Conveyancing Guide for vendors
Understand how your Solicitor will progress your sale
In the dark about the conveyancing process? Our essential step-by-step guide tells you all you will need to know
Once a sale is agreed, we will instruct solicitors to start the conveyancing process:
- Your Solicitor will contact you and send out opening letters and forms to fill out. We recommend they are completed and returned promptly as delays early on can have a knock on effect on the time it takes it takes for your sale to complete. It is useful to look out paperwork for your property that the solicitor may ask for such as the Deeds, warranties, certificates of work, planning consents for any changes, etc.
- Once you have returned the forms along with evidence of your identity your solicitor will prepare the necessary Sale Contract and papers and then send those on to the buyers’ solicitors for consideration and review.Your solicitor will contact your mortgage lender, if applicable, to request up to date settlement figures for any mortgages that you may have.
- Your Solicitor will then look into the questions (‘enquiries’) received from the buyers’ solicitors once they have reviewed the above papers. They may well contact you about the enquiries where necessary. It can sometimes be a few weeks before these are received from the buyers’ solicitors.
- Once the buyers’ solicitors have confirmed they are happy with the paperwork/enquiry responses, the Contract can then be sent to you for you to sign and return to your solicitor (alternatively you can email consent for them to sign the Contract on your behalf).
- When all parties are ready to legally finalise the sale (exchange contracts), your solicitor will contact you for final confirmation and agree a completion date (usually the moving in day). From start to finish please note that it can take two to three months for a buyer to reach this stage – circumstances such as if you have a cash or mortgage buyer, and if you have a freehold house or leasehold flat to sell (leasehold usually takes longer) will have an effect on timings. We also give consideration to the chain that will have other related matters to progress to the same stage.
- Your solicitors will then exchange contracts on your behalf. This is the point that all parties are committed to the transaction and within the Contract is the agreed Completion Date, which is the moving date. This has to be a week day not a weekend or Bank holiday as this is when monies are transferred between the relevant solicitors’ bank accounts.
- After exchange your solicitor will obtain (if applicable) updated settlement figures for any mortgages and obtain details of estate agents’ fees payable. They will then let you have a financial statement showing all relevant figures and the amount due to you after all deductions. Your Solicitor will send you a Property Transfer document to sign. The original signed version of this will need to be back before your Solicitor completes the sale on your behalf.
- On the Completion Day/Moving day your Solicitor will receive the purchase monies from the buyers’ solicitors, pay off any mortgages, pay the estate agent and settle their fees and expenses. The balance of monies will then be sent to you either in cleared funds or a cheque sent subject to agreement.
- You will usually need to have completely cleared the property including any rubbish by no later than 1.00pm. It is important and expected that the property will be left in a clean and tidy condition.
- Our job at Perry Bishop and Chambers is to try to keep our buyer and seller fully informed of progress and to manage relationships along the way.
A buyer will sometimes need to take a 'realistic and sensible view' on all of the paperwork or certificates/warranties available, the solicitor’s job is to gather as much information to enable the sale to go ahead.
We often find, unless we are selling a brand new property, that we rarely see a 'perfect' transaction with every piece of paperwork for every detail. Buyers also need to understand that legislation and regulations change and even a house recently built may not be up to the latest regulations of construction, including electrics and plumbing.
At completion 'moving day' we would typically hold your keys for release from the office. Once the solicitors advise that completion has taken place and monies have been received, we will make contact with you. We will of course check if you have vacated the property before releasing keys to the new owners.
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