Buying a Property

Whether you’re a first-time buyer or not, purchasing a property will probably be the largest single financial transaction you will ever make. 

And so, if you are looking for conveyancing solicitors in Manchester to help you through the purchase process, you can trust our dedicated team at ET Law

As property solicitors who specialise in residential conveyancing in Manchester and surrounding areas, we have a wealth of knowledge of the North West property market. We want our clients to feel comfortable and well informed, which is why we have put together a timeline of events that take place during the conveyancing house buying process

 

The general buying a property process

 

  • We will open a file and send out our initial paperwork.
  • The seller’s solicitors will provide us with a draft contract package and supporting documentation (title and fixtures and fittings form etc).
  • We will thoroughly check the documents and raise any necessary enquiries with the seller’s solicitors.
  • We will submit searches against the property and investigate the results.
  • In the meantime your lender will carry out a valuation, and, if satisfied, will send you a mortgage offer – we will also receive a copy of this together with instructions to act also on behalf of the lender.
  • Once we have investigated the documents, search results and your mortgage offer, we will prepare your property report and send you the paperwork for your signature.
  • Once we have your signed paperwork and completion monies, we will proceed to exchange contracts with the seller’s solicitors and pay the deposit monies to them.

  • This is the stage at which both you and the seller are legally committed to the transaction and a completion date (moving date) will be set. The completion date will have been previously agreed by all parties.
  • We will submit a report to your lender confirming that all is in order, and request the mortgage monies.
  • We will carry out a Land Registry Search against the property to ensure that there have been no new matters registered against the title.
  • The lender will transfer to us the mortgage monies.
  • On the date agreed for completion, we will transfer to the seller’s solicitors the balance of the purchase monies.
  • The seller will vacate the property – the keys are usually left with the estate agents for collection by you.
  • We will submit a Land Tax Return and arrange for your title to the property to be registered at HM Land Registry. 


In addition to the legal fees, there will also be other costs. For example:

Stamp Duty Land Tax (‘SDLT’)

Stamp Duty Land Tax (‘SDLT’) refers to the amount of tax payable to the Inland Revenue based on the purchase price paid to the seller. SDLT is based on the purchase price of the property, Read more about SDLT and the current rates here.

Searches

If you are obtaining a mortgage to purchase a property, most lenders will require searches to be carried out. Depending on where the property is situated, we may need to carry out additional conveyancing searches. For example, we may need to carry out checks relating to mining, drainage and environmental matters. For most properties, the following searches are required/recommended:

  • Local Authority Search – £105.00
  • Water & Drainage – £54.50
  • Environmental – £43.92
  • Coal – £41.00
  • Chancel – £18.00 

Land Registry Registration Fee

It is the job of the Land Registry to register properties under their owners’ name. When you buy a property, the Land Registry charges a fee to record your name as the new owner of the property on the register. 

The fees charged are dependent on how much your property is worth. See below: 

  • £0 – £50,000: £40.00
  • £50,001 – £80,000: £70.00
  • £80,001 – £100,000: £120.00
  • £100,001 – £200,000: £190.00
  • £200,001 – £500,000: £270.00
  • £500,001 – £1,000,000: £540.00
  • £1,000,001 and over: £910.00

Our team can help you with buying a property

For further information, contact us today on 0161 865 2673 to reach our Manchester office, or 01925 648 518 to speak to our team in Warrington. Alternatively, you can email us at property@et-law.co.uk

In the meantime, be sure to stay in touch with our blog section for property news updates and more useful first-time buyers’ tips. 

 

 

Solicitors for Buying a Property
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