The typical process for purchasing a property is as follows:

  1. Offer accepted. The transaction begins when the seller accepts your offer. It is important to note that there are no legally binding contracts at this stage.
  2. Appoint solicitors. You must appoint a conveyancing solicitor to act for you to get the transaction started. Your solicitor and the seller’s solicitor will then get in contact, typically after receipt of the memo of sale from the estate agent.

You may wish to have an independent property survey conducted at this stage, highlighting any major faults and potential repair works. It is essential to do this before the transaction becomes legally binding.

  1. Client care pack. Your solicitor will send you a client care pack, which will include the forms they require you to fill in. Typically, you can expect to receive a client care letter detailing fees and general information, as well as a client information form requesting your details. Your solicitor will obtain proof of your identity and source of funds to comply with anti-money laundering regulations.
  2. Draft contract pack. The seller’s solicitor will prepare a contract pack containing title documents, a draft contract and completed property questionnaires. Your solicitor will review these documents.
  3. Searches. At this stage, your solicitor will order searches to find out information and potential risks associated with the property. The type and number of searches required will depend on the property’s location; however, the main ones are Local authority, Environmental and Water and Drainage. It is important to note that the time it takes for these searches to be returned depends on the relevant authority. You can find an explanation of these searches on our FAQ page.
  4. Enquiries. After reviewing the contract pack and searches, your solicitor will raise enquiries with the seller’s side. Enquiries are potential issues that require clarification from the seller. They are conducted to ensure the property is saleable and mortgageable. Typical examples include previous building works and planning permission or issues over access. However, the enquiries that are raised will vary depending on the property and individual circumstances. If you have specific questions, you may ask your solicitor to raise enquiries on your behalf.
  5. Mortgage offer. The lender will send a mortgage offer directly to your solicitor. This will detail specific conditions of the mortgage, as well as the loan amount. The mortgage offer will also contain a mortgage deed that must be signed by you prior to exchange/completion.
  6. Report. Your solicitor will produce a report for you based on all the information and documents they have compiled. The report reviews and analyses the title documents and associated information. It will provide advice relevant to your specific property and circumstances, such as the amount of the Stamp Duty Land Tax you will need to pay. It is important to ensure that you read the report and ask your solicitor any questions you may have.
  7. Signing contract. Once all your questions have been asked and answered, and the contract has been approved, the contract will be sent to both parties to sign. You may also be required to sign a transfer deed.
  8. Completion date discussed. Before exchange, a completion date is provisionally agreed between the transaction parties, based on a mutually suitable date. At this point, your solicitor will ask you to send a 10% deposit, as they must hold the deposit funds before exchange.
  9. Exchange. During the exchange, the solicitors date their clients’ signed contracts. This makes the transaction legally binding. The deposit funds now belong to the seller, and neither party can withdraw without a penalty

Your solicitor will arrange to request your mortgage funds from the lender and send you a completion statement showing the balance needed to complete the transaction (including their fees and all disbursements) needed from you prior to completion.

  1. Completion. Your solicitor will send the completion funds to the seller’s solicitor on completion. Once monies are received, the seller’s solicitor will confirm completion and release keys. Typically, the keys can now be collected from the Estate Agent.
  2. Post Completion. Your solicitor will now arrange to submit and pay the Stamp Duty Land Tax, deal with any post-completion requirements as dictated by your transaction, and finally register your purchase with the Land Registry. In around 1-6 months, we will receive the updated title document showing you as the registered owner and your mortgage. We will forward this and any original documents we still hold to you.

You can read the process of selling a property here.

London and Guildford Property Solicitors

At Gordons Partnership, our conveyancing solicitors in London and Guildford know how stressful moving house can be, so we are both thorough with the legal aspects and guiding you through the whole process.

Please contact Samantha Chubb, Mike Slade, Paul Richardson, Adam Wilson, Robert Parsons or Annabelle Hallam.

Alternatively, call 01483 451900 (Guildford) or 020 7421 9421 (London), email sols@gordonsols.co.uk or click here to fill in a contact form, and we will get back to you.