What is Conveyancing?
It might sound complicated, but it’s actually quite straightforward. Conveyancing is the process of transferring legal ownership of a property from one person to another. No matter if you are buying or selling, there are always 3 stages of the process to go through.
Stage 1 – Agreeing The Sale
Once the sale of property has been agreed, your solicitor will provide you with a set of legal forms, all of which need to be filled in and sent to the buyer’s solicitor as soon as possible. These forms provide the buyers solicitor with all the information they need to proceed onto the next stage, and includes:
A property information form. This form answers questions about your property. This includes fine details like any disputes with neighbours, a\details of any work you have had done, planning applications etc. If you own a flat, there is a second form to fill in here regarding the freeholder details.
A fixtures, fittings and contents form. In this form you must detail everything you intend to leave behind, and also anything you intend to take with you. This can be anything from sofas to kitchen cupboards, so make sure you are very thorough with this.
A copy of your title. If you hold the deeds to your property outright, then this will come from you. If you are paying off a mortgage, then we will content the mortgage provider for these forms. This gives an up to date view of the land, and where the property is registered.
The contract of sale. This relatively short form states the address and price of the property in question, along with the names and addresses of the buying and selling parties.
Once these papers have been filled in and sent, any questions from either party will be addressed and a completion date will be agreed upon. This is usually done through the estate agent responsible for the property sale rather than the solicitors, though we can speed up the process.
Once these forms are completed the buyers solicitors may conduct a variety of searches on the property to ensure everything is in order, and advise the buyer about their mortgage needs.
Stage 2 – Exchange Of Contracts
Once the date is chosen the buyer will pay their deposit to the sellers solicitor, who will then liaise with the sellers mortgage provider for a settlement figure. This is the figure you will need to pay back to the lender once your property is sold. We will then send your signed contract to the buyers solicitor, who returns their half of the contract. This is the point where the completion date is fixed, and the transfer deeds are brought forward for you to sign.
Stage 3 – Completion Of Sale
Finally the last and most satisfying part of the process! Once the completion date is set by the contracts, the buyer’s solicitor will send us the balance of the payment for the property. We will use this balance to pay off your mortgage, your estate agents fees, our own fees and any other costs incurred during the process. Once these debts are paid, we hand over the rest of the money to you!
If you need any advice about buying or selling your home, or would just like to talk about our conveyancing process, please get in touch today for a free consultation!