How to buy a property-conveyancing guide for buyers
If you are planning on buying your first property understanding the process is essential. Here is our step-by-step explanation to buying a property - a conveyancing guide.
Firstly, you need to think about your offer and choose a trusted Conveyancer. Compare mortgage rates, and take out first homebuyers insurance- this will give you greater security if your offer falls through.
Give your Conveyancer instructions
You will need to give your Conveyancer instructions. You can tell your solicitor/ Conveyancer that you want them to help with your process before you make an offer. You will need to provide your ID, and proof of funds. This can all be done before you make an offer or even find a property you want to buy!
Making an offer
The next step will be to make an offer on your desired property. The estate agent will send your Conveyancer a memorandum of sale to confirm the purchase.
Apply for your mortgage & organise survay
At this stage, you should arrange a survey of your property. You may also make a list of questions about the property for your Conveyancer to look over i.e. parking and access rules on the property.
The seller's legal team will send your Conveyancer a draft contract and other legal documentation for review. There may be then some back and forth communications with questions from both sides.
Order investigation and search
Next, you will need to order "searches" which will investigate information about the property including its future value and anything that may impact the future value. Other searches include:
-Water and drainage: location of water pipes, sewer ownership, water supply status.
-Local authority: planning permission, road issues, plumbing issues, property control.
-Environmental: contaminated land risk level, landslides, flooding etc.
Once your mortgage is finalised be sure to send to your solicitor for review of terms and to organise your funds. This step is not compulsory but we do advise of it.
Review & sign
Next your Conveyancer will draw up a report addressing all of your concerns and questions- fixtures and fittings (what will be left at the property), ownership is the property freehold or leasehold? how long will be left on the lease?
Once you are happy with everything and the Conveyancer has explained all the complexities to you it is time to sign the final contract and other related legal documentation. A formal exchange of contracts will then take place- this only happens when both sides are happy to proceed- this will take place via a recorded phone between the buyer and the sellers legal representatives.