Buying a house
The conveyancing on a purchase is more complicated than a sale because the solicitor must ensure that the house you buy does not involve you in any unforseen disputes or other legal entanglements.
A search is made on the local authority's records to see whether there are likely to be any public works affecting the property (you may not want a motorway running through your back garden), this will also establish if there are any planning restrictions.
Other searches are also conducted to ensure you are aware of all possibilities for instance flooding! If there is a HIP available then it may not be necessary to do all the searches as the HIP pack will contain some of them, providing the HIP pack is less than three months old.
The sellers solicitor will provide information about the property which must be checked and any necessary enquiries which must be raised.
The next steps;
A surveyor's report on the property. You may choose to have a more comprehensive survey undertaken such as a full structural survey. This is something you arrange
If the purchase is being funded by a mortgage, the lender will write to confirm the amount of the advance agreed and send a mortgage offer for completion by the solicitor.
Exchange of contracts. After the agreed deposit (often 10%) has been paid by you, the contract papers for the purchase of the house are exchanged between the solicitors. Once exchange of contracts has taken place, the sale is legally binding, and a date for the completion of the purchase is agreed.
Post-completion work - Any stamp duty arising on the purchase must be paid and the title to the property must be registered at the Land Registry.
The property deeds are sent to the mortgage lender or in the case where the lender has indicated that they no longer require holding the deeds, they are sent to you for safe keeping.
Buying a leasehold property
The process of buying or selling a flat is similar, though there is a great deal more work involved in checking whether or not the lease complies with the current lenders requirements and the details of the maintainance and insurance of the building.