The Conveyancing Process for First Time Buyers
You’ve taken the plunge to buy your first home – congratulations! Buying a property is one of the most expensive purchases you’re likely to make in your lifetime.
As a first-time buyer the legal process of buying a property can be baffling, demanding and time consuming.
You cannot buy a property without going through conveyancing, which is the legal process of transferring the title of the property from one owner to another. The process requires a conveyancing solicitor or licensed conveyancer to complete the transaction.
In this article, our residential property solicitors explain this process, outlining the key stages and what to expect.
The 5 Stages of the Conveyancing Process for First Time Buyers
The conveyancing process starts after you have had an offer accepted on a property. It ends when the final contracts have been signed and the money has been transferred in order to complete the purchase. It can be broken down into five simple stages:
- Stage 1 – Offer Accepted & Solicitor Instructed – Once the offer on the property has been accepted, you need to instruct a solicitor to carry out the conveyancing process for you to become the legal owners of the property.
- Stage 2 – Conducting Searches & Survey – Your solicitor will conduct legal searches and review the title deeds for the property. This will normally result in a number of enquiries being sent to the seller’s solicitor. The searches will reveal the land the property is located on if there’s any mines nearby, sewers running close to the property and if the area is categorised as a flood risk etc. At the same time you must arrange a survey of the property to inspect its condition, identify any physical or potential defects. It is important to note the seller is not under any obligation to disclose any physical defects of the property. You must rely on your surveyors inspection and follow any advice given by the surveyor to ensure you will not incur any unexpected repair bills following completion.
- Stage 3 – Exchange of Contracts – If you are happy to proceed (providing the searches and survey are in order) then the transaction can proceed to exchange of contracts. At this point in the process, you will need to sign documents drawn up by your solicitor. This makes the transaction legally binding with an agreed completion date. Usually at this stage you are required to pay the deposit for the property, which is traditionally 10% of the purchase price. The solicitor will request the mortgage funds from your lender to ensure they arrive in time for the agreed completion date.
- Stage 4 – Completion – Once your solicitor has received the funds from the mortgage lender, they will transfer them on to the seller’s solicitor. The seller’s solicitor will confirm they have received the completion funds and date the transfer deed. They will also release the keys and you can collect them from the estate agent or developer (if it is a new build) and move into your first home.
- Stage 5 – Post-completion – After completion has taken place your solicitor will manage the application to the Land Registry to register the transfer of ownership of the property to your name. Also, if applicable they will arrange paying the Stamp Duty Land Tax (SDLT) Return to HM Revenue and Customs (HMRC) on your behalf. For first time buyers purchasing a property under £300,000 there will be no Stamp Duty to be paid. For properties purchased between £300,001 and £500,000, you will need to pay 5% Stamp Duty on that portion.
Residential Property Services for First Time Buyers
Morrish Solicitors is a long-established law firm based in West Yorkshire providing a range of legal services to clients based both regionally and nationally. We have an experienced team of residential property solicitors who can assist you with your property purchase ensuring it completes as smoothly and as quickly as possible.
Our services are available at your convenience either in-person, over the phone, or by email or post. So, it doesn’t matter where you live, we’ll always be here to support you.
For a free conveyancing quote please call us on 033 3344 9609 or simply email [email protected] with your request.
To stay up to date with the latest news, case studies or updates to our services please sign up to our newsletter.
