Once we have found you a house to buy, we go through a stage called conveyancing. This is the process that will ultimately lead from your offer being accepted to you moving (known as completion). We work with local and trusted solicitors that will offer you a dedicated service, and work with us to help guide you through the process while keeping control of the costs, using fixed-fee rates.
We can instruct the solicitors on your behalf, as well as helping you understand and fill out the necessary paperwork. Your dedicated advisor at Lannister Homes can help answer any and all questions you may have, as well as providing you with the communication you need for a calm experience.
To help you understand the process, here is a helpful guide explaining the order of what will happen. Don’t worry if this sounds confusing, your dedicated advisor here at Lannister Homes will be in regular contact with your solicitor to ensure the process is progressing smoothly and will be in regular contact with you to ensure you understand what is happening at every stage.
A Guide to the Conveyancing Process
- Initial instructions from you (start)
You will be asked by your solicitor to complete initial paperwork, provide them with your form of identity and request you send them the funds for any office copy entries. Don’t worry if this is confusing, as we are here to help you. Your solicitor will also ask you for funds to be able to order searches on the house you are going to buy.
- Receive a draft contract
This is completed by the seller’s solicitors and then sent to your solcitor. The contract will include; official copies (electronic deeds), property forms and duplicates of all relevant documents for that property.
- Searches and investigation of title
Your solicitor will then carry out searches that have been requested by you, and the paperwork they have received from the seller’s solicitor is reviewed. In the event that they have any queries about the property or paperwork then they will contact the seller’s solicitor to ask them. This process can be quite lengthy depending on a number of enquiries your solicitor needs to raise.
Once all of replies to enquiries and the results of the searches are back, a report can then be created on the property and sent to you with your mortgage offer. The financial side of the transaction will also be set out by your solicitor, which provides you with a completion statement highlighting the total amount due from you.
When you are happy with all the paperwork, your solicitor will arrange for you to sign and a completion date is then decided amongst everyone involved in the transaction. At this stage will transfer the deposit, which is usually 10% of the purchase price. This enables your solicitor to be ready to exchange the contracts.
- Exchange of contracts
The transaction and the completion date (moving day) becomes legally binding on the exchange of contracts. The deposit will be sent to the seller’s solicitor and a request for your mortgage advance will be made from your lender. Before completion, the balance of the funds due from you must be with your solicitor at least one working day beforehand.
- Moving Day! (finish)
Completion happens on the eagerly awaited ‘moving day’ and when the full purchase price is transferred to the Seller’s solicitor. The keys are left with the estate agent and once the seller’s solicitor has received the funds the keys are released to you!