The following list is very general, but should help you understand what a conveyancer does at each stage of the buying process.
First steps – instruction
It all begins when you instruct a conveyancer to act on your behalf. You should receive confirmation of this in writing, with an outline of what the conveyancer will do for you and roughly how much it will cost.
Your conveyancer will approach the seller’s solicitor for deeds, a contract outlining terms and details of ownership for the property you are hoping to buy. They will also chase up answers to any queries about the documents, organise a local authority search and sometimes an environmental search – a process known as ‘the searches’. When these are complete, your conveyancer will send you a written report detailing their findings and any recommendations. If you are happy at this stage, they will prepare your contract.
Exchanging contracts
At this point you are officially agreeing with the seller to purchase their property. Your conveyancer will ask you for your deposit and send deeds to you to sign. They will also carry out final searches and accounts. Any outstanding fees will usually be payable at this time.
Completion
Once you and the seller have completed the sale, your conveyancer will send the balance of the purchase price to your seller’s solicitor, collect the deeds and send them to you, your bank or building society. They will also register your ownership with the Land Registry and pay any stamp duty required.
What you need to do
At each of these stages, you will also need to take steps to further the purchase process. Your solicitor or mortgage lender may ask you for specific things as they’re required, but the following list will help remind you of what you need to do.
First steps – mortgage and surveys
You will need to make an offer on the property and instruct a conveyancer to work for you. If you have not made mortgage arrangements, you should begin doing so at this point.
Your mortgage lender will most likely ask for a valuation survey to be done before agreeing to lend you money. This is to reassure the lender that the property is actually worth what you intend to borrow. It is also in your interest to arrange to have a homebuyer’s report done by a qualified surveyor.
When you buy a home, it is effectively ‘sold as seen’. If there are any problems with the property, they are your responsibility. Because of this, it is worth having a survey done, especially if the valuation survey poses any questions. If after the homebuyer’s report, you still feel unsure about the property, a full structural survey is advisable. Your conveyancer should be able to advise you on how to go about arranging these surveys, which can cost several hundred pounds.
Exchanging contracts
You will be asked to pay a deposit to the seller at this point. Ten per cent of the price is customary, although you may be able to negotiate a lower rate, especially if you are borrowing a large portion of the money.
At this stage, the sale becomes fixed and there may be heavy penalties if either party chooses to pull out. If you have paid a lower deposit to the seller, bear in mind you may be liable to pay the full ten per cent if you later refuse to buy.
Completion
Once a completion date has been set, the time has come to organise the practicalities of your move. Organise your removals, insurance and utilities at this stage, as well as making any job or school arrangements. Continue to liaise with your conveyancer at this point – in rare cases a completion day may have to be changed if final searches are not complete.