How Conveyancing Works When You Buy Your First Home

Conveyancing is the legal process of transferring ownership of a property from the seller to you. It covers everything from checking that the seller actually has the right to sell, through to registering you as the new legal owner with HM Land Registry.

As a first-time buyer, you will need a solicitor or licensed conveyancer to carry out this work on your behalf. Your mortgage lender will also require legal representation before they release your funds, so instructing a solicitor early is an important first step.

Once your offer on a property has been accepted, you can formally instruct a conveyancing solicitor. At this stage your solicitor will:

• Send you a client care letter setting out the terms of the work and the costs involved
• Carry out identity and anti-money laundering checks
• Contact the seller's solicitor to request the draft contract pack

It is worth instructing a solicitor as soon as possible rather than waiting, as the legal work can take several weeks and an early start helps things move smoothly.

While your solicitor reviews the draft contract, they will also commission a series of property searches. These are official checks carried out with local authorities, water companies and other bodies to reveal anything that could affect the property or your use of it. Common searches include a local authority search, a drainage and water search, and an environmental search.

At the same time, your solicitor will raise written enquiries with the seller's solicitor about anything unclear in the contract or the property information forms. This stage can take a little time, as it depends on how quickly searches come back and how promptly the seller's side responds.

You will also want to arrange a survey through a qualified surveyor. A survey is separate from conveyancing, but the findings may affect the enquiries your solicitor raises or even the price you negotiate.

Once your lender has assessed your application, they will issue a formal mortgage offer. Your solicitor will review the offer conditions on your behalf to make sure everything is in order and that the property meets the lender's requirements. If any conditions need to be satisfied before funds can be released, your solicitor will let you know what is needed.

Exchange of contracts is the point at which the sale becomes legally binding for both you and the seller. Before exchange you will need to:

1. Pay your deposit, usually a percentage of the purchase price, to your solicitor to hold
2. Agree a completion date with the seller
3. Take out buildings insurance on the property, as your lender will require this from the moment contracts are exchanged

On the agreed completion date, your solicitor will transfer the purchase funds to the seller's solicitor. Once the money is received, the seller's estate agent will release the keys and the property is yours.

After completion your solicitor will pay any Stamp Duty Land Tax due on your behalf, and then register your ownership with HM Land Registry. First-time buyers may benefit from a relief on Stamp Duty, and your solicitor can advise you on whether this applies to your purchase.

Every property purchase is different, and the timescales and details can vary depending on the property, the chain and the mortgage involved. The best way to understand how the process applies to your situation is to speak with a solicitor who can guide you through it from the outset.

At SBB Solicitors, our conveyancing team works with first-time buyers every day and is here to make the process as straightforward as possible for you. Get a conveyancing quote today and take the first step towards getting the keys to your new home.