Google Adwords 0808 278 1398 Bing Ads 0808 274 4482

6 Main Steps When Purchasing a Property

Conveyancing can seem complicated, especially if you are a first-time buyer. So, here are the 6 main steps when purchasing:

1. Preparing to buy
Contact your mortgage company and chosen solicitor early on, to ensure everything’s in place, ready for when you find your new home and make an offer.

2. Property investigations (searches)
Once your offer has been accepted, we’ll start our detailed investigations on the legal title of the property and surrounding area, such as the obtaining a local authority, water & drainage and environment search.

3. Mortgage and property survey
If you’re using one, the mortgage company will arrange a valuation before making a formal offer. If you choose to have a survey or buyer’s report completed, this can be arranged at this stage.

4. Contract Reporting
Following our investigations of the legal title of the property, we will report to you and your mortgage lender, if this is required, and advise of the results of the searches / survey and highlight the key factors of the property and surrounding areas. During this stage, we will also send you the contract for signature and request you pay to us your deposit (usually around 10% of the agreed price). This is so we are in position for the next step, the ‘exchange of contracts’.

5. Agreement (exchange of contracts)
At this stage, you and the seller will have your lawyers exchange signed copies of the contract, confirming a binding agreement. The moving date will be finalised, and your deposit will be paid over to the seller’s lawyer, this will be held by them until completion.  Following this, you will need to put your buildings insurance on risk and we will request your mortgage advance, if you are obtaining a mortgage and if any, the final balance from you for completion.

6. Moving day (completion)
The final balance will be transferred to the seller. We’ll let you know when the money has been received, so you can collect the keys from the estate agent and move in. We will then pay your Stamp Duty and register the sale with the Land Registry.

Whether you are a first-time buyer or an experienced house mover, our solicitors will ensure the process is as smooth and straightforward as possible. Please contact us on 01323 899331 

Posted in: Conveyancing

Expert legal advice you can rely on,
get in touch today:

Please let us know you are not a robot