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When buying a home, one of the most common questions we hear from buyers is, “At what point do I become the legal owner of my home?”
The purchase process can feel drawn out, especially if you have never bought a home before.
The long list of steps involved, from putting in an offer to registering with the Land Registry, can sometimes leave people unsure about when ownership is actually secured.
Buying a property in England and Wales involves several stages.
Each one takes you closer to owning the home, although it is not until the final step that ownership is passed on.
Once you have carefully selected a property, you will need to submit an offer. If the seller accepts it, the property will usually be marked as Sold Subject to Contract. This shows that both sides intend to proceed, although no legal rights are created at this point.
Your solicitor and the seller’s solicitor exchange signed contracts once the necessary searches, enquiries and mortgage arrangements are complete. An exchange means both parties are legally committed to the sale. Walking away after this stage usually results in complications and financial loss. However, even with the exchange of contracts, ownership has not yet passed to you.
On exchange of contracts, the obligation to insure the property usually transfers to the Buyer, so it is important you arrange buildings insurance to be in place from this date.
On the day of completion, your solicitor sends the final balance of funds to the seller’s solicitor. Once that solicitor confirms that the money has been transferred successfully and the sale can be completed, you are free to collect the keys from the estate agent or the seller.
From this point onwards, the property is legally yours subject to registering the transfer with HM Land Registry as required.
Upon completion, your solicitor will submit the application to HM Land Registry so that the register correctly records you as the owner.
This must be done as soon as possible, because until the register is updated, there is no public record confirming your ownership.
Delays can also increase the risk of fraud if the property is unoccupied for any period.
There are several matters for you to deal with after you have completed your purchase. You will need to arrange utilities and inform the relevant organisations of your new address.
Some of these tasks can be pre-planned and arranged prior to receiving the keys, so you don’t have to leave them until the last minute.
Property purchases occasionally take longer than expected due to no fault of your own.
Common causes include issues raised by surveys or searches, slower than expected mortgage processing or complications elsewhere in the chain.
Your solicitor will keep you updated and will address any issues that arise. Even if the process takes longer than hoped, remember that you do not become the legal owner until completion takes place.
Our residential property team can assist with enquiries, searches, mortgage conditions, Stamp Duty and Land Registry matters, and we maintain close working relationships with local estate agents and authorities.
If you are preparing to buy a home and would like experienced support, contact our Residential Property Solicitors for tailored advice for your transaction.
Director - Commercial Property & Charities
I joined Mander Hadley in 2004, qualified as a solicitor in 2006 and have focussed on commercial law throughout. I am also a member of Coventry and Warwickshire First and Warwickshire Law Society.
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