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Understanding the Purchase Conveyancing Process: A Step-by-Step Guide

At Nicholls Solicitors we know that buying or selling a property can be a stressful time, whether it is your first step on the property ladder or buying your forever home, we know how important it is for the process to be dealt with efficiently. There are a few stages of the conveyancing process. Here’s our step-by-step guide to the purchase conveyancing process:

Instruction: The process begins when you instruct us to handle the legal aspects of the property transaction. At this stage, we will provide you with a quote and then you will need to provide us with details of the property and all parties involved.

Mortgage offer: If you a purchasing with the Aid of a mortgage, you will apply for one at this stage, or you may have already applied when your offer was accepted. Once the lender conducts its valuation and is satisfied, they will issue a formal mortgage offer. Just give your lender our details and they will send the offer directly to us.

Pre Exchange Contracts: Following completion of the initial client care forms, and providing your ID, we will request the Draft contract pack from the sellers solicitors. This will include title documentation and the property information forms. We will also conduct searches, including local authority, environmental, water and drainage, to uncover any potential issues affecting the property. If you are a cash buyer you will not need to have these searches undertaken but we would recommend at least the local search. We are happy to have a chat about the best option for you.

We will review all the title information and searches and raise any enquiries with the sellers’ solicitors. It is important to note that this stage is the most crucial and can take some time. Often there may be some back and forth between us and the sellers. We will not proceed until we are satisfied with responses and we will of course keep you informed of any significant queries.

Exchange of contracts: Once all enquiries are answered, and both parties are satisfied with the terms of the contract we will fully report to on all matters pertaining to the title and contract. If you are satisfied, you will then sign the contract and return the same to us. This can be done remotely, or you can attend our offices to sign. At this stage you can still raise queries with us and ask for clarification on anything you are unsure about.

Once Satisfied, you will transfer to us your deposit, for the purposes of exchange it will be 10% of the purchase price. If you have a slightly smaller deposit we will be happy to discuss this with you as there will be a few different options.

Both solicitors then exchange contracts, and at this point, the transaction becomes legally binding.

Completion: On the agreed-upon completion date, the balance of the purchase price is transferred from us to the seller’s solicitor. If you are obtaining a mortgage, at this stage we will ensure mortgage funds are ordered and we will provide you with a completion statement so you can send us balance monies in advance of the completion date.

Once the seller’s solicitor confirms receipt of funds, keys are released to the buyer.

Post-completion: After completion, we pay any Stamp Duty Land Tax (SDLT) due to HM Revenue & Customs and register your ownership of the property with the Land Registry.

Registration: The Land Registry will update their records to reflect the change of ownership, and the buyer receives a copy of the updated title deeds.

Throughout the conveyancing process, we will keep you informed of any progress and address any concerns or issues that arise, ensuring a smooth and legally compliant transaction. It’s essential to choose a reputable and experienced solicitor to guide you through the conveyancing process and we are very proud to have a thorough and professional conveyancing team.

For more information on purchase conveyancing, you can contact us for a free no obligation quote on 0161 980 6099 or speak to our conveyancing solicitor directly on [email protected].