Buying a new home is an exciting experience, but it can also feel overwhelming due to the legal steps involved. Bevin Woby, Director at Shared Direction Conveyancing, offers an overview of the conveyancing process and the typical timescales you can expect.
When purchasing a property, several professionals are usually involved – estate agents, developers or housing associations, mortgage brokers, surveyors, mortgage lenders and solicitors. Each plays a role in helping you reach the shared goal: getting you moved in.
Once you instruct a solicitor to act for you, their first step – required by law – is to verify your identity and, in the case of a purchase, confirm the source of your funds. They’ll also request an upfront payment to cover costs for various disbursements made on your behalf.
Most transactions take around 10 to 12 weeks, especially if there’s a chain involved. New build purchases tend to move more quickly, as housing associations often require contracts to be exchanged within 28 days. By contrast, open market purchases can take longer due to the volume of information required.
The legal process begins when the seller’s solicitor obtains the property’s title from the Land Registry and prepares a contract pack. This includes the draft contract, title deeds, a site plan, and property information forms. For new builds, additional documents like planning permissions and construction details are included. The contract pack is then sent to your solicitor.
Your solicitor will then order local authority and environmental searches, which typically take a few weeks to return. On some new build developments, these searches may already have been carried out for the whole site to speed up the process.
Once the documents have been reviewed, your solicitor will raise any necessary enquiries with the seller’s solicitor. It can take several weeks to receive satisfactory responses to all enquiries.
If you’re taking out a mortgage, the lender will issue a formal mortgage offer after completing a property valuation. Both you and your solicitor will receive copies. Your solicitor must ensure the offer meets the lender’s requirements. For shared ownership purchases, the housing association will also need to approve the mortgage offer.
After all enquiries are resolved, searches returned, and the mortgage offer received, your solicitor will send you the contract for signature and request your exchange deposit. The seller’s solicitor will do the same for their client. Contracts can only be exchanged once all parties in the chain are ready.
The steps in the conveyancing process often overlap or occur in varying order, which is why timelines can vary. Patience is key during this period.
Before exchange, all parties agree on a completion date. For new builds that aren’t yet finished, exchange takes place with completion scheduled for once the property is ready.
Once contracts are exchanged and the deposit is paid, the agreement becomes legally binding, and you can begin preparing for your move.
Between exchange and completion, your solicitor will request the mortgage funds from the lender and collect the remaining balance due from you. On completion day, they transfer the funds to the seller’s solicitor. Once the payment is received, the sale is complete and the keys are released – it’s now time to move into your new home!
Shared Direction Conveyancing is the only law firm in the UK dedicated solely to acting for purchasers of new build and Shared Ownership properties. If you are buying a new build or Shared Ownership property, Shared Direction Conveyancing is your ideal choice of law firm to share your journey into homeownership, as we have the experience and expertise to guide you through the process as quickly and simply as possible.
For further information visit sdc-legal.co.uk or for an instant quotation call 0808 273 0273
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
