A first time buyer’s guide to conveyancing

Buying a house for the first time? The process can be exciting and daunting in equal measure. Knowing what to expect can help the process run more smoothly and ensure you’re prepared for everything that’s coming your way!

This post takes you through some of the most crucial parts of the conveyancing process, as well as some advice for first time buyers.

For more in-depth information, you can download our free guide for first time buyers, which gives you a comprehensive look at the process of buying a house for the first time and what you can expect.

A first time buyer’s guide to the conveyancing process

Finding your new home

The first step is, of course, finding the property you want to buy and having your offer accepted by the seller.

Choosing A Conveyancer

Choosing your conveyancer whilst you’re looking for your property is a good idea, as
it enables things to get moving as soon as your offer is accepted. They will guide you through the process and help you move into your home as soon as possible whilst doing all the checks to ensure everything is correct and legal. So, choosing someone you trust and feel comfortable with is important.

Inform the estate agent

Pass your conveyancer’s details to the estate agent who sold the property. They will send out a ‘memorandum of sale’ to both yours and the seller’s conveyancer, which records the price you’ve agreed to pay and each conveyancer’s details.

Documents

Your conveyancer will provide initial documentation for you to sign and return, as well as the fittings and contents form for you to review. This outlines what is and what isn’t included in the sale price.

Local searches

Your conveyancer will apply for local searches. For example, Local Authority Searches which will tell you more about the area around the property and potential issues; Land Registry Searches to clarify boundaries and confirm ownership; and environmental surveys to identify possible hazards. If they have any further queries, they will raise these with the seller’s conveyancer. As a buyer, you can also choose to gave additional surveys and inspections done to tell you more about the property’s condition, at a separate cost.

Report

Your conveyancer will then report back to you about all aspects of the searches, legal title, mortgage, and property itself.

Dates

You can start to discuss dates for exchange and completion at this point. As a first time buyer with nothing to sell, this will usually depend on the seller and their moving arrangements.

Deposit payment

You’ll typically pay your deposit at this point as well. Once it’s paid, you can sign the contract and mortgage documents.

Exchange

You can then move onto exchange, once everything is ready. Bear in mind that the sale becomes legally binding at this point, meaning you’re committing to buying the property and the seller is committing to moving out and transferring ownership to you.

Before completion

Between exchange and completion, your conveyancer will advise you when to pay your legal fees. They’ll also advise the mortgage lender of when completion will happen, so they can release the mortgage money in time.

Completion

It’s moving day! Once completion has taken place, you’ll be able to pick up the keys to the property and begin your exciting adventure as a homeowner.

For a more comprehensive first time buyer’s guide to conveyancing, click the link below to download our free leaflet that contains everything you need to know.

First time buyer tips

If you are buying a house for the first time, here are some tips and advice for first time buyers to help you along the conveyancing process.

Choosing a conveyancer

Choosing a conveyancer to work with is important. The right conveyancer really helps the process to run smoothly and can be on hand to answer any questions you may have. When looking for a conveyancer, here are some things to bear in mind:

• Experience is invaluable in the conveyancing world. It’s important to ensure your conveyancer is suitably qualified and has experience dealing with transactions like yours.
• Their fees should be clear from the outset. Understanding the fee structure can help you plan and avoid nasty surprises down the line.
• Communication should be clear and open from your first interactions – the key to a successful working relationship

Common pitfalls for buyers

Your conveyancer will do everything they can to ensure your transaction runs as smoothly as possible. However, if the sellers you are buying from are also buying a property, you become part of a chain of related transactions, which increases the potential for holdups. Here are some of the most common ones to be aware of:

• Issues uncovered in the property searches can include boundary disputes, planning restrictions, and environmental concerns. If any issues are uncovered, be prepared to negotiate with the seller to adjust the purchase price or resolve the issue before completion if necessary.
• Gazumping occurs when a seller accepts a higher offer after initially accepting the original buyer’s offer. To avoid this, you should request that the property is take off the market as soon as your offer has been accepted.
• Delays in mortgage approval can occur when there are issues with the lender’s assessment or documentation. So, applying for pre-approval before making an offer on a property is a good idea.