The legal process of buying a new home can often seem complex and the terms used may be unfamiliar. Tim Harris, chartered legal executive at Hegarty Solicitors explains the conveyancing process in seven steps:
1. Mortgage Agreement in Principle
Firstly, you will need to find out how much you can borrow and obtain an agreement in principle (AIP). You can now start to look for a property in your price range and make an offer.
2. Conveyancing Quote
Once your offer has been accepted, you will need to appoint a solicitor or conveyancer. Get an instant quote online using our calculator.
Once appointed, your conveyancer will request the following documents: title deeds, a draft contract, the property information form and fittings and contents form. Once these documents have been received, your conveyancer will raise enquiries or questions in relation to the property.
4. Property Searches
Your conveyancer will apply for property searches including the local authority and drainage or environmental searches if necessary. You will be given a report of the results of the searches.
5. Signing Contract and Completion Date
After receiving the contract from the seller’s conveyancer, your conveyancer will discuss what has been covered in the contract with you. You will need to check and sign the contract, transfer deed, mortgage deed and the Stamp Duty Land Tax Return. Additionally, a completion date will need to be agreed with the seller’s conveyancer.
At this stage, you will be legally bound to buy the property. Your conveyancer will send your deposit and the signed contract to the seller’s solicitor and request a mortgage advance.
On the completion day, your conveyancer will send the balance of the money to the seller’s conveyancer and you will legally own the property. You can now collect the keys from the estate agent or developer and move in!