Regardless of whether you’re buying a property for the first time or happen to be a seasoned home mover, the home buying process is always likely to throw up a few stressful moments at some stage. To help you better understand exactly how the home buying process works, we’ve broken everything down and explained it in a series of steps below. This will hopefully allow you to get a better understanding of what needs to be done before you can finally get your hands on the keys.

Instruct a conveyancing solicitor

The first step to take once you’ve agreed to purchase a property is to instruct a conveyancing solicitor to act on your behalf.

Your solicitor will ask you to complete a set of forms and to provide relevant documentation that shows proof of ID and that the funds are available so that everything adheres to money laundering regulations. There will also be necessary searches that will have to be conducted on the property so payment will be requested on account to cover these costs.

If you were also looking to instruct an independent survey on the property, this would be the time to make the arrangements - your advisor will be able to provide more information on how to proceed with this. You would also submit the full mortgage application at this stage if you’re purchasing the property with a mortgage.

Solicitor receives the contract

Your newly instructed conveyancing solicitors will receive documentation relating to the house you are purchasing from the sellers’ solicitors, such as the draft contract pack containing protocol forms which answers specific questions about the property and indicates exactly what will remain upon completion. A copy of the official title will also be received.

Investigation and enquiries

Your solicitor will now investigate the received contact pack and property’s title and if there are any enquiries to be made with the sellers’ solicitor, now is the time they are submitted. The property searches will also be applied for at this time and your legal advisors will ask to see a copy of your mortgage offer.

Results of search report

A legal report will be sent to you outlining information about the property, the results of the property searches and your mortgage offer. Everything you need to know will be noted in this report, including any issues that may have been found during the searches, along with obligations that are imposed on you by your mortgage lender in order for the property purchase to proceed.

Signing of the contract

At this point, you will be asked to sign the contract, transfer deed and mortgage deed, if appropriate, and return them to your solicitor.

Exchanging contracts

Once your solicitor is confident that everything is correct and in place, they will look to escalate to the exchanging of contracts on your behalf.

This is an especially important step as it’s the point of which the transaction becomes legally binding and a completion date can be agreed. This would also be the time to seek insurance for the property.

For the exchange to go ahead, all parties must agree to the completion date. You will then be legally committed to proceed with the purchase on this specific date.

Completion of the purchase

The day of completion will finally arrive, and the funds will be transferred between all involved parties and you will officially become the new legal owner of the property. Completion will be confirmed, and you will then be able to collect the keys and access the property as the legal owner for the very first time.

Following completion, your solicitor will pay any outstanding stamp duty to the Inland Revenue and your details will be submitted to the Land Registry. Copies of the Completed Registration will then be sent to both you and your mortgage lender.

If you’d like to discuss our conveyancing services in more detail and find yourself interested in receiving a conveyancing quote, or if you’d like to learn more about any of the other legal services that we offer here at Fonseca Law, don’t hesitate to get in touch with our expert team. You can call us on 01495 303124, e-mail enquiries@fonsecalaw.co.uk or fill in our online contact form.