How conveyancing works: When you buy
First of all we will provide you with a fixed quote. Once the quote is confirmed we’ll instruct your solicitor, who will write to you to ask you for some basic details: proof of your identity and details of your mortgage offer.
Before you exchange contracts
This stage normally takes between one and two months.
When you have an offer accepted and get a survey done, you and your solicitor will quickly have access to a lot of information, including:
- local authority search results
- title deeds
- leasehold agreement (if it's a leasehold property)
- your mortgage offer
Your solicitor will review these documents and report to you either in writing or face to face. At this stage your solicitor will also arrange for you to sign the contract.
Read it carefully and ask if you have any questions. When you're happy with it, sign the contract and return it to your solicitor.
Your solicitor will ask for your deposit on the place you're buying and will agree the completion date.
Exchange, completion and afterwards
There's normally a space of two weeks between exchange and completion, but you can exchange and complete on the same day if you need to.
When your deposit has been received, your solicitor and your buyer's solicitor will formally exchange contracts, meaning you're both legally obliged to go ahead.
Your solicitor will get a completion statement ready: this sets out all the details of the financial transaction. They'll also check with the Land Registry that the title deeds are in order and that nothing has changed since you made your offer.
When these checks are complete, your solicitor will prepare a transfer deed, and send you a copy to sign and return. They'll then send this on to your seller's solicitor.
This is also when your solicitor will ask for funds from your mortgage company to pay for your new property.
If you are also selling at the same time your solicitor will exchange on the purchase and will agree the same completion date.
On the agreed completion date, your solicitor will pay the seller's solicitor what you owe – and you'll own your new place.
Once you've completed, your solicitor will tie up the remaining loose ends:
- pay the stamp duty and send the transfer deed to the Stamp Office
- register the transaction at the Land Registry
- get a revised title deed showing that you own the property, and send it on to your mortgage lender