Buyer’s guide to buying a residential property


Produced in partnership with Russell Hewitson of Northumbria University
Precedents

Buyer’s guide to buying a residential property


Produced in partnership with Russell Hewitson of Northumbria University

Precedents
imgtext

This Guide provides an overview of the steps involved in buying a home. It is intended to provide you with a basic outline of the conveyancing process from the acceptance of an offer to the completion of your purchase.

    1. 1

      Mortgage decision in principle

      Before viewing properties, you may obtain a mortgage decision in principle giving an estimate of how much you can borrow. You can then make an offer to buy a property.

    1. 2

      Property offer accepted

      The seller accepts your offer for the property and the property is taken off the market.

    1. 3

      Mortgage offer

      You obtain a mortgage offer, usually via a broker.

    1. 4

      Solicitors instructed

      At this point, you must instruct a conveyancer (as will the seller). Solicitors, licensed conveyancers, chartered legal executives and CILEx conveyancing practitioners are qualified to carry out conveyancing work. Usually, but not always, your conveyancer will also act for the lender (ie the building society or bank providing your mortgage) in this type of transaction, and your conveyancer will be responsible for applying to HM Land Registry for the mortgage to be registered in favour of the lender.

Russell Hewitson
Russell Hewitson

Associate Professor, Solicitor, Northumbria University

Russell Hewitson is a solicitor and associate professor of law at Northumbria University. He is Law Society Council member for commercial property and a member of the Law Society’s Conveyancing and Land Law Committee. Russell is the Consultant Editor of Halsbury’s Laws of England Volume 23 - Conveyancing. He is general editor of Precedents for the Conveyancer, Practical Lease Precedents, and Practical Conveyancing Precedents, consultant editor of the Law Society’s Conveyancing Handbook and has written a number of other books including Conveyancing Searches and Enquiries, Licensing Law Handbook, Residential Conveyancing Practice and Business Tenancies. He is also the Practice and Precedents Editor of The Conveyancer and Property Lawyer.

Read moreRead more
Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Popular documents

If a company was a tenant in a residential assured shorthold tenancies (potentially on the behalf of

If a company was a tenant in a residential assured shorthold tenancies (potentially on the behalf of employees without using a service occupancy agreement) what may be the legal ramifications?Under section 1 of the Housing Act 1988 (HA 1988), only an individual(s) can hold an assured tenancy (AT)

The Law Society’s Conveyancing Protocol

The Law Society’s Conveyancing ProtocolThe Law Society’s Conveyancing Protocol (2019) (the Protocol) sets out the Law Society’s preferred practice in residential conveyancing transactions. It aims to make the residential conveyancing process more efficient and consistent.There are two parts to the

Floating charges—obtaining a letter or certificate of non-crystallisation in property transactions

Floating charges—obtaining a letter or certificate of non-crystallisation in property transactionsWhat is a letter of non-crystallisation?Title due diligence against property owned by a company may disclose the existence of a floating charge.See Practice Notes: Pre-contract searches—Company search

Fixtures and fittings

Fixtures and fittingsWhen transferring an interest in land (whether freehold or leasehold), unless the contract provides otherwise:•any fixtures form part of the land and are transferred with it, and •any fittings (also known as chattels) do not form part of the land and will not be