Conveyancing Guides:- Buying a property:
Buying a property can be a very complex process so Expert Conveyancing has created its very own step by step process to explain your transaction in stages.
We have also included full definitions for some terms which you are able to access by clicking on any term that is underlined.
Step 1
Purchase Agreed
- After we have been instructed there is a period of time until we receive the pre- contract package from the seller's Solicitor. After we have received this we are then able to apply for the Local Authority search and any other searches as necessary.
- Expert Conveyancing will then raise any additional enquiries arising from the contract package and wait for the replies from the sellers Solicitors. After this we will also expect the search results and your mortgage offer, and consequently follow any special instructions from the lender.
Step 2
Exchange of Contracts
- Once Expert Conveyancing is satisfied that everything is in order with the transaction we will then prepare a full property report for you.
- In this report you will be asked to sign the contract and mortgage deed and provide a deposit ( completion dates should also be agreed at this stage). If all this has taken place we can then exchange contracts with the seller's Solicitor. The sale is then legally binding.
- Once contracts have been exchanged, the final accounts can be prepared.
- Last minute final searches are then made against the property and you.
Step 3
Completion
- The final stage is completion. On the completion date the balance of the funds will be handed over and we will receive the title deeds from the seller’s Solicitors in return.
- Stamp duty will also be paid at this point if need be, and we will coordinate registering the transfer at the Land Registry. Once it has been registered we will supply you with a copy and then send your lender the original document.