If you happen to sell your home or any piece of property, then you would know that the process can be long drawn, tedious and stressful. And that is why you should turn to conveyancing for help. Conveyancing is the process of legally transferring home ownership from one person to another. In this case, you must transfer ownership from yourself to the buyer. It starts from making an offer and finishes when you hand over the keys to the buyer.
Conveyancing involves hiring a conveyancer or a solicitor to act on your behalf during the transaction. They will conduct all the legal work, complete the paperwork and enter into negotiations with the other party. Understanding the process will help make everything seem clearer and simpler. It will also make sure there won’t be any unpleasant surprises down the road during the deal. The entire process can take from 6 to 8 weeks, although the time varies from transaction to transaction, as there is no ‘standard’ case.
You must first ‘declutter’ and decorate the house to attract potential buyers. Repair damage to make sure the property is in good condition. Clean up the house so that it will be appealing to the buyers. After this you will have to wait for a buyer to make an agreeable offer.
Firstly hire a conveyancer to do the conveyancing. It is best to have chosen which solicitor or conveyancer you want to use around the time you choose the estate agent, tell them you want to sell, and agree fees. However, you only instruct them to start work after you have a formal offer. Choose a well reputed firm based on the feedback from their previous clients. Once you pick a conveyancer, tell them exactly what you want and if there are any issues with the property they should know beforehand. Next, you must answer and complete a number of detailed questionnaires about the property and what you intend to include with the sale, which will be provided to you by your solicitor/conveyancer. Your solicitor or conveyancer will then draw up a contract based on the responses to the questionnaire. This will be sent to the buyer for approval. Your conveyancer will then go into negotiations with the other party. They will decide the terms and conditions of the contract and will agree on a date for the exchange of the contracts and the date of completion.
Meanwhile, you must plan to pay off your mortgage. This is done by requesting a redemption figure from your mortgage company. This is the amount you must pay on the completion of the sale.
Once you exchange contracts, you will be in a legally binding contract to sell the property. This means that if you pull out, they can now sue you. You are legally obliged to sell the property. Moreover, you cannot accept any other offer after the contracts are exchanged.
After the exchange you should immediately receive the buyer’s deposit. You should check the property to make sure all the fixtures and parts are in good condition. You still own the property till completion, which is when you hand over the key to the buyer and move out. You will receive the rest of the money and transfer the legal documents to the buyer. Any outstanding mortgage on the property can now be paid off from the proceeds of the sale. The solicitor/conveyancer will normally do this.
After completion you will just have to pay your conveyancer and the estate agent. Congratulations, you have successfully sold your home! The use of a conveyancer or solicitor means that you won’t have to do any of the hard work and the sale is in the hands of someone who is well experienced in law and property business. In short, the transaction will be smooth and hassle free.