Selling a house is not a trivial task. It is long procedure which involves several tasks such as organizing deals, finding a conveyancing solicitor and many more. You may also be confused about the legislations associated with the sale of a residential property. Hence, it is essential to have a clear idea about the conveyancing process. If you familiarize yourself with the basics of sale conveyancing, you will be able to rate the performance of your conveyancer easily.
This is a general guideline on the conveyancing procedure, typically associated with the sale of a house.
The first step is to find your conveyancing solicitor. Once you contact them, they will send you a client care letter. This letter will have details about the entire process and the expected fee structure. Sign and return it as soon as possible so that the conveyancing lawyer may start their work immediately. They may also ask you for a sum to meet the initial expenses.
The conveyancing solicitor will collect the title from the lender and send you copies of standard forms like the “Property Information Form” and “Fixtures, Fittings and Contents Form.” If you reside in a leasehold property, an additional “Seller’s Leasehold Information Form” will also be attached. Fill up the details correctly and send it back. Seek the advice of your property conveyancer for any clarifications. If you are planning for an onward purchase with the money received from the sale of your house, inform your property lawyer at the very beginning.
Work prior to signing the house sale contract
Once you provide all sufficient details, you house property conveyancing solicitor will draft a contract. This, along with a complete contract pack, will be sent to the buyer’s conveyancing solicitor for approval. The pack will generally have documents like titles, plans and guarantees if any.
Your property conveyancing solicitor is expected to clarify all queries raised by the buyer’s conveyancing lawyer. Provide them with all the assistance needed for completing this process. It is the responsibility of the conveyancer to confirm the approval of the buyer’s mortgage applications. If yours is a leasehold property, the buyer’s property solicitor may send a Managing Agents Questionnaire which is to be passed to the landlord for completion.
The paper work will be examined by the buyer’s conveyancing solicitor. Once they raise any clarifications or queries, your conveyancer will coordinate between you and the buyer for clearing their queries. Provide genuine, complete and accurate information on the property.
Give your property lawyer the details of all the mortgages on your property. Meet your lender and they will provide you with a detailed statement which explains the amount left to pay to close the mortgage.
Once both parties are satisfied with the deal, then the contract can be signed. The date of completion will be fixed on a date, which all parties associated with the sale agree upon.
Exchange of Contracts
Once the contract is exchanged, both the parties are legally bound to the sale. In case either of the party abstains from the contract, they are obliged to compensate the other party for losses incurred.
Discuss with your property solicitor to finalize all the accounts including the conveyancing solicitor’s charges, loans to be repaid etc. All such financial transactions should be completed before the completion of sales.
The last step prior to completion is to sign a “Transfer of Deed,” which shows your willingness for completion.
On the day of completion, the buyer will send you the remaining amount. Your property conveyancing solicitor will pay off all the outstanding loans and the balance amount will be credited to your account. You should in turn, provide the buyer with all the associated documents including the title and transfer deeds. Your buyer will then collect the keys from the agent and the property sale conveyancing procedure is completed.