The Stages of Buying a Property: A Step by Step Guide

Information about the Conveyancing Process | A guide to the legal process of selling your property

The conveyancing process can seem like a daunting one, especially if you have never bought or sold a property before. However, it is a process which has a very traditional form, and it is helpful to break the conveyancing process down into a systematic guide. Here is a step by step guide to the conveyancing process involved when buying a house or flat:

• The first step is finding a house or flat for sale in Weymouth that you want to make an offer to buy. You can make the offer through the estate agent selling the property
• Once a price has been agreed between the buyer and the seller, each party will instruct their solicitors to begin the conveyancing process
• The selling party will complete documents like the Property Information Form and the Fittings and Contents Form, which will then be provided to the buying party, alongside a contract
• The selling party will provide details of the title and all other important documents that are listed in the registers. The buying party can ask specific questions that arise after perusal of the documents
• If the buying party requires a mortgage, it should be applied for at this stage. The buyer will need to have the mortgage or finance in place before an exchange can take place and the buyer should have the mortgage deeds signed before the deal concludes
• The buying party should arrange a survey or report at this time. The buyer should also authorise a local search and other searches for the property
• If there is a chain involved with the deal, there is a need for all parts of the chain to have surveys carried out, ensuring all parties are in a place to exchange
• After these steps have been concluded, a completion date to exchange contracts can be set up, although this is often carried out over the phone
• When the contracts are exchanged, a deposit is usually paid, often 10% of the buying price
• After the exchange of contracts, the completion date will usually fall within 2 to 4 weeks. The completion date will be a weekday and it is often the date when parties move
• In this period, the buying party should prepare the transfer of the property, which should be reviewed and approved by the selling party solicitors, and then all parties should sign off on it
• The buying party should provide the mortgage lender with a report on the title
• Land registry and land charge searches should be carried out by the buying party and the final balance of funds should be arranged by the buyer
• Once completion takes place, the buying party transfers the balance of purchase funds by a telegraphic transfer to the selling party
• Once the selling party has received the funds, they will release the keys to the buying party
• The title deeds, documents and all other matters will be sent from the selling party to the buying party
• The selling party will redeem any outstanding mortgage
• The buying party will take care of stamp duty and land transaction returns
• The Inland Revenue will provide the buying party with a certificate and then the property should be registered for the buyer with Land Registry

You can take the stress out of the conveyancing process by being aware of these steps and working closely with experienced solicitors and estate agents. When you call on Austin Property Services, an expert estate agency, you’ll find that dependable conveyancing support is just one of the many services on offer.

Buying or selling property can be a stressful situation but by taking the process step by step, you should find that it becomes a lot simpler and more straightforward.