Buying a Property

Purchasing a property is one of the largest investments you will ever make. Whether you are a first-time buyer, a seasoned property investor, or simply looking to buy your next home, understanding the process and knowing where to turn for help can make all the difference.

Once your offer has been agreed on a property, we recommend you instruct a solicitor, however it is imperative to engage a solicitor who specialises in property law. Opting for the lowest conveyancing quote may seem appealing, but it can lead to significant problems down the line. A qualified professional will not only ensure a smooth process but also provide the reassurance and expertise needed to protect your valuable investment.

Following are the 5 keys stages of the buying process;

1. Pre-Contract Stage

Once a sale has been agreed upon, the seller’s conveyancer will prepare a contract pack. This includes essential documentation such as property information forms and fittings and contents forms. The buyer’s conveyancer will review this pack, raise any necessary enquiries, and carry out searches to uncover potential issues with the property.

Typical Searches Include:

Local Authority Search: Checks for planning permissions, building regulations, and any restrictions.
Land Registry Search: Confirms the seller’s ownership of the property.
Water and Drainage Search: Ensures the property is connected to mains water and drainage.
Environmental Search: Looks for risks like flooding, subsidence, or contamination.

If you are applying for a mortgage, the mortgage offer should now be forwarded to your solicitor.

2. Exchange of Contracts

When both parties are satisfied with the contract terms and all enquiries have been addressed, the buyer and seller will sign the contracts. At this point, a 10% deposit is usually paid by the buyer to secure the purchase. Once contracts are exchanged, both parties are legally bound to complete the transaction.

3. Pre-Completion

During this stage, the conveyancer arranges for the transfer of mortgage funds (if applicable) and ensures that all final documents and financial matters are resolved. This preparation helps ensure a smooth completion process.

4. Completion

Completion is the day the property officially changes hands. The remaining balance of the purchase price is transferred, and the buyer can collect the keys to their new home. If part of a chain, the timing of completion may vary, with transactions at the start of the chain completing earlier in the day.

5. Post-Completion

Even after moving in, there are still a few legal formalities to address. The seller’s conveyancer will ensure any existing mortgage is paid off, and the buyer’s conveyancer will register the new ownership with the Land Registry.

Why Choose Laceys?

Choosing the right conveyancer can significantly ease the stress associated with buying a property. Our experienced team at Laceys can offer you;

Expertise and Experience: Our team’s extensive knowledge and experience in property law ensure that your transaction is handled with the utmost professionalism and care.

Bespoke Service: We tailor our services to meet your specific needs, providing clear, concise, and accessible legal advice.

Empathy and Reassurance: We understand that buying a property can be stressful. Our empathetic approach aims to provide reassurance and peace of mind throughout the process.

Efficiency and Value: It is our goal to provide a quality service and value for money. We set our fees by reference to the time it takes to get to know our clients’ needs, thoroughly investigate the property, keep our clients fully informed at all times, and to ensure we have experienced and approachable professionals who can deliver this service.

To find out more about how the Conveyancing process works please click here: Client Guide to Conveyancing

To find out more details of our conveyancing charges please click here: Cost estimates and our services guide for common residential property transactions

Ready to Buy?

If you’re ready to take the next step in your property journey please contact Kelly Howe at k.howe@laceyssolicitors.co.uk or call 01202 377869 to get started.