Buying your first home is something that many people aspire to as they move through life. Whether you’ve been renting and are looking to put down a deposit, or you’re moving out of your family home, taking this leap can feel both exciting and daunting, especially when it comes to handling the legal side of things.
Conveyancing refers to the aspect of law surrounding property transfers, where it is recommended to seek the support of a qualified solicitor when you’re preparing to buy a house. This is especially important for first-time buyers, as your legal expert will be able to demystify the entire process whilst ensuring that all of your documentation is in order.
We’ve gathered together some top insights for first-time buyers when it comes to finding a solicitor and approaching the conveyancing process. Read on to find out more.
What is Conveyancing?
As a legal term, conveyancing refers to the handling of property, in particular the transfer of one legal title between two parties. In other words, this aspect of law covers buying houses, as well as mortgage concerns and other financial matters relating to property.
The conveyancing process sees through the transfer of ownership from the seller to the buyer. As part of this process, various legal and administrative requirements must be met to ensure that the sale is valid, and also to protect both parties if something is amiss.
What Can a Solicitor Help With?
It is recommended that you always have a solicitor on board when buying a house, even if you’re experienced in this field. Having this support is particularly important for first-time buyers, especially if the conveyancing process feels daunting or unfamiliar.
When you partner with an experienced conveyancing solicitor, you’ll have someone on board who can offer expert insights and decode legal jargon, all whilst ensuring that the necessary paperwork has been handled correctly. Solicitors can also negotiate on your behalf, and make payments to third parties.
How To Find The Best Conveyancer Near Me
There’s no one route to finding the right solicitor, but it is good practice to do your research before making a final commitment. Most conveyancing solicitors will have detailed service pages on their websites, so you can find out about their specialisms and how they approach customer communication.
Additionally, you may also want to consider the following approaches:
- Take Recommendations – Working with a solicitor that your loved ones or neighbours are already familiar with is a great way to ensure that you get a good quality service and the support you need.
- Read Reviews – Online reviews and recommendations can help you to find a conveyancing solicitor that has maintained a good reputation, so you can feel confident in your choice.
- Explore Specialisms – It is important to find a solicitor that has experience in residential conveyancing, where some will also specialise in the needs of first-time buyers.
- Understand Fees – Solicitors will ask for payment in different ways – some charge by the hour whilst some provide a fixed fee. Consider what you can afford before making your choice.
- Accreditations – Look for professional accreditations on your solicitor’s website to ensure that they are fully regulated. For instance, many will be approved by the Solicitors Regulation Authority (SRA), or the Council for Licensed Conveyancers (CLC).
Essential Documents
The documentation side of conveyancing can feel particularly daunting, where it’s important to understand what paperwork will be required. Your solicitor will help to ensure that everything is in order, especially when it comes to signing documents and submitting proof of identity.
Some of the key documents required when buying your first home include:
- A copy of your latest P60 form, from your employer
- Payslips from the last three months
- Bank statements from the last three months, or three years of certified accounts if you’re self-employed
- Proof of identity – this could be a passport, a driving licence, or an EEA member state identity card
Understanding the Conveyancing Process
The details of the conveyancing process will vary on a case-by-case basis, but the key steps you’re likely to take generally remain consistent for residential property transfer.
As such, the stages of conveyancing typically include:
1. Finding Your Solicitor
Once you’ve decided that you’d like to proceed with a house purchase, you will need to make contact with the solicitor of your choice. Hiring early on will help to prevent delays at crucial stages further down the line.
2. Instruction
After you have secured the services of a solicitor, you will need to instruct them to begin the conveyancing process. They will typically begin by requesting personal information and details about the property you would like to buy. You should also notify your estate agent of your chosen solicitor at this stage.
3. Conveyancing Searches
Your solicitor will then be able to proceed with their conveyancing searches, which will include an environmental search, a local authority search, and a water and drainage search. This will allow them to identify any major issues with the property that you will need to know more about going forward.
4. Enquiries & Negotiations
Following these conveyancing searches, your solicitor can then begin negotiations based on their findings. They will also make enquiries and produce a survey report to encompass what they have discovered during the research phase.
5. Contract Exchange
After a successful negotiation stage, you can then give your solicitor permission to exchange contracts with the seller. These contracts mean that the sale is now legally binding, where the exchange will only take place once the deposit has been paid.
6. Completion
You will be given your completion date after your contracts have been exchanged and signed. This day is usually scheduled up to a month after the exchange of contracts, at which point you will receive the keys to your new property and receive confirmation of your payment to the seller.
7. Final Payments
After completion, there will still be some final payments to take care of, including Stamp Duty Land Tax. Your solicitor will ensure that this is paid on time and in the correct manner, after which you will receive the title deeds for the property.
Throughout the conveyancing process, your solicitor will handle all formal documentation and negotiations, so you can ensure that your purchase is completely legal and valid.
Richards & Lewis: Conveyancing Solicitors You Can Trust
At Richards & Lewis, we offer both commercial and residential conveyancing services, where we’re fully equipped to support first-time buyers throughout the entire process.
Our solicitors are on-hand to offer comprehensive legal advice and conveyancing support, where we can assist in the following areas:
- Understanding contracts
- Buying or selling a property
- Mortgages or remortgages
- Shared ownership purchases
- Equity release
Looking for a top quality property solicitor near me? Speak to our expert team today and we’ll be ready to kickstart your conveyancing journey.
