Buying a house is a complex process with lots of legal and financial considerations. The conveyancing steps are crucial to making sure everything goes smoothly and legally. While the process usually takes 8 to 12 weeks in England and Wales for residential properties and 4-8 weeks for new build properties, this can vary depending on how complicated the purchase is, how big the chain is, how quickly everyone responds, and any unexpected issues that might come up. It’s important to stay patient, and keep in mind that delays can happen. Being prepared and proactive with your paperwork can help move things along.

Steps to Buying a House

Conveyancing is the legal process of transferring ownership from the seller to the buyer. Here’s a breakdown of how it usually goes:

Getting Started

The buyer hires a conveyancer (such as Franklins Solicitors LLP) to handle the legal side of things once the offer on the property has been accepted. The conveyancer will do identity checks and ask for some initial information, such as proof of funds.

Property Information and Title Checks

The seller fills out a property information form, and their solicitors send over official copies of the title register and plan from the Land Registry, along with any other key details. These documents provide crucial information about the property.

Local Searches

The conveyancer will carry out various checks with local authorities and other relevant bodies including Local, Environmental and Water searches; other searches may also be suggested to be carried out. These might include looking into planning permissions, building regulations, environmental issues, drainage, and other important details about the property and its surroundings.

Review and Enquiries

The conveyancer will review all the documents provided by the seller’s solicitors, ask the seller’s solicitor any necessary questions, and clarify any potential issues or discrepancies found during the process.

Mortgage, Survey and Source of Funds

If you need a mortgage, this is the time to finalise your application; it is recommended to have a mortgage offer accepted at an early stage of the transaction. The lender may require a valuation survey to assess the property’s value. You can also opt for a more detailed survey (like a Home Buyer’s Report or Building Survey) to identify any structural issues which can be arranged directly or via your estate agent. The lender will then issue a mortgage offer to you and your conveyancer. You will also be required to provide source of funds information to show how you will fund your purchase, the conveyancer will request the required documentation.

Contract and Mortgage Offer

Once all the necessary checks are done and everything looks good, you’ll be asked to sign the contract together with other documentation needed depending on the matter. By this point, your mortgage offer should be in place, and any extra conditions should be met.

Exchange of Contracts

The conveyancer will obtain your verbal authority and once obtained will then exchange contracts with the other side of the solicitors, using identical contracts, usually over the phone. This is when the deal becomes legally binding, and you’ll need to pay a deposit, if necessary. Also, if you are purchasing a residential property then the buildings insurance will be required to put in place.

Completion

On the agreed completion date, the remaining balance of the purchase price is transferred to the seller’s solicitor. You can then collect the keys and move in. Also, if you are purchasing a new build property then you will be required to put your buildings insurance in place.

After Completion

The conveyancer will handle the final details, like paying stamp duty, registering the property in your name at the Land Registry, and making sure any outstanding charges against the property are settled. The registration may take up to 2 years to register with Land Registry.

You can contact our Conveyancing team here or call on 01604 936512 / 01908 953674 or email info@franklins-sols.co.uk.

1. Pick the right home for you

Developers and Development Sites vary widely as to how they work, what they offer and the development schemes available.

Before committing to buying a new build property you should research the developer, visit the site and possible speak to some of the residents who have already moved in to their new homes. If you are looking to relocate to a new area, investigate the surrounding area – transport links, schools, amenities and all other local facilities will vary between locations.

The sites sales office should have a range of literature available to you to help you in your decision making process.

2. Finance

If you need mortgage finance to be able to purchase the Property, make sure you consult a mortgage advisor before you get too involved with viewing properties, so as to be sure what your purchase price budget is.  A mortgage advisor will have an in-depth knowledge of the mortgage market as well as any government schemes intended to help homebuyers with a new build property purchase.  You may also want to have a mortgage agreement in principle, so that before you move to the next step you are confident that you can finance your new property purchase. You will need to finalise your mortgage and make a full application after you have successfully reserved your new home.

3. Reserve your new home

Once you have found a property that you want to purchase and have finances in place, you will be able to reserve your new property with the developer and pay the reservation fee.

The reservation fee will be anywhere between £500 and £2000 and will secure the property for you for 28 days. During the 28 day reservation period you will need to progress to being able to exchange contracts. The reservation fee is deducted from the final price when your purchase completes.

4. Appoint your Property Lawyer

The Developer may encourage you to use a Lawyer from their panel of preferred Lawyers – you are not obliged to do so and can choose your own if you wish to.

We would advise that when looking for legal representation that you look for a Law Firm who have a specialist new homes department, such as ours, as we are familiar with the deadlines involved and know how to deal with the extensive development documentation supplied.

5. Pay the deposit & exchange contracts

The deposit payable on exchange of contracts for any property purchase is 10% of the Purchase Price. The deposit will be requested by and paid to your lawyer once all legalities are satisfied (i.e. searches and mortgage offer received, enquiries replied to and all signed documents being in place). The deposit will be paid to the Developer on exchange of contracts, or may be held by the Developers Lawyers where the new home warranty does not cover insolvency of the Developer in order to protect the deposit paid.

6. Make a snagging list

Even with the best developer you should expect some minor snags, for example, doors may get caught on the carpet, tiles may be loose, paint finish needs a second coat, etc. Once the Property is fully built you should be invited to attend a walk around of the property to identify any snagging issues for the Developer to rectify.

If you’re thinking of purchasing a new build property and would like some advice and assistance, please do not hesitate to contact our New Homes team on 01604 828219 and ask for Kris Raca or email newhomes@franklins-sols.co.uk.