subject: All You Need To Know Regarding The Conveyancing Process [print this page] This article outlines briefly the process that takes place when selling your property.
Your conveyancer will
Prepare you a quotation in writing or online outlining all of the associated conveyancing fees. Always makes sure that the quotation is fixed and there are no hidden costs.
Your conveyancer will
Then ask you to instruct them on the sale of your property, this will include formally completing an instruction from, sellers property information form, a fixtures and fittings form and accepting their terms of business. They will also ask you to supply an up to date copy of your energy performance certificate (EPC).
Your conveyancer will obtain copies of your title deeds and a redemption statement from your mortgage lender to ascertain the outstanding amount remaining on the mortgage. If the property is not subject to a mortgage you will need to ensure that your title deeds are sent to your conveyancer at this stage so as to not hold up the transaction. A copy of the title register and plan will also be requested from the land registry and will also be included with the draft contract and your completed sellers property information questionnaire and the fixtures and fittings list.
Your conveyancer will
Issue a draft contract to the buyer's solicitor including any relevant legal documentation that relates to the property such as gas and electrical safety reports or FENSA Certificates. If the property is unregistered they will issue an epitome of title. This is a copy of every title document that relates to the property, going back at least 15 years and is intended to prove the ownership of the property and that you have a legal right to sell the property.
Your conveyancer will
Once the contract has been approved send you a copy of the contract and transfer deed for signature and with hold on file in readiness for exchange.
Your conveyancer will
Liaise with the buyer's solicitor and answer any additional enquiries relating to the property. At this stage they will also communicate with your estate agent and other solicitors in the chain, discussing potential completion dates.
Your conveyancer will
Then agree a completion date with the purchaser via their conveyancer.
Your conveyancer will
Then proceed to exchange of contracts, which is usually carried out via a telephone call when they confirm details of all parties involved, the deposit amount, time of the exchange and the date of completion. They will also receive and bank the purchase deposit in readiness for completion.
Your conveyancer will
On completion of the sale of the property receive the completion monies and authorise the estate agent to release the keys to the property. They will also ensure that all secured mortgages are paid off in full by arranging for a CHAPS payment to be sent to your mortgage lender. At this stage you are no longer the legal owner of the property.
Finally Your conveyancer will
Arrange for your estate agents invoice, to be paid and forward any surplus balance monies to you either by CHAPS or cheque. The transfer documentation and all of the title deeds will also be sent to the purchasers conveyancer following completion of the sales process
