The House Buying Process At a Glance
Step 1: Find a Property and Make an Offer
Step 2: Instruct Your Conveyancing Solicitor
Step 3: Arrange Your Mortgage and Survey
Step 4: Your Solicitor Reviews The Property and Contract
Step 5: Searches and Enquiries
Step 7: Signing The Contract and Preparing For Exchange
How Long Does Buying a House Take?
You’ve found the right house, put in the offer, and had the exciting news that your offer has been accepted, but now you’re wondering, ‘What happens next?’
Several important legal steps need to be taken before you can finally get the keys to your new home, and you need the support of a good conveyancing solicitor to make that happen. They’ll deal with the paperwork, investigate the property, raise questions, and generally guide you through all the stages of buying a house from instruction to exchange and completion.
Knowing what happens during the house buying process can help it feel a lot less stressful and more manageable. We’ll take you through everything you need to know, including what your solicitor does, what your responsibilities are, and what to expect as your purchase moves forward.
If you’re ready to instruct a solicitor for your purchase, you can also find out more about LPL’s house purchase conveyancing service.
The House Buying Process At a Glance
When your offer has been accepted, the legal process of buying your home can feel overwhelming, especially as a first-time buyer. Knowing what comes next makes it easier to stay on top of the things you need to do and understand where your solicitor fits into the process.
The exact journey your house purchase will take depends on a few factors such as the property, mortgage lender, and other people involved in the transaction, but a typical house purchase follows the steps below.
– Make an offer – The seller accepts your offer, and you can begin progressing the purchase.
– Instruct your solicitor – Your solicitor opens your case, completes the necessary checks and starts working with the seller’s solicitor.
– Arrange your mortgage and survey – Your lender carries out its valuation and issues your formal mortgage offer, while you can arrange a survey for your own reassurance.
– Review the contract and property – Your solicitor reviews the contract pack, checks the property’s legal title and identifies anything that needs further investigation.
– Searches and enquiries – Searches are carried out, and your solicitor raises enquiries with the seller’s solicitor to clarify anything that could affect your purchase.
– Report on Title – Your solicitor explains the property’s legal position and highlights anything you should know before committing to the purchase.
– Prepare for exchange – Contracts are signed, your deposit is arranged, and any outstanding legal or mortgage requirements are dealt with.
– Exchange contracts – The purchase becomes legally binding, and a completion date is agreed.
– Completion – Your mortgage funds and remaining balance are transferred, the seller receives the money, and you can collect your keys.
– Post-completion – Your solicitor deals with matters such as Stamp Duty Land Tax and registering you as the new owner with HM Land Registry.
This might look like a lot, but don’t worry, you’re not going through it alone. Your solicitor will be managing the paperwork and keeping the transaction moving, working proactively to avoid unnecessary delays, and ensuring you know what your role is at key points.
Step 1: Find a Property and Make an Offer
While this stage of the process is mainly between you and your estate agent, as you need to find the right home for you and make an offer on it, there are a few things you can do early to make the legal process after your offer has been accepted run more smoothly.
Once your offer is accepted, you should instruct your conveyancing solicitor as soon as possible. The earlier they’re involved, the sooner they can get the process moving and request the information they need. Keep in mind that an accepted offer doesn’t make the purchase legally binding at this point. Until contracts are exchanged, either you or the seller can pull out of the transaction.
Step 2: Instruct Your Conveyancing Solicitor
You don’t have to wait until your offer has been accepted to choose a solicitor. Researching your options early can save you valuable time when you do find a property and have your offer accepted.
If you’ve already chosen your solicitor before making your offer, this part should be fairly simple. Your solicitor will open your file, complete the necessary checks and start communicating with the seller’s legal representative.
They’ll usually start by completing identity and anti-money laundering checks. They will also establish how you intend to fund the purchase, whether through savings, a mortgage or financial assistance from family members. During this stage, you’ll need to complete some initial paperwork and provide the information they need to carry on with the purchase.
Step 3: Arrange Your Mortgage and Survey
Even though your solicitor will be completing most of the legal work for you, there are a few things you’ll need to organise yourself. For example, if you’re using a mortgage for the purchase, you’ll need to make sure your application is progressing, and you’ll need to arrange a survey.
It’s helpful to know that your mortgage, survey, and conveyancing are three separate elements of the house purchase. They work alongside each other, but they have different purposes.
Step 4: Your Solicitor Reviews The Property and Contract
When your solicitor receives the contract pack from the seller’s solicitor, they can start carrying out the legal checks on the property. This is a key stage of the house-buying process as they’re looking for any issues that could affect your ownership or use of the property. Anything they find can help you make an informed decision about whether you want to move forward with the transaction.
Finding an issue doesn’t necessarily mean your purchase has to fall through, though. Property transactions can uncover all kinds of issues, from missing documents and restrictive covenants to questions about previous alterations or access to the property. Your solicitor’s role is to investigate these issues, raise enquiries and explain what they mean for you.
Some problems can be resolved by gathering extra information or documents. Others may require further advice or a decision from you about whether you’re comfortable proceeding. The main thing is that you understand what you’re buying before you become legally committed to the purchase.
Step 5: Searches and Enquiries
You might have heard of property searches before, as they’re an important part of the conveyancing process. Searches provide details about the property and surrounding area that may not be obvious from just viewing it or having the seller’s information.
Your solicitor will arrange the searches that are appropriate for your purchase and go through the results alongside the property’s title and other legal documents. If something needs clarification, they can raise enquiries with the seller’s solicitor.
Exact searches depend on the property, but the most common ones include local authority, environmental, and water and drainage.
Step 6: Your Report on Title
A Report on Title is a document that explains the legal position of the property you’re buying.
The exact contents will vary depending on the property, but it will typically cover things like:
– The property’s ownership and title
– The boundaries and rights affecting the property
– Any restrictions or covenants
– The results of relevant searches
– Responses to enquiries
– Details of the contract
– Important information about the property, including lease terms where applicable
– Any legal issues or risks your solicitor believes you should be aware of
Your solicitor should explain any points that could affect your decision to proceed. It’s important to read the report carefully rather than treating it as another piece of paperwork to sign.
Remember, you don’t need to be an expert in property law. If something isn’t clear, ask your solicitor to explain it.
Step 7: Signing The Contract and Preparing For Exchange
If you’re happy with everything up until this point, you can start moving towards the exchange of contracts, which makes your property purchase legally binding. Before this can happen, your solicitor will need to ensure all the required legal and practical arrangements are in place.
You’ll normally need to sign the contract before exchange can take place. Your solicitor should explain anything you need to know before asking you to sign.
If you’re taking out a mortgage, make sure you’ve completed everything your lender requires. You’ll also need to arrange buildings insurance from the appropriate point in the transaction, as your solicitor will advise you.
Step 8: Exchange of Contracts
During exchange, your solicitors confirm that both parties have signed contracts containing the same terms. The contracts are then formally exchanged.
At this point:
– The sale and purchase become legally binding.
– The completion date is fixed.
– You can’t normally withdraw without potentially facing significant financial consequences.
– The seller is legally committed to sell the property to you.
– You are legally committed to buy it.
This is why your solicitor carries out detailed checks before exchange. They want to make sure you understand what you’re committing to before you become legally bound. You should consider exchange as the point of no return.
Although the purchase is now legally binding, you don’t own the property yet. Completion is the point at which ownership transfers to you. The time between exchange and completion is usually used to make the final arrangements for moving.
Step 9: Completion Day
Completion day is when the purchase actually goes through. Your solicitor transfers the purchase money to the seller’s solicitor and, once this has been received, the seller can confirm that the transaction is complete.
You’re now the legal owner of the property; you can collect the keys and get ready to move in. Keep in mind that you won’t necessarily be able to get the keys first thing in the morning. Completion can take place at different times during the day, particularly when there’s a chain involved.
Step 10: The Final Details
Getting the keys is the milestone moment you’ve been waiting for, but it’s not fully the end of the house purchase process for your solicitor. They’ll need to deal with the post-completion paperwork to formally record your ownership of the property and your mortgage, where applicable. This also includes managing your Stamp Duty Land Tax (SDLT) return and arranging payment where needed.
How Long Does Buying a House Take?
It’s the question every buyer wants to know the answer to, but unfortunately there isn’t one set answer; there are too many factors involved.
The conveyancing process timeline can depend on a range of variables such as the property, your mortgage, the searches, how quickly enquiries are answered and whether you’re part of a property chain.
On average, it currently takes between 10 and 14 weeks to complete the house conveyancing process from when solicitors are instructed, although timescales vary significantly depending on the circumstances of the transaction.
For a more detailed breakdown of each stage, typical timeframes and the common causes of delay, check out our ‘How Long Does Conveyancing Take?’ guide.
Take a Fresh Approach To Conveyancing With LPL
Buying a house is one of the biggest financial commitments you’ll make in your life, and it’s important to have the right solicitors in your corner to keep the process going efficiently.
At LPL, we make the legal side of buying a property simpler. Our residential conveyancing team guides you through each stage – keeping you informed through our dedicated portal, which provides regular progress updates throughout the transaction.
keeps you informed through our dedicated portal for real-time progress updates, and gives you clear answers when you need them.
If you’re buying a house and are ready to instruct your solicitors, get a conveyancing quote from us to quickly and easily get started. You can also get in touch with us if you have any questions and want to find out more.
