Conveyancing Solicitors - The Sale Process

Author: John Tighe

Author: John Tighe

Here we've set out the conveyancing process from the point of view of the seller: Offer to exchange 1. Instruct your conveyancing solicitors 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 solicitors will send you: Fixtures, fittings and contents form Property information form Leasehold property information form (if applicable)

Complete these forms (with help from your solicitor) and return them, together with: any building work guarantees you have any planning permissions or building consents you've been granted

4. Your conveyancing solicitors will obtain your: Title deeds Land Registry Office Copies

If your property is leasehold they will also ask your management company 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. Your conveyancing solicitors will prepare the draft contract (which 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. The buyer and seller, through their solicitors, will negotiate a target completion date, which 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. You and the buyer will each receive a copy of the contract to be signed and returned to the respective solicitors 11. The solicitors will then "swap" the contracts - this is the exchange part 12. At the same time, your solicitor will receive the buyer's deposit, which will be held 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 conveyancing solicitors will confirm with your bank the redemption payment required to pay off your current mortgage. 2. Your solicitors will receive a transfer deed (TR1) from the buyer's solicitor. Your conveyancing solicitors will check it and forward it to you to sign and return to them as quickly as possible. 3. On the day of completion your solicitors will receive the outstanding balance of the purchase price from the buyer's solicitor. They will then: send the title deeds and transfer deed to the buyer's solicitor make the redemption payment to your bank to pay off the outstanding balance of your current mortgage pay themselves (if you have given them permission to do so) pay the balance to you

Once payment has been received and the mortgage redeemed your conveyancing solicitors will confirm to you that it is safe for you to hand over the keys to the buyer. Congratulations - you've completed!About the Author:

Conveyancing Solicitors dot info review the UK's leading Conveyancing Solicitors so you don't have to. Click here now for your FREE, instant, no-obligation Conveyancing Quote.

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