A Guide To Buying A Property

Once your offer has been accepted, you should instruct a conveyancer or solicitor as soon as possible.

Your solicitor will:

• Provide you with a quotation and initial paperwork
• Carry out identity and compliance checks
• Request money on account for searches
• Contact the seller’s solicitors to request the contract papers

You should also inform your estate agent that you have instructed solicitors to act on your behalf.

Returning paperwork promptly and paying any requested funds quickly can help get the transaction moving sooner.

Once the seller’s solicitors provide the contract pack, your conveyancer will carefully review:

• The draft contract
• Title documents
• Property information forms
• Leasehold documents (if applicable)
• Supporting certificates and paperwork

Your solicitor will investigate the legal title to ensure there are no issues affecting the property and report back to you with copies of relevant documentation.

After reviewing the paperwork, your solicitor will raise enquiries with the seller’s solicitors regarding any legal or practical issues that need clarification.

At the same time, your conveyancer will order searches, which typically include:

• Local Authority Search
• Water and Drainage Search
• Environmental Search

These searches help identify matters that may affect the property, such as planning issues, flood risks, drainage arrangements, or nearby developments.

Search results are usually received within 2–3 weeks, although timescales can vary depending on the local authority.

Once received, your solicitor will review the results thoroughly and report back to you. Additional enquiries may sometimes be required at this stage.

You should also let your solicitor know if you have any concerns or questions about the property during this process.

If you are purchasing with a mortgage, your lender will issue a formal mortgage offer once their valuation and checks are complete.

Your conveyancer will:

• Review the mortgage offer
• Check the mortgage conditions
• Ensure the property meets the lender’s requirements
• Report any issues to you and the lender if necessary

Your purchase cannot proceed to exchange of contracts until:

• Searches have been completed
• Enquiries have been answered satisfactorily
• Your mortgage offer has been received (if applicable)

Once your solicitor is satisfied with all legal aspects of the purchase, they will send you the documents to sign.

At this stage:

• You will agree a proposed completion date
• You will arrange your deposit funds
• Your solicitor will prepare for exchange of contracts

Completion usually takes place around 1–2 weeks after exchange, although this can vary depending on the chain and the circumstances of the transaction.

Exchange of contracts is the stage where the transaction becomes legally binding.

The buyer’s and seller’s solicitors formally exchange signed contracts, usually over the telephone, and confirm the agreed completion date.

At exchange:

• The completion date becomes fixed
• The deposit is transferred
• Neither party can withdraw without financial penalties

If you are purchasing with a mortgage, your solicitor will request the mortgage funds from your lender at this stage. Most lenders require several working days’ notice to release funds.

If additional monies are required from you, your solicitor will send you a completion statement showing the balance due. These funds should usually be transferred at least one working day before completion to avoid delays.

Completion day is the day you officially become the owner of the property.

On completion:

• Your solicitor transfers the purchase funds to the seller’s solicitors
• The seller’s solicitors confirm receipt
• The estate agent releases the keys
• You can move into your new property

Completion funds often move through several linked transactions in a property chain, so timings can vary throughout the day.

Following completion, your solicitor will:

• Pay any Stamp Duty Land Tax due
• Register your ownership at HM Land Registry
• Register your lender’s mortgage (if applicable)

Land Registry registration can sometimes take several weeks or months depending on the complexity of the transaction.

Most property purchases take between 8 and 16 weeks from offer acceptance to completion, although timescales can vary depending on searches, mortgage approvals, and the property chain.

Typical searches include:

• Local Authority Search
• Water and Drainage Search
• Environmental Search

Additional searches may sometimes be required depending on the property’s location.

Exchange is the point at which signed contracts are formally exchanged between solicitors. Once exchange takes place, the transaction becomes legally binding and the completion date is fixed.

The deposit is usually paid shortly before exchange of contracts. Your solicitor will advise how much is required and when it should be transferred.

Yes. Before exchange of contracts, either party can withdraw from the transaction without legal penalties.

Buyers are usually advised to arrange buildings insurance from exchange of contracts, as responsibility for the property often passes at this stage.

On completion day, your solicitor transfers the purchase funds to the seller’s solicitor and, once received, the keys are released to you.

Stamp Duty Land Tax (SDLT) is a tax payable on certain property purchases in England. The amount payable depends on the property value and your circumstances, such as whether you are a first-time buyer or purchasing an additional property.

After completion, your solicitor will pay any Stamp Duty due and register your ownership of the property at HM Land Registry.

Yes. Because auction purchases become legally binding immediately, it is essential to obtain legal advice and review the auction pack before bidding.