The House Buying
Process
Two processes run at the same time once your offer is accepted: the legal conveyancing and your mortgage application. Here's how they fit together, and where they have to meet.
Solicitor is appointed to handle the legal side of your purchase, including ID and money-laundering checks.
Local Authority and other searches are instigated, covering planning, environmental and flood risk.
Solicitor reviews the draft contract and paperwork received from the seller's solicitor.
Enquiries are raised and answered on boundaries, alterations, permissions and access, often where delays creep in.
Land Registry checks confirm the seller's legal ownership of the property.
Solicitor confirms your buildings insurance is in place, ready for exchange.
Mortgage application is submitted to the lender, locking in your interest rate. If rates improve before exchange, we'll keep watching the market and move you to a better one if it becomes available.
Lender checks your documents, payslips, ID, bank statements and the source of your deposit, across different departments. Underwriting queries can come back in stages rather than all at once.
Lender instructs a valuation survey.
Lender confirms agreement to lend in a Formal Mortgage Offer. A copy is sent to you and your solicitor.
Arrange your own survey. Separate from the lender's valuation, this checks the property's actual condition. We can put you in touch with reputable surveyors.
Arrange your buildings insurance. Needed before exchange, as you become responsible for the property from that point. We advise on this as part of your mortgage.
Arrange your mortgage protection. Life, critical illness and income cover should be on risk from exchange, not completion. We always advise on this.
Exchange and completion dates are negotiated by the solicitors for both parties.
Contracts are exchanged, this is now legally binding.
Solicitor sends the Certificate of Title to the lender and requests mortgage funds are released.
Solicitor transfers the monies and the deeds pass to you: this is Completion.
Stamp Duty Land Tax is paid, and the property is registered in your name at the Land Registry.
Solicitor draws down the funds from the lender and completes the property purchase, your mortgage starts.
Mortgage journey complete. Your funds are with the solicitor and the mortgage is in place.
Important information
Communication with all parties is essential to keep the process moving smoothly and to a reasonable timescale.
Chains make this harder to control. If you're in a house buying chain, other buyers and sellers each have their own mortgage and legal processes running alongside yours.
The team at J Finance works to get your mortgage application completed as quickly as possible. It's your responsibility to stay in contact with your legal team and estate agent, and to respond promptly during the mortgage application process. Conveyancing typically takes considerably longer than arranging a formal mortgage offer, and as mortgage advisers, J Finance cannot influence the date of exchange or legal completion beyond providing that formal offer.