A Guide to Conveyancing for First Time Buyers

Buying a property can be exciting for anyone, but this is particularly true if it is your first home. However, being a first-time buyer can mean that you have a lot to learn about buying a property, and you will need some specialists help to guide you through it.

Conveyancing is a necessary part of any property purchase, and there can be a lot of legal territory and language that you will need to navigate. That is why it is important to understand the role of conveyancing and find a solicitor who can guide you through it all. In this article, we explore the world of conveyancing and look at what you need to know as a first-time buyer.

What is conveyancing?

When buying a property, it is impossible to avoid the process of conveyancing as it refers to all of the legal and administrative work associated with transferring the ownership of a property from one person to another.

The process of conveyancing usually begins when an offer is accepted on a property, and should be carried out by a solicitor, property lawyer or licensed conveyor. Whilst all solicitors are qualified to carry this out, not all of them are experienced in the process, so it is important to find someone who has expertise in the area in order to make sure that everything runs smoothly.

Making an offer

When you find the property that you have been dreaming of then it is time to put in an offer. If that offer is accepted, the process of conveyancing begins, and you will therefore need to instruct a solicitor. It can be helpful to already have someone in mind before you start looking at properties, as this can help to speed the process up once your offer has been accepted.

Searches and surveys

One of the first processes that the conveyancing solicitor will need to undertake is conducting legal searches for the property and reviewing the title deeds. The purpose of these searches is to reveal which the land that property is on has any mines nearby or whether there are sewers in close proximity. They will also look to see if the area is classed as a flood risk or if it is subject to any restrictions or covenants.

In addition to these searches, your solicitor will need to organise a survey of the property. This will look at its condition and flag up any potential defects.

Whilst you may trust the seller, they are not legally obliged to inform you of any physical defects to the property, so you must rely on the inspection of the surveyor and follow any advice that they give you. This means that you will not be left with unexpected repair bills, not to mention issues with your mortgage or house insurance as a result.

Exchanging contracts

When all the searches and surveys have been completed, you can then exchange contracts if you are still happy to continue with the purchase. Your conveyancing solicitor will draw up a contract for you to sign which will agree a completion date and will be legally binding. This is usually the point where any deposit for the property needs to be paid. Traditionally, this is around 10% of the purchase price. If you are buying the property with a mortgage, your solicitor will contact your lender to request the funds in order to make sure that they arrive in time for the completion of the transaction.

Completion

When you reach the agreed completion date, your solicitor will pass on the funds that have been received from the mortgage lender or that you have supplied yourself. When the seller’s solicitor confirms that the money has been received, they will date the transfer deed and release the keys for you to collect and take your first steps into your new home.

Post completion

You might think that this is the end of the process, but there will still be some paperwork that your conveyancing solicitor will need to deal with.

They will manage the application to the Land Registry to register the property in your name and will also ensure that the payment of any Stamp Duty Land Tax (SDLT) is paid to HMRC. As a first-time buyer, you will not be required to pay SDLT on any property under £300,000, whilst SDLT of 5% will be required for properties between £300,001 and £500,000.

How long on average does conveyancing take?

When you buy your very first property, you will probably be keen to get your hands on the keys and start making it your own, but the conveyancing process can take time. This can vary depending on each circumstance, particularly if your seller is part of a chain. Ideally, the process should take between six and eight weeks, but this is not guaranteed.

Can I do my own conveyancing?

Buying a property can be an expensive business, and it is understandable that you may want to save money wherever you can, but it is not advisable to do this where your conveyancing is concerned.

Legally, you could do the conveyancing yourself, but there are many pitfalls that you will need to navigate, such as spotting issues within searches and surveys and correctly wording documentation.

In many cases, mortgage lenders will insist on employing a solicitor or conveyancer in order to protect their own interests, and so it may be better to have a solicitor of your own. Conveyancing solicitors can also bridge the gap between you, the seller and their solicitor, making everything much easier to deal with.

A good conveyancing solicitor can take much of the stress out of buying your first property. They can talk you through the entire process, explain any legal issues and highlight any problems. They will also be able to give you expert advice on your rights and how to handle a problem to make sure that every step of your purchase is done correctly and legally, and that your interests are protected.