Conveyancing
The legal process involved in selling a house is called conveyancing and can be done by either a solicitor or licensed conveyancer – someone qualified only to do this kind of legal work. Whoever you choose to complete the work for you, the process will be the same.
Once you have agreed on a price with your buyer, your solicitor will send a draft contract to the buyer’s solicitor. They will then start instructing the relevant searches to be carried out. Your solicitor will start collating the supporting paperwork which may include title deeds, copy of lease, fixtures and fittings list, seller’s questionnaire, planning consent, guarantees, copies of building regulations and share of freehold certificate.
Where the property is leasehold, we recommend that you forward copies of your service charge accounts over the last three years, estimates for the forthcoming year and building insurance certificates to your solicitor as soon as you put your property on the market. If you live in an apartment block, your solicitor may be able to get this information from the Managing Agent or Block Manager.
When all of the preliminary enquiries that have arisen from the draft contract have been resolved and the searches have returned without issue the draft contract can be approved.
It is more than likely that you buyer will need a mortgage. Once they have a firm mortgage offer a date can be set to exchange contracts. This means swapping contracts with the buyer and securing the sale. If either you or the buyer pull out after contracts have been exchanged, there will have to be compensation. The deposit will be paid at this point.
The contracts will show a completion date – this is when you are no longer the rightful owner of the property and is usually two weeks after the exchange date. It can be sooner or later if agreed by both parties. If you or your buyer are involved in a chain, this can dictate the completion date.
On the completion date, you will have to be moved out and have handed your keys over to us so that the buyer can pick them up and move in!