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The Conveyancing Process For Buyers: Step One

May 6, 2011

How Does The Conveyancing Process Work For Buyers? 

Conveyancing is defined as the legal process of transferring ownership of property.

There are 5 main steps to completing the process.

Today we look at Step One:

Pre-Contract

Your conveyancing solicitor will request the deeds to the property from the vendors solicitor, and draw up a contract based on your agreement with the vendor which will include details such as:

  1. The purchase price.
  2. The fixtures and fittings included in the sale.
  3. A date for completion when you actually take ownership.
  4. The exact boundaries to the property.
  5. A description of the services to the property, such as water and drainage.
  6. Any legal restrictions or rights on the property.
  7. Any planning restrictions in place.

At this stage also, the solicitor will do the ‘searches’ for the property. These include:

  1. Checking that the vendor is actually the legal owner of the property.
  2. Checking with the local authority to find out if any developments or road works are planned that may affect the property.
  3. Additional searches dependant on the location of the property: such as, but not limited to, the area being liable to flooding or subsidence.

While these items are being prepared you need to make arrangements to:

  1. Insure the property. You will be responsible for having the property insured at the time the contract is exchanged. You will need Buildings Insurance at this point, but don’t forget to add Contents Insurance by completion. To shop around for Insurance quotes try moneysupermarket.com or comparethemarket.com. Remember to look closely at what each policy offers you rather than just going for the cheapest price. Buy the policy that suits your particular needs.
  2. Get your mortgage in place. The solicitor will liaise with your mortgage company and you must receive a formal mortgage offer before the contract can be signed.
  3. Have your survey done. Give a copy of the report to the solicitor. It is important that you and the solicitor find out as much about the property as you can before signing the contract. Although a vendor does not have to volunteer negative aspects to his/her property or the neighbourhood, hopefully you will get a truthful answer to your questions if you become aware of something in your searches and inspections.

Find Conveyancing Solicitors, Mortgage Providers and Surveyors on the Useful Links page of Gordon & Rumsby’s website.

We take pride in offering good customer service to both buyers and sellers. If you are confused by the conveyancing process, feel free to contact us at Gordon & Rumsby.

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