Conveyancing Solicitors - Their Role In The House Sale Process

The process of selling a property to another person is called conveyancing

, this process contains all of the legal requirements to execute a sale. Conveyancing can be quite complicated and therefore legal assistance is normally sought out. Tasks completed during the conveyancing process are; contract drafting, doing seaches and looking after all the post-completion paperwork.

Conveyancing Solicitors are required to give you an estimate of their fee and unless they later advise you of a change, their fee must be consistent with the initial estimate. Costs range from about 500 to 1500 [or possibly more if the property is very expensive indeed] depending on the work involved and value of the property, however all Conveyancing Solicitors are accustomed to discussing costs so feel confident about dealing with these up front before you make a decision.

The first step is to make an offer on the property you are interested in and inform your estate agent the amount you would be prepared to pay. If you require a mortgage you need to make an application to your lender at this stage. Once the vendor of the property accepts your offer, their Conveyancing Solicitor will send out a draft contract setting out the terms of the sale.

At this point your Conveyancing Solicitor will:

Check the contract, raise any queries and carry out searches to see what information is available about the property

Report to you that all is in order and the money is available before arranging for contracts to be exchanged. After this, neither you nor the vendor can withdraw from the transaction and it is usual on exchange for the buyer to pay a deposit which the seller can keep if the buyer defaults

Prepare a final statement showing how much money is needed

Arrange for the buyer to pay a deposit on the day the contracts are signed, typically 5 or more per cent of the total sale price

On completion pay the money to the vendor's solicitor; they then vacates the property and you are free to move in

Pay any Stamp Duty Land Tax due and register the property in your name at the Land Registry

Receive the balance of the sale price and hand over title deeds to the buyer's own Conveyancing Solicitor

In addition, your Conveyancing Solicitors will:

Advise you if anything unexpected happens during the sale process and handle any price negotiations

Assist you in the completion of forms detailing information about your property, its fixtures and fittings

Obtain your title deeds and land registry copies

Deal with the requirements of your lender in all mortgage cases and liaise with estate agents and surveyors to ensure that everyone works together to complete your house sale or purchase

Buying a house is probably the most expensive transaction you will ever conduct - don't cut corners - make sure your appoint specialist Conveyancing Solicitors who can guide you through the whole conveyancing process with expertise.

by: Tim Bishop

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