Spire Solicitors presents an easy, step-by-step guide to help you navigate the process:
Stage 1: Instructing a Conveyancer and Applying for a Mortgage
If you’re buying a property with a mortgage, it’s crucial to make a formal mortgage application as soon as possible.
Once your offer has been accepted, you’ll need to instruct a solicitor to manage the legal process of transferring the property into your name.
Stage 2: Survey, Enquiries, and Searches
When buying a property, your conveyancer will raise enquiries to ensure you have all the necessary information. However, they will not assess the physical condition of the property—this requires you to arrange a survey or any specialist reports.
Your conveyancer will also apply for three essential searches:
- Local Search – This checks for issues like planning permissions, local authority plans, and restrictions.
- Water and Drainage Search – Ensures the property has adequate water and sewerage connections.
- Environmental Search – Checks for risks like flooding, contamination, or subsidence.
Additional searches may be required depending on the property.
Stage 3: Pre-Exchange
Once the results of the searches are received, enquiries are answered, and your mortgage offer is confirmed, your conveyancer will send you a detailed report on the property and arrange for you to sign the contract.
It’s vital to read the report carefully to ensure you understand all factors that may affect the property.
Stage 4: Exchange of Contracts and Completion
After both parties sign the contract, the conveyancers will "exchange contracts." At this point, the property transaction becomes legally binding.
Completion can sometimes happen on the same day as the exchange. However, if a mortgage is involved, a week’s gap between exchange and completion is usually required.
The completion date marks the end of the process and the day you receive the keys to your new home.
For more information on the buying process, pick up a copy of our "at home" magazine or read online here...
At Home Magazine ~ Winter 2024