The Residential Conveyancing Process From Start To Finish

The ‘conveyancing’ process is a crucial element of property ownership. It can be notoriously time-consuming, even with the most experienced solicitors, but knowing what’s coming can help new homeowners get through it with less hassle, stress, and expense. Here is our step-by-step guide to residential conveyancing. If you have any further questions, please don’t hesitate to get in touch.

 1) Instruct A Conveyancing Solicitor

When buying a property, this is the step that starts to turn the dream of owning your home into a reality. Ideally, find a solicitor who has experience of conveyancing your type of property. For instance, buying older buildings can be different to purchasing newbuilds, and some solicitors will be better at this than others.

2) Arrange A Property Survey

It isn’t a legal requirement to undertake a property survey, but the costs of not doing so can be significant. Property surveys will highlight any potential issues with the property and its land – such as the presence of asbestos or subsidence, allowing them to make an informed choice before they purchase.

3) Property Searches

A property search can unearth a lot of information that owners should be aware of. For instance, property searches can determine whether the home is built above an abandoned mine shaft, or whether the area is in a flood zone. A property search can also uncover information about previous land use, including any risks arising from contaminated land arising from industrial use. As such, it is equally important for old and new properties to have a professional search done.  

4) Exchange Of Contract

Once you and the solicitor are satisfied that the property is fit for purchase, it’s time to agree the terms of purchase with your seller. Exchanging contracts is the first stage of finalising the process. To exchange the contract, you will be asked to review and sign a contract, which will then be sent to the seller’s solicitor. The deposit, which is normally 5-20% of the total price and is required to secure most residential properties, is also transferred to the seller at this point. Once this is done, you are legally bound to purchase the property. 

5) Completion

This is the day that everyone is waiting for! It can sometimes take a while between the exchange of contract and completion. Once both the buyer’s solicitors and the seller’s solicitors are satisfied, the ownership of the property is legally transferred to you on completion day when the purchase money has been sent. When completion happens, you will receive the keys to your new home. 

6) Post-Completion

After you’ve got the keys, there are still a few details to attend to. Your solicitor may need to pay stamp duty on your behalf – a type of tax for properties above £125,000 that makes the purchase legal – and arrange registration documents. Once the documents are in order, you will get copies so that you can demonstrate full ownership with complete peace of mind. 

Next Steps 

Buying a house is one of the most important life events that most of us experience. To make sure that your journey is a smooth one, Astle Paterson are here to help. For more information, please get in touch with our residential conveyancing team today on 01283 531366.

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