Buying a Home: The Conveyancing Steps

Who should read this

• First-time buyers.
• Anyone buying or selling a home in England or Wales.

What the law says

• In England and Wales an accepted offer is not legally binding. Either side can withdraw, without penalty, until contracts are exchanged.
• On exchange of contracts the sale becomes binding, a deposit is paid and a completion date is fixed.
• On completion the balance is paid and the buyer gets the keys. The buyer’s ownership is then registered at HM Land Registry.
• Buyers in England may have to pay Stamp Duty Land Tax; in Wales the equivalent is Land Transaction Tax. Check the current rates and reliefs on GOV.UK or the Welsh Revenue Authority’s website.
• Leasehold property brings extra checks: the length of the lease, ground rent and service charges.

Steps

1. Make an offer — Have a mortgage agreement in principle ready. The offer is “subject to contract”.
2. Instruct a conveyancer — Choose a solicitor or licensed conveyancer and ask for a written quote including disbursements.
3. Mortgage and survey — Apply for your mortgage and arrange a survey suited to the property’s age and condition.
4. Searches and enquiries — Your conveyancer checks the title, orders searches and raises questions with the seller’s conveyancer.
5. Exchange contracts — You sign the contract and pay the deposit. From now on you are legally committed.
6. Complete — The balance is sent, you collect the keys, and your conveyancer pays the tax and registers you as owner.

Documents you'll need

• Proof of identity and address.
• Proof of where your deposit has come from.
• Your mortgage offer.

Fees

• Conveyancing fees plus disbursements such as searches and Land Registry fees.
• Survey and mortgage fees.
• Stamp Duty Land Tax (England) or Land Transaction Tax (Wales), depending on the price and your circumstances.

Timeline

Typically two to four months from accepted offer to completion, longer where there is a chain or a leasehold.

Common mistakes

• Treating the accepted offer as binding and committing to other costs too early.
• Skipping a survey to save money.
• Arranging buildings insurance late — you usually need it from exchange.

Questions

What is “gazumping”?

When the seller accepts a higher offer from someone else after accepting yours. It is lawful in England and Wales until contracts are exchanged.

Do I need a solicitor to buy a house?

You may do your own conveyancing in law, but mortgage lenders almost always require a solicitor or licensed conveyancer.

How much deposit is paid on exchange?

It is agreed in the contract. A percentage of the price is usual; your conveyancer will confirm the figure.

When to consult a lawyer

• Always — buying property is a transaction where professional conveyancing is standard.
• Early, if the property is leasehold, a new build or has unusual features.

Related

• Find a solicitor or barrister →