Buying your first house? Read our step-by-step guide to the legal process.

When buying your first property, understanding the legal implications and following a structured process is crucial to ensure that your purchase goes smoothly and there are no nasty surprises. Hiring a solicitor specialising in property sales with a proven track record of successful transactions is fundamental to this process; here's our quick guide to the complete sequence of events.

The teams at Francis George Solicitor-Advocate in Swindon and Witney have secured membership to the Law Society's Conveyancing Quality Scheme - the mark of excellence for the home buying process. So, you can be sure you're in safe hands!

1. Securing a Mortgage Agreement in Principle (Before Property Search)

• What: Obtain a mortgage agreement in principle (AIP) from a lender.

• When: Before you start looking for properties.

• Details: An AIP indicates how much you can borrow based on your financial situation. It helps narrow down your property search to homes within your budget.
  

Antri Ellina, from our conveyancing team in Witney says: "It is advisable to arrange your mortgage at the very outset of the transaction. This will help you see if you have enough to buy the property and also avoid any delays with the mortgage and the purchase of the property."

2. Hiring a Solicitor or Licensed Conveyancer (After Finding a property)

• What: Engage a legal professional to handle the conveyancing process.

• When: As soon as your offer is accepted.

• Details: Your solicitor will manage the legal aspects, including conducting searches, preparing contracts, and ensuring all legal requirements are met.

Antri says: “At the very outset, we can provide you with a bespoke quote for legal help, with no hidden fees or charges.”

3. Securing a Formal Mortgage Offer (After valuation)

• What: Obtain a formal mortgage offer from your lender.

• When: As soon as the lender's valuation is completed.

• Details: The lender will conduct a valuation to ensure the property is worth the loan amount. Once satisfied, they'll issue a formal mortgage offer detailing the terms of the loan.

4. Conducting Property Searches (During Conveyancing)

• What: Your solicitor will perform various legal searches on the property.

• When: After instructing your solicitor.

• Details: Searches include local authority checks (planning issues, building control history), environmental searches (flood risk, contamination), and water and drainage searches. These help ensure no hidden issues could affect the property's value or your ability to live there.

5. Conducting a Property Survey

• What: It is strongly advisable for you to commission a property survey to assess the condition of the property.

• When: At the beginning of the purchase transaction.

• Details: Surveys range from basic condition reports to comprehensive building surveys. They identify any structural issues or defects that might require attention or affect the property's value.

6. Reviewing and Signing Contracts (Before Exchange of Contracts)

• What: Review the contract prepared by the seller’s solicitor.

• When: Once all searches and surveys are completed and satisfactory replies to enquiries are received from the seller’s solicitor.

• Details: The contract outlines the terms of the sale. Review it carefully with your solicitor to ensure everything is in order. You'll also agree on a completion date at this stage.

7. Exchanging Contracts (Legally Binding Stage)

• What: Exchange contracts with the seller.

• When: Once you're satisfied with all checks and have your mortgage offer.

• Details: Both parties sign the contract, and you pay a deposit (usually 10% of the purchase price). This makes the sale legally binding, and you'll face penalties if you back out.

Antri says: "We will take all necessary steps to ensure that everything is in order with your transaction, and that you are happy with everything before you decide if you want to exchange."

8. Completion Day

• What: Complete the purchase and take ownership of the property.

• When: On the agreed completion date.

• Details: Your solicitor will transfer the remaining balance to the seller's solicitor. Once the money is received, you get the keys and can move into your new home.
  

Antri says: "On completion, the seller must ensure that the property is vacant by the specified date and time on the contract."

9. Paying Stamp Duty Land Tax

• What: Pay Stamp Duty Land Tax (SDLT).

• When: On completion day.

• Details: Your solicitor will calculate the amount due based on the property price and handle the payment to HM Revenue and Customs (HMRC). First-time buyers may be eligible for SDLT relief.

10. Registration with the Land Registry (After completion)

• What: Register the property in your name.

• When: The application is made immediately after completion.

• Details: Your solicitor will register you as the new owner with the Land Registry, which updates the official records. You'll receive a copy of the title deed as proof of ownership once the land registry has processed and completed the application for registration.

11. Post-Completion Administration (Following Registration)

• What: Handle any remaining administrative tasks.

• When: After completion.

• Details: You will need to ensure all utilities are transferred to your name, notify relevant parties (e.g., bank, employer) of your new address, and consider updating your will to reflect your new asset.