Understanding The Conveyancing Process – Selling A House

Understanding The Conveyancing Process - Selling A HouseGetting a buyer

When you want to sell your house and attract customers and put your house on the open market there are a few things to be kept in mind. Your house is now a ‘commodity’ to be sold and not a ‘home’ filled with emotional ties and memories. It will help if you can make some effort to prepare and present your house so it’s immediately appealing to buyers. The outside of your property also need to make a good first impression. A prospective buyer will first notice the outside of your house. These few and inexpensive modifications will help you get a buyer quickly and your house can be sold at its maximum price.

Why do you need a conveyancing solicitor?

After you have been able to find a prospective buyer, remember property transactions can take some time because of the tiresome and cumbersome legal and administrative process. The Government launched its e-conveyancing pilot scheme in 2005/6 and both the home sellers and buyers have to deal with the complicated and time – consuming conveyancing process. Even though house sellers have very few administration issues to bother about, it is still advisable that a professional solicitor or conveyancer is hired. Conveyancing involves a lot of legal aspects and depending on the speed at which all of the parties move, may take 2-3 month before the entire procedure is completed. You can contact a conveyancing solicitor as soon as you decide to sell your house and get him to start the setting up legal documents like the contract, this way you can avoid serious delays later on in the proceedings.

The conveyancing process (1)

O The solicitors will exchange contact details and letters specifying the particulars of the sale.

O Your solicitor will have to obtain property title deeds from the lender.

O A property information form that lists the details of all of the fixtures and fittings that are to be included in the sale, and also lists which are not to be included, has to be completed by you as the seller.

O The buyer’s solicitor will send a list of questions concerning property details, tenure, utilities, items to be included in the sale etc. to your solicitor. The aim of this is to eliminate any ambiguities as soon as possible.

O The draft contract will be drawn up by your solicitor. This is not a standard contract and will probably be changed quiet a lot before you sign it. The draft consists of two parts: Particulars of sale and conditions of sale. The particulars of sale spell out property details and items to be included in the sale. The conditions of sale concern the proposed completion date and deposit required on exchange of contracts.

O As soon as the title deeds are returned, your solicitor will send the draft contract to the buyer’s solicitor. When the completion date and terms of the draft contract have been agreed by the solicitors, it will be sent to you for approval. As soon as approved, the standard contracts will be set up and sent to you for your signature. After signing the contract send it back to your solicitor. Remember that until contracts have been exchanged, the whole thing is not legally binding.

O Then comes the exchange of contracts, each party signs all the contracts and sends them back.

O After this you will receive the buyer’s deposit if there is one. The buyer’s mortgage lender will send the money to your solicitor by electronic transfer.

O After the transfer of deeds, you are no longer the owner of your house.

While selling your house it is important that you go through a good and reputed conveyancing firm. You can get some referrals from friends and neighbours of good conveyancing firms they have dealt with. A good and professional conveyancing firm will ensure that you have a good, speedy and stress free conveyancing experience.