Buying A House- Clueless About Process

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We have lived in our flat for 20 years, just had an offer accepted on a new family house, we are going to let our flat. So we have remortgaged to free up equity for deposit, a financial adviser is dealing with our let to buy mortgage as well as our residential mortgage, both of which are with underwriters, we have engaged the services of a conveyancer and have done all the ID checks/ proof of funds etc. The people we are buying from don't have a chain so should be fairly straightforward.
My question is- now what? I'm completely clueless about home buying process and how this all works. It's been about 10 days since we put in the mortgage application and did solicitors forms, and we've had radio silence. I feel like I should be hassling someone, but who- and what for?!
I'd be really grateful if someone could explain the process of conveyancing to me please. I've tried googling it but it's all a bit vague! Thanks you!

Do you need a survey on the property you're buying OP? That would be the thing I arrange next. :)

Also if you want to get things moving you can always contact the estate agent and ask what you need to do next to get the ball rolling with your purchase. Their job is to get this over the line if they want their commission so they should be willing to assist you.

I would not spend any more money on the process until you receive the mortgage offers.

Then I would book a survey, get the solicitors working on searches and inquiries. I would write a list of all the things you want to know about the new place e.g. if there’s an extension, was it signed off by building regs.

Well, if you haven't heard about your mortgage yet I would hassle your broker first off. Nothing will happen unless and until that's organised.

Then come surveys, the mortgage lender will want one (usually fairly basic) but you might want your own, more thorough survey too.

Which do a useful guide to house buying, try and get hold of a copy, you need to understand what's happening and you cannot necessarily trust the professionals not to miss something.

Copy/paste of covering letter from estate agent when our offer was accepted. I've had x2 conveyancing solicitors also send me flow charts as well.

I HAVE HAD MY OFFER ACCEPTED ON A PROPERTY

• WHAT HAPPENS NEXT?

Initial Stages
We will send this “Notification of Sale” to all the relevant parties together with a copy of the property
particulars.
Once the solicitor has been informed that you wish to use their services you should receive a Letter of
Engagement or Confirmation of Terms of Business.
You should sign and return this as soon as possible so that they can start work.
Funds will be requested to cover initial expenditure such as the cost of the searches.
Your solicitor will write to the seller’s solicitor to confirm that they are instructed and request the draft
contract. This should arrive with a pack that includes information on the property’s title and the standard
forms completed by the seller. If the property is leasehold a copy of the lease will also be included.
Many people buy houses in joint names and, as such, need to be aware of an important decision to be
made in relation to joint ownership. There are two ways that you can jointly own a property: Joint
Tenants - this is where both parties have an equal interest in the property and if one of you dies the
survivor automatically owns the property.
Tenants In Common - you each own a specific share of the property and can leave that share by Will, in
the event of your death. Before you commit to buying the property your solicitor will ask you your wishes
regarding shared ownership
You need to let your solicitor know from the outset if you are also selling a property and need the
transactions to be tied together.
Legal work prior to contracting to buy
The solicitor will examine the draft contract documents and if necessary raise enquiries with the seller’s
solicitor. You will be required to go through the standard forms that the seller has completed and let the
solicitor know if everything is as you expected.
If the property that you are buying is leasehold your solicitor will send a standard Managing Agents
Questionnaire to the seller’s solicitors which will in turn be sent on to relevant Landlord/Managing
Agents/Residents Association.

Your mortgage
The mortgage company will arrange access for a valuation to be done on the property. If all is well your
solicitor will receive a copy of the offer and go through the conditions.
Your solicitor will normally undertake legal work on behalf of your lender as well.
Signing your contract
Once answers to all the enquiries have been returned they will be examined by your solicitor and if they
are satisfactory you will be invited in to sign the contract and any mortgage documents. You will need to
make arrangements for the deposit to be transferred into your solicitor’s bank account so that it is
cleared in time for an exchange.
Exchange of contracts
Before exchange of contracts can take place your lender (if you have one) will require you to have a
Buildings Insurance policy in place.
All the parties involved need to agree on a completion date.
From the point at which contracts are exchanged you are legally bound to buy and the seller is legally
bound to sell. Should either party back out the other will be entitled to claim compensation for losses
arising.
At the point that contracts are exchanged your solicitor will send your deposit to the seller's solicitor.
This acts as security for the seller in case you change your mind or for some reason are unable to pay
the balance and complete the purchase. If that happens, the seller can keep your deposit, and may take
you to court if the deposit is not enough compensation for breaking the contract. In the same way, if the
seller exchanges contracts and then refuses to complete the sale, you could apply to the court for an
order to force the seller to complete, or else get your deposit back and sue the seller for compensation.
It is rare for a sale not to complete once contracts have been exchanged.
Between exchange and completion
Your solicitor will draw up the transfer deed so that the property can be registered in your name as soon
as possible after completion. Your solicitor will also carry out some further searches of a technical
nature.
During this period you should receive a statement from your solicitor showing all your expenses and
giving you a final figure which you will need to make sure is cleared in to your solicitor’s bank account
before completion. If you are taking out a mortgage your solicitor will draw down the loan amount in
time for completion.

On completion

Completion is normally set for around lunchtime on the specified day although in practical terms,
completion takes place when the seller’s solicitor confirms that they have received all the money that is
due. Once this has happened the seller should drop the keys off to the estate agent ready for you to
collect.
Your solicitor will arrange for the title deeds to be registered in your name and if the property is
leasehold ensure that your name is entered on to the lease. They will also get the transfer stamped to
officially approve the sale.
Finally, if you have taken out a mortgage, the deeds are sent to your lender for safe keeping until you
either sell the property or pay off the loan.

Good luck, we are here to help if you have any questions!