Buying a property is often the largest purchase you’ll ever make in your life. In order to buy a property, you must instruct a lawyer to do your conveyancing for you but what then? We explain in simple terms how your conveyancer buys your property for you.
1) The Client Care Pack for a purchase
To start the process, we need your completed instruction form, an initial payment of £400 so that we can order searches, proof of the funds required to buy your property and a certified copy of your ID. After that initial £400 payment, no payment will be due to us until the point at which you complete and get your house!
2) Draft Contract Pack
The seller’s solicitor will provide us with a draft contract pack for our approval. We will review the pack that they send us, raise any enquiries that you or we have about the property and apply for searches on your intended purchase property.
Now for the Title Investigation…in three parts!
3A) Searches
Property searches have now been received and we will raise any further enquiries that arise from the searches done on your property. You will also receive a copy of the searches report and can raise any questions you have about your purchase as well.
3B) Enquiries
The seller’s solicitor will now have given us satisfactory replies to all of our enquiries. You will receive a Report on Title in relation to the legal title for the property.
3C) Mortgage
We have now received your mortgage offer from your chosen lender and we will report to you on the offer details. We may also need to report directly to your lender for their approval, depending on their requirements.
4) Preparing For Exchange
We will require your signature for the contract, transfer deed and mortgage deed. We will also request your deposit funds and request the release of mortgage funds from your lender, if required.
5) Exchange
The process that makes the purchase legally binding between you and the seller. You will sign the contract in readiness and on exchange, we date the contract and enter the agreed completion date.
6) Completion
The big day! Your purchase is legally finalised and you become the legal owner of your new property. We’ll give you a call to let you know the good news as soon as the purchase goes through and you can then arrange to collect your keys, if applicable.
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Disclaimer
The contents of this blog or any other published by Talbots Law cannot be considered as legal advice. You should take no action without prior consultation with a qualified solicitor or legal professional.