After the stress and at times, tedium, of selling your house once you’ve finally found a buyer, you feel great: but what happens next? The term Conveyancing can often make the process seem very complex, but in the hands of a professional, it is relatively straightforward.
Once you have received a conveyancing quotes then your offer has been accepted, the solicitor handling your Conveyancing will request the title deeds for the property, along with any relevant land registry documents, whilst requesting you fill out two forms, a ‘Property Information Form’ and a ‘Fixtures, Fittings and Contents Form.’ You may also be required to provide other documentation relating to the property at your solicitors’ request, such as timber reports.
Once your solicitor has all the documents they need, they then draw up a draft of the contract and send this to the buyer’s solicitor for approval. It is at this stage the buyer’s solicitor will carry out the appropriate searches, which takes around a month, sometimes slightly more or less, you will then need to pay conveyancing fees. Always make sure you compare conveyancing quotes.
If they have any queries relating to the documents or transactions, they will raise these with your solicitor, and they may need your help when responding. Once you have reached a point where all the queries are resolved, then usually a mutually acceptable completion date is agreed. In between this stage and the completion, the contracts are signed by both buyer(s) and the seller(s), which makes the sale bound by law, and this is when the initial deposit is paid.
On the completion date, the buyer’s conveyancer will transfer the sale price balance to your solicitor in exchange for the deeds and keys to the property, and it is at this point the ownership is transferred. Your solicitor will then make any mortgage payments outstanding, take their legal fees, and transfer the remainder of the sale price balance into your account, then pass the balance to you, minus their agreed legal fees.