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Buying a first home is exciting but conveyancing can become a lengthy process if you are unprepared.

In this article, we will provide a step-by-step guide for buying your first home and address the common concerns that first-time buyers may have during the process.

The process

1. The estate agents will confirm that your initial offer to buy the property has been accepted by the seller.
2. Once the parties have instructed their own solicitors, the estate agents will issue a sales memorandum to both sides to confirm the details of the transaction. The memorandum will also contain the contact details of both parties’ solicitors.
3. After receiving the Sales Memorandum from the estate agents, each parties’ solicitors will then carry out the necessary anti-money laundering (AML) checks on their clients. During this period, your solicitors may ask you to provide any necessary documentation to confirm the source of your purchase funds.
4. Once they are satisfied with the results, they will then inform each other that they have been instructed by their respective client(s) to facilitate the transaction.
5. Shortly thereafter, the seller’s solicitors will forward the Draft Contract Pack to your solicitors. The pack will contain the draft contract, the official title documentation, the Energy Performance Certificate(s) (EPC), and other questionnaires regarding the transaction which the seller would have completed for your information.
6. The Buyer’s solicitors will review the Draft Contract Pack and apply for searches on the property based on the information given in the draft contract pack and the sales memorandum, so that they can investigate any issues that are revealed by the searches. 

The searches will often contain the following: 

1. Local Authority Search, which provides information from the Council regarding any planning applications, road schemes, and other building regulations and restrictions that may affect the Property.
2. Environmental Search, which confirms the extent to which the Property is exposed to any environmental risks (e.g. flooding, ground instability…etc).
3. Drainage and Water Search, which confirms how water is supplied to and drained from the property and who manages the Property’s drainage system.

The timescale will vary depending on the findings on the searches and the seller’s replies to your solicitors’ enquiries. If they are unsatisfactory, your solicitors may raise further enquiries.

This is an extremely important step because of the principle of caveat emptor (buyers beware) which, provides that the buyer will be responsible for any liabilities they suffer post-completion as they will be deemed to have carried out due diligence on the property before buying it.