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OK you've found your perfect property. Your offer has been accepted. Time to sit back and wait for the keys? Not quite yet. First you have to wade through the conveyancing process.
Conveyancing is the legal part of buying or selling a property. It's usually slow, fairly expensive, and sometimes painful, but it's essential, and it's all for your own good. The sooner in the process you find the right person to handle the legal aspects of your move the better. But who?
You will need to employ a solicitor, to take care of the paperwork and legalities. Elegant Properties could recommend someone, but the decision on who to appoint should remain your own.
Whoever you choose, they should carry out the same basic process. Bearing this in mind, many people choose on price, but there is more to take into consideration.
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How Do I Choose One?
Word of mouth is a good place to start. Your friend's family solicitor may not be the best choice, however, in terms of cost or efficiency. A specialist who deals in conveyancing daily is likely to be a better deal. |
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Always find out exactly who you would be dealing with. You will need to get along with this person, so, no matter how highly recommended they come, don't accept someone you find irritating, or who seems disinterested.
Any solicitor's firm should explain their charges when you first contact them and keep you informed if they are likely to increase. Fees range from around 1.5% plus VAT up to over 2.25% for extremely intricate property transactions. Don't forget that on top of the solicitor's fees there are set costs known as disbursements, which will vary according to the price of the property. These include stamp duty.
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How Long?!
Once offers have been accepted, and solicitors instructed, the waiting begins.
The process usually takes around twelve weeks, but it can take less, and it often takes much more, depending on a variety of factors including the type of property, the length of chain and the actions of the other people involved.
So, What Is Happening All This Time?
The main events in the process are…
1. Receipt of draft contract
This is drawn up by the seller's solicitor stating the particulars of sale and the Conditions of Sale and will probably be altered by both sides over the coming weeks.
2. Preliminary enquiry
The buyer's solicitor sends a set of standard pre-contract enquiries to the seller's solicitor, and checks the draft contract for specific queries. These cover issues such as possible boundary disputes, restrictive covenants, rights of way and so on.
3. Property information form
The seller will receive a property information form from the Real Estate Agency. Check that this tallies with what you thought you were buying (this includes items such as fixtures and fittings).
4. Land charge and registry searches
The title deed, along with the Land Registry certificate is obtained and confirmation is made that the seller isn't bankrupt and actually owns the property.
5. Local searches
A check by the Real Estate Agency is made of any new developments planned within a small area around your property. However, if you want to be sure that a massive superstore isn't going up just outside of the search area, you can instruct the Real Estate Agency to carry out a plan search at the planning department. Searches are also made of the water drainage systems and other social infrastructure, and a check made for any restrictions on extending or renovating. Searches can take anything up to ten weeks to complete, so, if you're in a hurry you can pay for a personal search undertaken manually by a specialist, in a fraction of the time. Meanwhile you should be organizing a survey on your purchase.
6. Draft contract approved
Once the draft contract is agreed, it is sent to both sides for signature.
7. Formal mortgage offer
A formal offer is required at this stage.
8. Arrange for completion
With the help of the solicitors and your Realtor a convenient completion date for everyone in the chain is agreed. This is usually your moving day.
9. Exchange
Both parties sign the contract and copies are exchanged. You normally pay your deposit at this point. If you pull out after this you will be liable and your deposit will be forfeited as damages.!
10. Completion
At last, on the agreed date (often around eight weeks after the exchange date), funds will be sent from the mortgage company to your solicitor and transfer of ownership takes place, and you can move in. |