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Background to Conveyancing
Buying a home is an exciting step, but it can also feel confusing if you are unfamiliar with the process. There are a number of stages involved, and it is usual to have questions along the way. Solicitors are instructed to deal with the legal side of the transaction and to guide you through each step.
The aim is to make sure the purchase is completed properly, promptly and that there are no concerns in respect of the property which may cause you issues after completion.
What Happens First?
The process usually begins once your offer on a property has been accepted from a seller. At this stage you will need to instruct a solicitor to act for you. The seller will instruct a separate solicitor to act for them.
Your solicitor will then proceed with their internal client onboarding process. Once this is completed, your solicitor will begin reviewing the contract papers received from the seller’s solicitors.
The Legal Process
Your solicitor will carry out searches on the property and raise enquiries with the seller’s solicitors. These checks are important to make sure there are no issues affecting the property
You will also receive a report on title from your solicitor explaining the key details of the property documents so that you understand exactly what you are buying.
Exchange of Contracts
Once all checks have been completed and you are happy to proceed, contracts will be exchanged between the solicitors acting on both sides.
This is the point at which the agreement becomes legally binding. You will usually pay a deposit at this stage. It is important to be satisfied with the property before exchange as you could lose your deposit if you are unable to complete on the property after exchanging contracts. After exchange, both sides are committed to the transaction and a completion date is fixed.
Completion
Completion is when the purchase money is transferred to the seller and you receive the keys to your new home. Your solicitor will also deal with registering the property in your name after completion.
Why Use a Solicitor?
Buying a property is a significant financial commitment, and it is important that everything is handled correctly.
A solicitor will guide you through the process, explain what is happening at each stage, and make sure your interests are protected. They will also deal with any issues that arise and help ensure the transaction runs as smoothly as possible.
Conclusion
Buying your home can seem complicated but understanding the process makes it much more manageable. With the right legal support the process can be straightforward and less stressful.
If you are looking to buy or sell property, or have questions about the conveyancing process our property team at Lawdit can help. Please note that if you are obtaining a residential mortgage your lender may require their panel solicitors to act for you and the lender. In those circumstances, we may not be able to assist.
If you have any legal queries, please contact our expert team of solicitors through info@lawdit.co.uk or alternatively you can give us a call on 023 8023 5979.
