Buying a Property - a step by step guide

1. The buyer is introduced to a property by the estate agent and concludes negotiations for the purchase. The selling agent should make the property Energy Performance Certificate EPC available .

2. As soon as a purchase is agreed and the Buyer should instruct a solicitor to act on their behalf in connection with the purchase. They should return the Letter of Instruction to their solicitor, together with a cheque (made payable to Thackray Williams) for the sum of £350 on account of initial costs.  This will enable the solicitors to commence work on the purchase.  (The Buyer should also make their mortgage application at this time, so that the lender can commence with the mortgage process).

3. The Buyers solicitors will receive sales particulars from the estate agents confirming details of the Sellers and their solicitors and will then write to the sellers solicitors confirming instructions and requesting draft contracts and supporting paperwork.

4. Upon receipt of the draft paperwork from Sellers solicitors, the Buyer’s solicitor will make an application for Local Authority, Drainage, Environmental and any other appropriate searches and raise any further additional enquiries of the Seller’s solicitors that may be necessary.  (the searches will usually take between 7 to 10 days to come through, once applied for).  The Buyer’s solicitors cannot apply for a Local Search until they have received funds on account from the Buyer, and are in receipt of draft paperwork from the Seller’s solicitors).

7. Buyer’s solicitors will then wait to receive the Buyer’s mortgage offer (and the search results) and all replies to any further enquiries which may have been raised.  Once these are all received and are satisfactory the Buyer’s solicitor will then return one part of the contract to the Sellers solicitors and report to the Buyer with the contract for signature (giving details of any deposit which may be required - usually 10% of the purchase price but can be less eg.where a 95% mortgage is being arranged.). The Buyer should read everything through and if happy return the signed contract to the Buyer’s solicitors with instructions on a completion (or moving) date. The deposit (in a cleared form) should also be sent to the Buyer’s solicitors.

8. HOPEFULLY THE SELLER’S SOLICITORS WILL BE SIMILARLY PLACED  AND THE PARTIES SOLICITORS CAN PROCEED TO EXCHANGE CONTRACTS WITH AN AGREED COMPLETION DATE.

9. After exchange, the Buyer’s solicitors will request the mortgage advance (if applicable) and provide a statement of account to the Buyer confirming how much more money will be needed before completion.  Arrangements are also made for the Buyer to execute a Mortgage Deed (if applicable) and pre-completion bankruptcy and Land Registry searches are done. There should be enough time between exchange and completion to conclude these formalities

10. COMPLETION TAKES PLACE. Buyer’s solicitors send the balance of purchase monies to the seller’s solicitors who telephone the estate agents to release the keys. 

11. Buyer’s solicitors will then receive title deeds from the Sellers solicitors and submit an Inland Revenue SDLT form to the Inland Revenue.  Once the Stamp Duty Land Tax certificate is received back by the Buyers solicitors they are then able to submit application for the registration of title to H M Land Registry.  Upon receipt of the Confirmation of Registration giving details of change of registered proprietor (and mortgage), the Buyer’s solicitors are then able to forward confirmation of this to the mortgage company to be held by them during the subsistence of the mortgage. Any original deeds still held by the buyers solicitors are either placed in storage or sent to the client.

The usual or average time period between start and exchanging contracts (points1 – 8) about  6 – 8 weeks depending on the number of people in the chain and assuming no problems with surveys or obtaining mortgage offers.

The usual or average time between exchange and completion 2 – 4 weeks.  Parties often want shorter periods between exchange and completion, but because this involves the solicitors having to expedite execution of documents and making urgent requests for mortgage monies and pre-completion searches, there may be additional charges levied for a very short period between exchange and completion.