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Buying your property

We can act on your behalf in relation to any purchase of a residential property in England and Wales — whether it is a house, flat or piece of land. Here is exactly what we do, stage by stage.

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The two key stages of a purchase

There are two important stages in a purchase transaction:

  • Exchange of contracts — this commits the buyer to buy and the seller to sell the property at the agreed price. On exchange of contracts the buyer is required to pay a deposit, which usually amounts to 5% or 10% of the purchase price.
  • Legal completion — this is when the balance purchase monies are paid to the seller and the buyer can move into the property.

Step by step

What we do on your purchase

A brief outline of a typical purchase transaction.

Before exchange of contracts

  1. Check the contract and title

    We check the terms of the contract and the title to the property to ensure these are in order.

  2. Carry out searches

    We carry out a Local Authority Search, Drainage Search, Environmental Search and, if applicable, a Mining Search, together with any other necessary searches — checking planning, road and sewer liability, road proposals and any outstanding Local Authority notices.

  3. Raise enquiries

    We raise the enquiries with the seller's solicitors or conveyancers that we consider necessary once we have checked the title, related documents and search results.

  4. Check your mortgage offer

    We check that your mortgage offer is in order.

  5. Prepare documents for signing

    We prepare all other documents for you to sign, including the Mortgage Deed, Transfer Deed and Land Transaction Return.

  6. Agree a completion date

    We agree a completion date with the seller's solicitors or conveyancers which suits all parties.

  7. Report to you and collect the deposit

    We report to you in writing on all relevant matters and obtain your signature to the contract and other documents in readiness for exchange. At this point we also ask you to pay the deposit due on exchange of contracts.

Exchange of contracts

  1. Contracts are exchanged

    We exchange one copy of the contract signed by you with the copy signed by the seller — usually agreed over the telephone, with a fixed date for legal completion agreed at the same time.

  2. Insurance

    We ensure the property is insured by you from exchange.

Between exchange and completion

  1. Final searches

    We carry out all final searches.

  2. Request the mortgage advance

    We submit a certificate of title to your mortgage lender and request release of the mortgage advance in time for legal completion.

  3. Collect any balance

    We obtain any further monies required from you so that legal completion can take place.

Completion day

  1. The money moves

    We arrange for the balance purchase monies to be paid to the seller's solicitors or conveyancers electronically by CHAPS.

  2. You get the keys

    If you have not made direct arrangements with the seller, we ensure the keys are made available to you.

After completion

  1. Stamp Duty Land Tax

    We submit a Land Transaction Return to HM Revenue & Customs and pay any Stamp Duty Land Tax due.

  2. Land Registry registration

    We register the transfer to you and any Mortgage Deed at the Land Registry and, once registered, forward the relevant documents to your mortgage lender or to you for safekeeping.

Most sale and purchase transactions take between 8–12 weeks from start to finish, depending on the length of the chain and how quickly the other party and their lawyers deal with matters.

Buying at a glance

8–12 weeks
Typical timescale

Depends on the chain — some complete quicker, others take longer.

5–10%
Deposit on exchange

Paid when contracts are exchanged.

£500
Initial payment

On account for a purchase, to cover the initial search fees.

Common questions when buying

Most sale and purchase transactions can take between 8–12 weeks from start to finish, but that will depend on the length of the chain and how quickly the other party and their lawyers deal with matters. Each transaction is different, however — some transactions complete much quicker and others take longer.

Most re-mortgages and Transfer of Equity transactions can be completed within 4 weeks of being instructed, but that will depend on how quickly the mortgage lender issues a mortgage offer or consent to transfer.

We pride ourselves on the fact that we generally endeavour to deal with correspondence on the day of receipt but certainly within 2–3 working days of receipt. Some local authorities will expedite searches upon payment of an additional fee.

Please bear in mind that in any transaction involving either a sale or purchase, it is not just down to how quickly we deal with matters as we have to rely upon another party and their conveyancer — and if they do not deal with matters quickly then this can slow down the whole process.

We are required to not only check that you have the funds to cover your deposit, but we also have to check how those funds have accrued. We prefer you to provide evidence of your funds via the First AML app when you do the identification checks, but sometimes we have to request additional documents and information from you, which you can then provide to us outside of the First AML app.

We have to comply with money laundering regulations and as part of our service we are therefore required to check your proof of funds. Our checks will be much more detailed than the checks carried out by the estate agent.

Still have a question? We’re happy to have a free, no-obligation chat.

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