing process is defined as the legal transfer of ownership between the Seller and Buyer.
The process starts once the Buyer has made an offer on a property and the Seller has accepted it.
Buying Conveyancing Steps
The Buying a property process has the following steps.
1) Buyer makes an offer ‘Subject to Survey’
2) Seller considers the offer and accepts.
The first offer may have been refused and the Buyer may consider increasing their offer.
3) The Buyer passes over their Solicitor details to the Seller
4) Buyer arranges a Survey and Valuation
5) The Survey results may lead to re-negotiation of the purchase price.
Some works may be done by the Seller.
The Buyer may decide to carry out works after completion.
The Buyer checks with their lender if works can be carried out after completion.
Buyer checks with Lender if a retention will be in place.
Retention - The Buyers Mortgage Lender may hold monies back.
Until works have been completed and inspected.
6) Buyers Lawyer confirms instructions setting out the terms of purchase.
Sends this information to the Sellers.
7) The Sellers Solicitor, sends the contract pack to Buyers legals
8) Buyers Lawyer checks Sales contracts pack and raises pre contract enquiries.
9) Searches are carried out to highlight any issues that the property, location has.
Which may affect the market value of the property.
10) Buyers Lawyer requests a copy of the Mortgage Lender offer
11) Buyers Lawyer reviews the Sellers response to enquiries
12) Buyer arranges for deposit to be paid to the Solicitor ready for exchange of contracts.
Check where monies are being sent to.
Make Sure that your Solicitor has received the monies.
You could test this by sending just £100
Then sending the balance once you know that the monies are being sent to the right place.
13) Seller and Buyer agree an exchange of contracts date.
Via their appointed Solicitors.
14) Buyer must provide evidence that they have building insurance in place on exchange.
They may have taken out the innovative Flexi Smart Contingency House Insurance.
Which provides building insurance cover between exchange and completion for up to 28 days.
Then after Exchange the Buyer can search the market for the best insurance.
15) Exchange of contracts date determined.
Where upon the Homebuyer is legally committed to complete
16) Buyers Lawyer sends a draft transfer deed and completion forms to the Sellers Solicitor
17) Sellers Lawyer reviews the completion forms.
18) The Buyer has to sign the agreed contract document.
19) Signed agreement sent to Seller’s Solicitor for the Seller to sign.
20) Completion statement prepared by Buyers Solicitor.
Contacts Mortgage Lender to apply for the release of funds.
21) Buyer and Seller to agree completion date.
Exchange of Contracts
22) Move to exchange of contracts.
The contract to buy and and sell is binding at this point and no party can pull out.
23) On Completion Buyers Solicitor sends funds to Sellers Solicitor
24) Sellers Solicitor on receipt of funds, releases keys often via the appointed Sellers Sales Agent.
25) Buyers Solicitor sends applicable Stamp Duty to HMRC
26) Finally the Buyers Solicitor registers the property with Land Registry.
27) The title of the property is now with the Buyer
With so much to happen when offers are accepted it pays to instruct a Homebuyer Conveyancer before offer acceptance stage.
Compare accurate quotes from members of the Homebuyer panel without entering any personal details.
Filter your results by price, location and by Mortgage Lender.
When ready take a quote away, schedule a call directly from your chosen Conveyancer. Consider adding the Flexi Smart Contingency House Insurance.
0345 463 7664
Where we can help you.
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Is your new property in good order and worth what you are paying for it.
You can get a discount on the following reports.
RICS Condition Report - Property Condition
RICS Homebuyer Report - Property Condition and Valuation
RICS Premium Building Survey - Property Condition, Valuation with approximate urgency with cost