Buying a new home in the UK is an exciting journey, but it often comes with a bundle of necessary procedures that can be a bit bewildering, especially if you’re a first-time buyer. Among these, property searches and surveys are critical steps, and understanding the conveyancing process, including the exchange of contracts and completion, is crucial. Let’s break down what this entails and how they affect when you can move into your new home.

What are Property Searches?

Property searches are investigations carried out to uncover important details about a property you’re planning to buy. These searches are conducted by your solicitor and are essential to ensure there are no hidden surprises after you’ve purchased your home.

Types of Property Searches

Local Authority Searches:

This search provides information on planning, traffic, pollution, and more, directly affecting the property. It’s really important for understanding any issues that could impact the property’s value or your enjoyment of it.

Environmental Searches:

These assess the risk of flooding, land contamination, and other environmental concerns that might affect the property.

Water and Drainage Searches:

These confirm whether the property is connected to public sewers and water supply, which can be a dealbreaker if not sorted.

Title Searches:

To ensure the seller is the legal owner of the property and that there are no liens (a claim or legal right against assets that are typically used as collateral to satisfy a debt), restrictions or disputes over the property.

How Long Do Searches Take?

The timeline for completing these searches can vary significantly, depending on the efficiency of your local council and other factors. On average, expect them to take between 2 to 6 weeks. You can use a website like THIS to gauge your local authorities’ current timescales. However, if issues are found, resolving them can extend this timeline. We always recommend applying for searches as soon as you’ve made your offer, one of our sales team can give advice on this.

What are Property Surveys?

A property survey is a detailed inspection of a property’s condition. Conducted by a surveyor, it helps to identify potential problems such as structural issues or needed repairs, which can influence your decision to buy or the price you might offer.

Types of Property Surveys

Homebuyer’s Report:

Suitable for newer homes and in good condition. It’s a non-intrusive survey that identifies any visible issues and urgent matters.

Building Survey:

More comprehensive, this survey is ideal for older or larger properties, or if you’re planning significant work. It involves a detailed check of the property’s structure and condition.

How Long Do Surveys Take?

The time it takes to complete a survey depends on the type of survey you choose and the surveyor’s availability. Typically, a Homebuyer’s Report can be done within a week, while a Building Survey might take up to two weeks.

Exchange of Contracts and Completion

The exchange of contracts is a critical stage in the home buying process. It is when both parties legally commit to the transaction. At this stage, a completion date is agreed upon and the buyer usually pays a deposit (normally 10% of the purchase price).

What Happens During Exchange?

Contract Signing:

Both parties sign identical contracts, but they do not swap them directly.

Exchange:

The solicitors will then exchange these contracts on their clients’ behalf, at which point the agreements are legally binding – meaning neither the buyer nor seller can back out after this point.

What is Completion?

Completion is the final stage in the conveyancing process. It occurs on a specified date agreed during the exchange of contracts, sometimes on the same day, but often a couple of weeks to a month later.

On the day of completion, the buyer’s solicitor transfers the remainder of the purchase price to the seller’s solicitor and the legal title and the keys to the property are handed over to the buyer, marking the buyer as the new owner.

Final Thoughts

Once your offer on a house is accepted, the searches and surveys are among the first steps in the conveyancing process. Depending on the findings, further negotiations may be necessary, which could delay the final exchange of contracts and, consequently, your move-in date.

In a straightforward case, where no significant issues are identified, the whole process from offer acceptance to moving in can take about 2-3 months. However, if complications arise from the searches or survey results, or if there are delays in the exchange of contracts or completion, this can extend to several more months.

Tips for a Smoother Process

Choose the Right Professionals:

Hiring experienced solicitors and surveyors who can navigate these processes efficiently is crucial.

Be Proactive:

Stay in regular contact with your solicitor and estate agent to keep things moving and address any issues promptly.

Prepare for Delays:

It’s wise to anticipate some delays and plan accordingly, especially if you’re in a chain.

Understanding the searches, surveys, and the conveyancing process is key to managing your expectations and planning your move. With the right preparation and professionals by your side, you’ll be better positioned to make your transition into your new home as smooth as possible.

If you would like to discuss any of this information in further detail please contact us at Trinity Property on 01384 213 395 or via [email protected]