Buying your first home can feel like a tall order. Not only do you need to come up with a decent deposit, but you also need to deal with mortgage brokers, Banks, Lawyers, estate agents, the list goes on.
is the legal transfer of property from one person to another. For this, you will need a licensed conveyancing professional or a conveyancing solicitor. Conveyancing is the process of completing all legal and administrative work required to ensure the property purchase and sale is valid under the law.
What does a conveyancing solicitor or professional do? Take a look at the process in the below diagram:
Let’s go through the process step by step:
1. Instruct your conveyancer:
Once you pick and conveyancing professional or solicitor you will instruct them. All this means Is that you have chosen them to do the work and an instruction is you telling them to get started.
2. Notification of Sale:
This is a non-legally binding letter setting out terms of the purchase or sale including the details of the legal firms acting on behalf of each party.
3. Draft Contract and title deeds:
The conveyancer receives the draft contract and title deeds.
4. Property enquiries are raised:
These are all the checks that need to be done to make sure the home you are buying hasn’t got any major issues or things you should know about. For example, the house might be located on contaminated land and that’s something you need to know before continuing.
5. Receive contract and the full report from conveyancer:
You will receive the contract and the report containing all the findings of the conveyancer.
6. House fitting and fixtures checked:
All house fitting and fixtures checked so any issues are highlighted and can be fixed in good time.
7. Mortgage offer received by conveyancer:
Conveyancer receives mortgage offer from the lender.
8. Sign the mortgage offer document:
Buyer checks and signs the mortgage offer from the lender.
9. Sign the contract:
The buyer signs the contract of sale.
10. Conveyancer transfers deposit for exchange:
Conveyancer transfers the deposit to the seller’s conveyancer.
11. Agree on completion date:
The conveyancer prepares and sends the completion statement and a completion date is agreed between the two parties.
12. Exchange contracts:
Both the buyers and sellers sign identical contracts and they are then formally exchanged by the buyer and seller’s conveyancers. At this point, the deal becomes legally binding. At this stage, if any party decide to pull out they will in most cases receive major penalties.
13. Conveyancer requests mortgage funds:
Your conveyancer requests the mortgage funds to be paid to the seller’s conveyancer from the lender.
14. Transfer of residual funds:
Your conveyancer transfers the funds less the original deposit to the seller’s conveyancer.
15. Final check by conveyancer:
Your conveyancer will do the final checks for the property to be delivered to you.
16. Purchase completed:
You receive the keys and you are ready to move into your new home.