Buying or selling a home is likely to be an exciting time in your life but it can also be a very daunting process. At Oaks Estate Agents, we are always happy to talk you through the different processes involved with the property market and if you want to know more about the conveyancing process, here is your essential guide.
Instructing a solicitor
The first thing you should do in the conveyancing process is to instruct a solicitor. There are many factors to consider when selecting a solicitor, with your budget being an important factor, but you should look for a skilled solicitor who has experience in your local area and in working with the relevant property type.
Reviewing mortgage agreements
Once an offer has been accepted, the solicitor for the buying party will review the mortgage agreement provided by the lender. At this point, the buyer must have an agreement in principle, as this is required for the exchange of contracts.
Arrange for a survey
The buyer should then look to have a survey undertaken at the property. Legally, a mortgage report is required by the mortgage lender but most experts recommend having an official survey carried out at home.
The buying solicitor receives a pack of documents
At this point, the selling party’s solicitor should collate and then send a document pack to the buyer’s solicitor. This pack should contain:
- A draft contract
- A copy of the property title
- An information form for the property
- A fittings and contents form
- Planning documents
After the buying solicitor has received the document pack, they will arrange for searches to be undertaken on the property. The most common searches are a drainage search and a local search, which will provide the solicitor with information on any issues that may impact on the property. The buyer or their solicitor may decide to carry out an environmental search.
The buying parties’ solicitor should then review all of the documents they have received and if there are any issues, they should raise enquiries about these matters. If the solicitor is satisfied with the information they have been provided with, they are free to prepare a report for the buyer, outlining all of the available information on the property.
Exchange of contracts
After this step, the exchange of contracts takes place and this is when the buyer is asked to provide the deposit money and to sign all contracts. The buyer’s solicitor then liaises with the selling party to exchange contracts on the completion date. It can take between one and four weeks for the deal to be concluded after contracts have been exchanged.
If you have any further questions regarding the conveyancing process or you would like to talk about your property options, please get in touch with Oaks Estate Agents.