From start to finish - this is what your Conveyancer is doing behind the scenes to complete your purchase.
You probably will not hear from your Conveyancer every week. But that does NOT mean nothing is happening. They are diligently working through the steps in the conveyancing process for you.
There are a lot of moving parts and certain stages are dependent on third parties. Such as obtaining your searches, survey, valuation, mortgage offer and insurance. Zoom in below to see the steps involved in your purchase
GENERAL INFORMATION & GUIDANCE
ON A PURCHASE
Client Care Documents
The Client Care Documents which you complete give your Conveyancer the information and instructions needed to advise you properly. A careful, comprehensive and swift response will help your Conveyancer to progress your purchase and will enable them to provide you with the correct advice. Not providing your Conveyancer with all the necessary information will cause delay later on.
Estate Agent
The Estate Agent is paid by the seller and works for them. They are paid a percentage of the property price. They can negotiate terms and liaise directly with the seller and the buyer but remember that they are not your Estate Agent but the seller’s.
Insurance
It is important that buildings insurance is in place from exchange of contracts. You will be responsible for arranging your buildings insurance. The contract states that if the Property is damaged or unusable between exchange and completion then you are still required to complete. The Seller has no obligation to insure the Property. It is vital that you are insured from exchange. Leasehold properties are the exception to the rule as the Management Company (or freeholder) are likely to insure the building.
Survey
Consider obtaining as detailed a survey as you can afford. This is for your protection and to avoid buyer’s remorse. Buyer beware applies meaning you take the property subject to any defects. Your survey gives you warning of any physical issues. A lender valuation is not a survey and not for your benefit.
Environmental Matters
Land contamination, climate change, subsidence, radon, flooding and other such issues are matters which you should consider before committing yourself. Speak to your Conveyancer if you have knowledge of any of these potential issues. Remember that your Conveyancer never goes to the Property and may not be familiar with the location.
Searches
When purchasing Property you will need to obtain searches which your solicitor orders for you. Local, Drainage & Water and Environmental searches are standard. A coal search is required in historic mining areas. Some addresses require specific searches which are only selected for certain locations due to historic land use. For example, Cornwall and Tin Mining Searches go hand in hand. If the property is in the countryside, or by the coast or a river, and close to open undeveloped land or contains a lot of land then a commons search may be advisable. You should advise your Conveyancer if you think additional searches may be required.
Exchange of Contracts
Until contracts are exchanged, neither you or your Seller are legally committed to proceed. Up to that point either party may withdraw. For this reason you should not make any firm commitments. Do not order furniture, book removals or give notice to your Landlord. Wait until it is confirmed that you have exchanged and are legally bound.
Completion Funds
Prior to completion of your purchase you will be sent a completion statement confirming funds in and out and balance to complete. If there is money due from you to complete then cleared funds must be sent over before completion. It is your responsibility to ensure that you have available all of the money needed to pay the balance of the purchase price, the duty due, all disbursements and your legal fees. This must not be funded by third parties who were never AML checked by your Conveyancer.
If in doubt speak to your Conveyancer.
See also my other blog articles on:
• Searches & Survey
• Adverse Surveys - What To Do
• Buyer Beware explained
• Leasehold terms explained
• Source of Funds explained
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