Buying a property may seem straightforward, but the numerous steps involved can become complex, especially if the property is older or has significant covenants on the title. This is why it’s crucial to hire an experienced Conveyancing Solicitor who can identify and address potential issues before you commit a substantial amount of money to the transaction.

To help you understand the process, we have outlined a step-by-step guide to purchasing a residential property.

Step 1

• An offer is accepted by the Seller from the Buyer, either through Estate Agents or privately.
• Both parties engage their Solicitors.
• The Estate Agents (or the parties themselves if it’s a private sale) send out the Memorandum of Sale to all parties, confirming the agreed price and the details of the Buyer, Seller, and their respective Solicitors.
• Both Solicitors contact each other to confirm their instructions.
• The Seller’s Solicitor requests a copy of the Deeds, including the lease if the property is leasehold, from the Land Registry and sends various forms/questionnaires to the Seller, such as a Fixtures, Fittings, and Contents form.

Step 2

• Once the Seller’s Solicitor has received the Deeds from the Land Registry and the completed forms from the Seller, they send the Contract package to the Buyer’s Solicitor.

Step 3

• The Buyer’s Solicitor reviews the Contract package.
• The Buyer’s Solicitor submits a local search and any other necessary searches, such as coal mining, environmental, or drainage searches.
• The Buyer’s Solicitor may request additional information about the property, the legal title, or the surrounding area from the Seller’s Solicitor. If the property is leasehold, additional leasehold enquiries will be sent to the Seller’s Solicitor to be answered by the Landlord or their Agents to ensure rent/service charge arrears are settled before completion and any disputes resolved.
• The Seller’s Solicitor addresses any legal enquiries they can answer but may need to forward some to the Seller.
• The Buyer’s Solicitor sends a report to the Buyer on the property, including a plan and a list of items included in the sale.

Step 4

• The Buyer’s Solicitor receives the Buyer’s mortgage offer and reports to the Buyer on its terms.

Step 5

• The Buyer’s Solicitor receives the search results and informs the Buyer of any adverse entries. Further information may be requested from the Seller’s Solicitor regarding any concerning entries revealed in the searches that could affect the property.

Step 6

• If satisfied with the responses to the additional enquiries, the Buyer’s Solicitor arranges for the Buyer to sign the Contract documents and requests a deposit (if applicable).

Step 7

• Once the Buyer’s Solicitor has received satisfactory replies to additional enquiries, search results, the mortgage offer (if needed), signed Contract documents, and a cleared deposit (if any), they are ready to exchange contracts.

Step 8

• The Buyer’s Solicitor notifies the Seller’s Solicitor that they are ready to exchange contracts and proposes a Completion date.
• The Seller’s Solicitor checks with the Seller to confirm the proposed Completion date. If not agreed, the Seller’s Solicitor negotiates with the Buyer’s Solicitor (or through the estate agents) to find a mutually acceptable Completion date.
• Once agreed, the Buyer’s and Seller’s Solicitors exchange contracts.
• Both parties are now legally bound to buy and sell the property at the agreed price on the agreed Completion date.

Step 9 – The Completion Date

• On the Completion date, the Buyer’s Solicitor transfers the purchase money to the Seller’s Solicitor via same-day money transfer.
• Upon receipt of the funds, the Seller’s Solicitor authorises the release of the keys to the Buyer, either through the estate agents or directly from the Seller.
• The purchase is then complete.

Cocks Lloyd Solicitors provides exceptional The Residential Purchase Process and Residential Conveyancing services to clients. People choose and recommend us not just in Nuneaton, Tamworth, Atherstone, Hinckley and Leicester, but across Warwickshire, Staffordshire, Leicestershire and the West Midlands, and the whole of the UK, because we get results.

To receive expert advice and representation regarding The Residential Purchase Process and Residential Conveyancing, please contact us using the form below, call us on (0247) 6641642, email via the Request a Callback form on this contact page.