As a seller, you want to make sure that your home is going to the right buyer, for the right price, as quickly as possible. You probably feel as if there’s a lot happening at once and are being bombarded with information.
We understand that selling your home seems like a huge task, that’s why we’ve put together this handy step-by-step guide to help you be clear on the conveyancing process and how it will impact your move.
Stage 1: Conveyancing
- Once you’ve decided how you want to sell your home, you will need to get legal advice regarding your decision.
- We will offer our legal services and will send you our Starter Pack. Make sure you complete this and return it to us as soon as possible. Once we receive your Starter Pack, we begin the legal work for selling your home.
- Our conveyancing solicitors through extensive legal training are specialist in property law. You can rest assured that your solicitor will know exactly what is needed to sell your property.
Stage 2: A Sale is agreed
- Once you agreed a sales price, we will need a sales memo and you or the Estate Agent will send this to us.
- Then, we will obtain a copy of the title and send a preliminary contract to you and your buyer. If you are happy with the contract, you must sign it and return it to us. Any other person living in the property must also sign this, as an agreement that they will move out on the completion date.
- If the property you are selling has a current mortgage, we will contact your lender to obtain a redemption statement. You will need to inform us if you have any other loans secured on your existing property, as we will also need to contact those lenders.
- As soon as the buyer’s conveyancer has checked the draft contract, and the associated paperwork, they will come to us to raise enquiries. We will answer their questions from the information you provided in the starter pack. But we might contact you to discuss some of the questions.
Stage 3: From Exchange to Completion
- In this stage, when all of the enquiries have been made, and both sides agreed on the contractual terms, we will then arrange a completion date. The completion date is the point at which you leave the property, and the new owners can move in.
- The contracts is signed and sent back by both parties, both you and the buyer are legally obliged to continue with the sale and complete on the set date.
- A deposit will usually be needed to be paid for the purchase. Depending on how the contract was negotiated, this deposit will be held by us or by the buyer’s conveyancer or solicitor. Then the removals process will be stated.
- On the completion date, the buyer’s conveyancer will send us the balance of the sale price. As soon as the funds reach our account, the transaction has completed and you will need to be out of the property. In this stage, we will send your signed transfer and title deeds (if there are any) to your buyer’s conveyancer.
- From these funds we will pay the balance outstanding on your existing mortgage and repay any other loans you might have secured on the property, we will take our fees out of the proceeds and we will also pay your estate agent’s fees.
- The next working day, we will transfer the balance whatever is left from the sale price after redeeming loans and mortgages, and paying the legal fees to your designated account.
- After completion, the mortgage lender will send us confirmation that they have received all of the money they were owed. We will forward this to the buyer’s conveyancer so that they can register the buyer’s transaction at the Land Registry.
For further information, please speak to our team members in the Conveyancing and Property Department on 02089125241or complete our enquiry form.