Residential Conveyancing: What Buyers Should Expect
Instructing a solicitor
Once your offer is accepted, instruct a conveyancing solicitor promptly. They will handle the legal aspects of your purchase, liaise with the seller's solicitor, and keep you informed throughout.
Provide your solicitor with identification documents and proof of funds or mortgage agreement in principle as early as possible.
Searches and enquiries
Your solicitor will carry out property searches, typically including local authority, environmental, and water and drainage searches. Additional searches may be recommended depending on the property.
They will also raise enquiries with the seller's solicitor about the property, title, and any restrictions or obligations.
Survey and valuation
Your mortgage lender will require a valuation, but this is not a structural survey. Consider instructing an independent survey to identify any defects or issues with the property.
Survey findings may affect your decision to proceed or provide grounds for renegotiation.
Exchange and completion
Exchange of contracts makes the transaction legally binding. A completion date is agreed, and a deposit (typically 10%) is paid. Completion is when ownership transfers and you receive the keys.
The period between exchange and completion is usually one to four weeks, though this can vary.
Costs and disbursements
In addition to your solicitor's fees, you will pay disbursements including search fees, Land Registry fees, and Stamp Duty Land Tax where applicable.
Your solicitor should provide a clear estimate of costs at the outset and keep you updated if circumstances change.
This article is general information only and does not constitute legal advice.
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