At Advantage we understand that the conveyancing process of purchasing a new property can be
daunting and to help manage your expectations and ensure you are aware of the whole process of buying a house, we have put together this helpful guide.
Stage 1 - Finding your property
Once your property has been found and the offer accepted you can start the conveyancing process.
At Advantage, we have a number of preferred Conveyancers we can refer you to, and can obtain a quotation for you early into the process, allowing you to budget accordingly.
Stage 2 – Instructing & Returning the Welcome Pack from the conveyancer
Once you are happy with a quotation, and would like to proceed, we can instruct the Conveyancer to act on your behalf. All preferred Conveyancers on our panel have 24 hours to make verbal contact with you, to check any contact information. From there your conveyancer will send you within 48 hours either via email or post the Welcome Pack. It is important to understand that until the Welcome Pack is returned your conveyancer cannot start acting on your behalf and the process cannot begin.
Searches cannot be order until the Welcome Pack is returned, and the sellers conveyancer has sent
your conveyancer the draft contracts including the plans. Once they have been returned the
conveyancer can move to the next part of the process. At this time, you will be asked for a case
opening amount fee from your conveyancer which will be between £200 - £300 dependent on the
By using our preferred Conveyancer, you will receive additional protection and benefits as part of the house buying process.
All clients purchasing a property receive FREE abortive transaction insurance, which is an extra peace of mind for you. The insurance policy generally covers you up to £600 of legal, survey and arrangement fees if:
- The seller pulls out
- There is a critical illness or death of any of the purchasers
- Gazumping of £1k or more
- If there is a 10% or more down valuation
- If there is damage to the property equating to 10% or more
Stage 3 - Mortgage Offer
Congratulations! You’ve got an offer. Your conveyancer will receive the Mortgage Offer in writing from the mortgage lender. It is now common practice for conveyancers, not to order the searches, until the mortgage offer is received.
This is for your protection, if the mortgage offer collapses after the searches have been ordered you
are liable for the search costs. It is generally at this stage that we would discuss your wider protection requirements, and arrange a conversation to provide you with advice & quotations.
Stage 4 -Searches
Searches on the property & the surrounding area are needed to be carried out to ensure there are
no issues. Many of the searches are relatively quick to be returned, however the Local Authority
Search can take some time to complete. They average around 15 – 45 days to complete, although a
considerable amount of the local authorities states they can be done in 5 working days, this in our
experience is not the case.
Stage 5 - Raising & Receiving Enquiries (Sellers Solicitors)
Once the searches are returned your conveyancer will raise enquiries with the seller’s solicitors to
check that the property is not subject to any restrictions. Once the enquiries have been raised your
conveyancer will have to wait until they are received. It is also worth noting that this process maybe
repeated more than once enabling your conveyancer who is working on your behalf to be satisfied.
Stage 6 - Contracts
Once the searches and enquiries have been satisfied you will be sent all the contracts, which will
need to be signed and returned to the conveyancer. It is generally at this stage that any required Buildings Insurance policies are put in place, as you will be liable for the property once the contracts have exchanged. Your Conveyancer will generally ask for a “Payment Schedule” document to confirm that this has been set up. At Advantage, we have exclusive Intermediary Only providers that are not available to customers directly, offering market leading protection. We are able to provide quotations and set up policies on your behalf.
Stage 7 - Exchange & Completion
Once signed and returned dates can be set for completion and exchange, once completed you can
collect your keys from the estate agent.
Although we have tried in this document to be as thorough as possible, no case is the same and
therefore all timescales contained above are subject to the individual circumstances of your own
Conveyancing is not regulated by the Financial Conduct Authority
Our clients choose to trust us over the competition because of the way we conduct our business.
Did you know that not all mortgages are available through brokers? That’s why we’ll always let you know about any cheaper deals that we’re aware of when we make our recommendation. Nothing hidden here.
We exist not only for our clients but to make the world a better place in any little way we can. We participate in ‘micro-giving’ via a charitable organisation called Buy1Give1, to causes such as conservation and clean water.
All Advantage customers have their own Client Portal for secure exchange of information, messages and documents. However, we always tailor our services to suit you, whether face to face, telephone, email or carrier pigeon.
Whilst we have arranged finance for people in all situations, we have areas we think we excel in. If you are a contractor, self-employed, a first time buyer, an older borrower or have had credit issues, you should really call us.
The information contained in this website is subject to UK regulatory regime and is therefore intended for consumers based in the UK.
Our typical fee is £450 and only paid when your offer is produced. This means that if we’re unsuccessful in getting you the mortgage you won’t pay a fee, giving you the confidence you need from a broker.
Advantage Financial Solutions is a trading style of TRM Financial Ltd, an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 70 St. Johns Close, Knowle, Solihull, England, B93 0NH. Registered in England and Wales no. 09832887.