This article will give a brief overview of the main steps involved in buying a house in the UK. The 3 main stages of the buying process are as follows:

1.  Before the Exchange of Contracts – Upon the seller’s acceptance of your offer, your solicitor will contact the seller’s solicitor who will send a draft contract of sale. Negotiation is entered into by your solicitor who will also make pre-contract enquiries regarding both the seller and the property. As a buyer, you should receive either a copy of the draft contract or a Property Information Form from your Conveyancer for review.

Your solicitor will also enquire with the seller’s solicitor about disputes relating to the property, boundaries, planning permission, rights of way, restrictive covenants, insurance policies, contents included in the sale, etc. In addition, she will conduct a series of other searches including local searches and checks on the title of the property. Once you and your solicitor agree that everything is in order, you can move on to the next stage.

2.  Contracts are Exchanged – You and the seller sign the contract which is now legally binding. At this stage, you must give a non-refundable deposit on the property. Although the amount is somewhat negotiable, it is usually in the range of 10% of the purchase price. If you do not fulfill the terms of the contract at this point, you will not be entitled to this money back, and further you are likely to be sued for breach of contract.

During this stage of the Conveyancing process, your property solicitor will draw up a Transfer Document, which will transfer the title of the property from the seller to the buyer; and he will send it to the seller’s solicitor for signature. Your solicitor will also deal with finalizing the details of the mortgage paperwork to ensure the remaining money is ready on completion of the sale. Final searches are made with the Land Registry to ensure nothing is registered against the seller. You will also need to make certain that all terms of the contract are fulfilled.

3.  Completion – The last day of the transaction is called the Day of Completion. On this day you get your keys and are entitled to move in. You are now obliged, through the solicitors, to pay the seller the remainder of the purchase price. Also you will receive the transfer documents and title deeds. To complete the Conveyancing process you must pay stamp duty, land registry fees, and of course solicitor’s fees. Your solicitor will tie up all loose ends including informing interested parties (e.g. mortgage lenders and insurance companies) of completion; pay any outstanding fees, register the transfer with the Registry office, and send you a statement of completion.

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