Residential Conveyancing: Tips for First-Time Owners

Residential conveyancing can be complicated, and first-time buyers might find it incredibly challenging. Buying your first home should be exciting for the right reasons—you don’t need stress at this time. Here are frequently-asked questions to note when buying a property.

What are the Steps in the Conveyancing Process?

There are several steps in conveyancing, but the process kicks off when the buyer makes an offer on the property. Here are things you can expect during conveyancing:

  1. When the seller accepts the buyer’s offer, the latter’s conveyancer will arrange for a survey and apply for a mortgage, if necessary. Then, they will confirm instructions and set out the terms—they must also contact the seller’s conveyancer and request the contract pack from them.

  2. After receiving the pack, they will make pre-contract enquiries, carry out searches, and get a copy of the mortgage offer. The two parties will exchange responses, enquiries, and reports until the buyer is happy to proceed.

  3. The buyer’s residential conveyancer makes arrangements to pay the deposit and prepare the exchange of contracts. The two parties agree on a formal completion date, which means a legal commitment to the transaction.

  4. When both parties reach an agreement, the buyer’s solicitor drafts a transfer deed and a completion form, which they send to the seller and their conveyancer. Afterwards, the buyer’s conveyancer prepares a completion statement. They also carry out a pre-completion search and apply for a mortgage loan. 

  5. Upon completion, the seller vacates the property or makes arrangements to vacate it by the agreed upon date. Then the buyer’s conveyancer sends sale proceeds to the seller’s solicitor. This person releases the keys to the estate agent, sends the title and transfer deeds to the buyer, and ensures that the latter receives and signs the undertaking promising that they will pay the remaining balance in full.

  6. Finally, the buyer’s conveyancer sends the stamp duty to HMRC and receives all pertinent documents. At the Land Registry, they must register the property in the buyer’s name. The buyer’s solicitor is also responsible for coordinating and sending documents to the mortgage lender.

What Else Should Buyers and Sellers Supply?

A person interested in a property must provide the seller with an ID, proof of their address, and a bank statement dated within the last three months. Buyers must show that they have the financial capacity to pay for the mortgage. 

If the property in question is unregistered, the seller must provide their solicitor with authority to obtain the title deeds or other relevant documentation. The seller needs to have title absolute, outright ownership of the property, or a legally recognised certification that they have the right to sell it as the landlord.

Conclusion

Conveyancing can take anywhere from a few days to a few months, depending on the complexity of the property’s ownership situation. If you’re buying a home for the first time, hire the services of a residential conveyancing expert. An experienced professional can guide you through the process and ensure that it goes as smooth as possible.

Trust Conveyancing Expert to deliver efficient fixed-fee services consistently. We are conveyancing solicitors in Manchester, and we assist homebuyers in everything from sale & purchase to remortgage, transfer of equity, and more. Get a free, no-obligation quote today!