Below we’ve set out the steps in the conveyancing process for sellers:
OFFER TO EXCHANGE
1. Decide on your firm of conveyancing solicitors and instruct them
2. Your conveyancing solicitors will send you a client care letter, which you should sign and return, together with proof of identity and details of your current mortgage
3. Your conveyancing solicitors will then send you:
- Fixtures, fittings and contents form
- Property information form
- Leasehold property information form (if applicable)
Return the completed forms to your solicitors (get their help if necessary), together with:
- building work guarantees if you have any
- copies of building consents and planning permissions granted
4. Your conveyancing solicitors will obtain your:
- Title deeds
- Land Registry Office Copies
For leasehold properties they will get in touch with your management company to ask for:
- service charge accounts for the last 3 years
- estimated costs for the next 12 months
- building insurance details
- a copy of the lease
5. Next your solicitors will draft the sale contract (which at this point is subject to negotiation)
6. Your solicitors will compile a contract pack and send it to the buyer’s solicitor
7. Your solicitors (with help from you) will answer questions from the buyer’s solicitor about the contract pack and contract negotiations (if any) will take place
8. Once a completion date has been agreed between buyer and seller it will be added to the contract.
9. Once the buyer’s searches and enquiries have been completed satisfactorily and once any contract negotiations are finished you are ready for exchange
10. Both seller and buyer receive a copy of the contract, which they must sign and return to their solicitors
11. The signed contracts are then exchanged by the conveyancing solicitors
12. At this point the buyer pays the deposit. It will be held by your solicitor on your behalf pending completion
The contract is now legally binding. If the buyer backs out now they may lose their deposit unless they entered into it because they were misled.
COMPLETION
1. Your solicitors will check with your bank to find out the redemption payment needed to pay off your current mortgage
2. The transfer deed (TR1) for your property will be sent to your solicitors by the buyer’s solicitor. Once they have checked it they will send it to you to be signed and returned to them
3. Completion day. Your solicitors will be sent the balance of the purchase price by the buyer’s solicitor and will then:
- send the title deeds and transfer deed to the buyer’s solicitor
- pay off the outstanding balance of your mortgage (the redemption payment)
- pay themselves
- pay the balance to you
Having paid off the mortgage your solicitors will call you to say that you can safely hand the keys to the buyer.
Congratulations – you’ve completed!
For more information about conveyancing solicitors visit www.Conveyancing-Solicitors.info. Click here for FREE, instant conveyancing quotes.