From Offer to Completion: A Simple Step-by-Step Guide to Buying a Property

Great news, you have found a property to purchase! Now you need to know how to get from an accepted offer to having the keys in your hand. We have put together a clear step-by-step guide to take you through the process of buying a property. 

Step 1: Offer accepted?

• Once you have had your offer accepted you will need to choose a solicitor who will assist you in the process.

• There are many options when it comes to choosing a solicitor.

• Have a look at our article which has some helpful tips on what to consider when choosing your legal representation.

Step 2: Legal Checks and Searches Begin

• Once you have fully instructed your solicitor and your Seller has done the same, the seller's solicitor will provide your solicitor with what is known as the draft documents (sometimes called draft contracts).

• These are a set of documents, containing information about the property the contract is provided in a draft form.

• Your solicitor will then review all the documents provided and raise enquiries based on anything which arises from this. This is the longest stage of the process as there will be a lot of back and forth between your solicitor and the Seller's solicitor.

Your solicitor will also undertake various checks against the property (called 'searches')against your property. These searches will usually include:

1. Local Authority Search:  This search will advise of any records which are held by the local authority including the presence of radon, tree preservation orders and any planning/building regulations compliance certificates.

2. Environmental Search :  This will provide information, such as the property's potential flood risk, future climate issues and environmental issues within the vicinity of the property.

3. Drainage and Water Search : This will provide information about the property's connections and drainage system.

4. Chancel Search/ Chancel Indemnity Policy: If your property is subject to chancel repair liabilities you may have to pay contributions towards the repair of a local church. This liability dates back to the time of Henry VIII!

Some solicitors may still undertake these searches as standard and others take the indemnity policy out in your name as this can sometimes be cheaper than doing the search.

Step 3: Survey and Inspection

• As the legal checks begin, you may wish to book a Homebuyers report or a full structural survey.

• Once you get this, review the findings and if you still wish to buy the property consider renegotiating the price to cover the cost of rectifying any defects. You can do this via your solicitor or agent.

Step 4: Sign contracts and agree a completion date

• Once your solicitor has completed their enquires and reported to you (and all your finance is in place)- you will be ready to exchange contracts. Your solicitor will send you a contract for sale, and (usually) a Transfer Deed. You will need to sign these and return these to your solicitor as they will need these for exchange and completion. -

• You will also agree a completion date (this the day you will move into the property).

• Your solicitor will usually ask for your deposit at this stage. (This is ordinarily 5%-10%).

Step 5: Exchange of Contracts

• Your solicitor and the seller's solicitor will formally exchange contracts.

• Once the contract exchange has taken place, you will be legally bound.

• You will also need to arrange buildings insurance at this stage. (If you have a mortgage review your mortgage for your lender's requirements.)

Step 6: Pre Completion

• Your solicitors will do final checks and if you have a mortgage they will request these funds from your lender. (Most  lenders require 5-7 days to provide the funds - keep this in mind when agreeing any completion dates!)

• You will need to ensure that you have all the funds in place, as your solicitor will request the balance of the funds to complete your purchase at this stage.

Step 7: Completion (YAY!)

• Your solicitor will transfer the funds to the sellers solicitor. Once this has been completed the property is legally transferred to you.

Step 8: After completion

• Unpacking !

• Your solicitor will register the property in your name. (The Land Registry has some backlogs so registration time frames can vary).

• Once the registration is complete you will receive updated title deeds from your solicitor.

  
  

Now that you know what to expect, you're well on your way to becoming a homeowner — and while it may seem like a lot, with the right team behind you, you'll be holding the keys to your new home before you know it.

Happy Home Buying from your HomeHelper!

 Still have questions? — Contact Us - we’re here to help!