LAW
BUYING YOUR FIRST HOME
THE CONVEYANCING PROCESS FOR FIRST-TIME BUYERS
BUYING YOUR FIRST HOME IS AN EXCITING MILESTONE , BUT IT CAN ALSO BE DAUNTING . CONVEYANCING IS THE TERM USED FOR THE LEGAL TRANSFER OF PROPERTY OWNERSHIP FROM THE SELLER TO THE BUYER AND UNDERSTANDING THIS PROCESS CAN HELP EASE YOUR JOURNEY .
STEP 1 : Instructing a Solicitor or Conveyancer
The first step is to instruct a solicitor or conveyancer to act on your behalf – the choice is yours . Choose a reputable professional with experience in handling property transactions . They will handle all the legal aspects of your purchase , ensuring everything is in order . Check out Google reviews or personal recommendations from friends and family . You make this choice ! Remember , you do not have to use any firm in particular , in fact be wary if you are told this – it is not true ! Choose a firm where you have spoken to the person dealing with your matter at the outset , not just the onboarding person .
STEP 2 : Reviewing Contracts
The seller ’ s solicitor will draft a contract of sale , which your solicitor will review . They will check for any issues or unusual clauses and ensure that everything is in order . Your solicitor will also verify the property ’ s title to confirm the seller ’ s ownership and check for any restrictions or rights affecting the property , which may affect your enjoyment .
STEP 3 : Property Searches
Once you ’ ve instructed a solicitor , they will conduct various searches on your behalf to uncover any potential issues with the property . These include but are not limited to :
• Local Authority Searches : Check for planning issues , road schemes or local developments as well as any Financial Orders as they run with the property .
• Environmental Searches : Identify risks such as flooding , subsidence and contamination .
• Water and Drainage Searches : Confirm the property is connected to water and drainage services and checks whether there are sewers within the property boundaries .
These searches help ensure there are no hidden problems that could affect your decision to buy and shall form part of your Report on Title .
STEP 4 : Mortgage Offer
If you ’ re using a mortgage to finance your purchase , your lender will carry out a valuation to ensure the property is worth the amount you ’ re borrowing . Once satisfied , they will issue a mortgage offer . Your solicitor will review the offer and explain any conditions attached . A solicitor works for both you and your lender , ensuring the interests of both are protected .
STEP 5 : Exchanging Contracts
Once all searches are complete , contract documents are agreed , you have reviewed your Report on Title and you have your mortgage offer , you ’ ll be ready to exchange contracts . This is a critical step where you and the seller agree to complete the transaction . You will pay a deposit , typically 10 % of the purchase price , which becomes non-refundable after exchange . Exchange of contracts means that you are now legally obliged to purchase this house , therefore from this point , you should insure the property you are buying , as the risk passes to you upon exchange . If you are using a LISA then this will need to be closed and the funds paid to your solicitor .
If either the buyer or seller walks away before contracts are exchanged , there are no legal or cost implications .
STEP 6 : Completion
On the completion date , the remaining purchase funds are transferred from your solicitor / conveyancer to the seller ’ s solicitor . Once they clear into the solicitor ’ s account , you will be able to collect the keys to your new home and the property officially becomes yours .
STEP 7 : Post-Completion
After completion , your solicitor will handle the post-completion formalities including paying any stamp duty , registering your ownership with the Land Registry and ensuring all documents are in order . Please note however , your name will not appear on the title of the property until the Land Registry has finished registering you as the owner .
In conclusion , navigating the conveyancing process as a first-time buyer can be complex , but with a skilled solicitor / conveyancer by your side , who answers your questions and responds to your emails promptly , it becomes much more manageable . By understanding each step , you can approach your first property purchase with confidence , ensuring a smooth and successful transaction .
Bridger ’ s Law has offices in both Sittinbourne and Faversham , and clients nationwide . Feel free to pop in or head to the website for further information .
bridgerslaw . co . uk
200 • www . insidekent . co . uk