Stages in Conveyancing
The conveyancing process is lengthy and often complicated. It will be much easier for the customer if they know what is happening. Here are the steps that occur when you sell a piece of property.
- After you make the decision to sell your property, you should find and instruct the conveyancer of your choice.
- Your confirmation will then confirm instructions by letter which state the terms of business and fixed fee costs. They will also carry out proof of identity checks and sends out a fittings and contents form and property information forms for completion. If the property is leasehold, you will need to provide additional information.
- You will then have to complete the various forms given to you by your conveyancers.
- The conveyancer will then get the title deeds of the property from the land registry. They will also get any other documents that are necessary and will also get the details of your mortgage.
- Your conveyancer will create the draft of the contract and send it to the buyer’s conveyancer, who checks the contract and other documentation and raises pre-contract enquiries with the seller’s Conveyancer.
- The conveyancers will discuss and negotiate the terms of the contract.
- When the two parties have reached an agreement and are both satisfied with the terms and conditions, the conveyancers will set a date for the completion.
- Once the contracts are exchanged, the buyer and seller are legally committed to complete the transaction. The seller’s conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. The buyer’s conveyancer then drafts a transfer deed and sends to the seller’s conveyancer.
- Your conveyancer will then check and examine the deed transfer and sends to the seller for signature in readiness for completion.
- Before completion the seller must vacate the property at a time to be agreed previously and make arrangements to hand over the keys, usually through the estate agent. The buyer’s conveyancer will send the proceeds of sale to the seller’s conveyancer and the seller’s conveyancer will arrange for the keys to be sent to the buyer. The seller’s conveyancer will send the title deeds and transfer the deed to the buyer’s conveyancer together with an undertaking to use the proceeds of sale to remove any existing mortgage. The seller’s conveyancer then pays the estate agent if one was used, repays the amount owing to the existing mortgage lender and takes payment for their Conveyancing service costs.
- After all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.
Although you will be tempted to avoid using a conveyancer in order to save some money; it best to hire a conveyancer when dealing with any kind of property transaction. Conveyancing is a complex and involved process that most average people simply don’t have the time or experience to tackle alone, which is why a qualified and professional conveyancer will help you make the experience much simpler and stress free. With a conveyancer, you remove the chances of easily avoidable mistakes happening that can slow down your progress and can cost you extra money. While the conveyancer takes care of all of the complicated details of the transaction, you are free to pursue matters that are more directly important to you such as preparing to move into or out of your home. Without a conveyancer, the process is aggravating and frustrating and can give you unnecessary distress.
A conveyancer acts on your behalf during the purchase or selling of your property. They will also advise on which decisions to make during the process. They are helpful because of their familiarity with laws regarding the sale, purchase, subdivision and transfer of property rights and their experience dealing with banks and real estate agents. In short, they are there to make the entire process simple and relaxed for you.