In the last article, we discussed the initial stages of the conveyancing process for selling properties in the UK. For those who do not know, conveyancing is a legal process and it is a required process that is a must when buying or selling properties in the UK. In this set of few articles, we will be discussing the conveyancing process in details. This includes specific articles on divided sections of the whole conveyancing process. Important thing to mention is that this process that is being discussed in the articles are specific to UK. However, generalised information is included too and can be followed for other countries as well.
The following article will focus on the legal aspect and other works for selling properties in the UK.
Legal work before selling
In the previous article, it was mentioned what the initial steps to take before selling your property. However, that includes choosing a solicitor and then signing the agreement. Thus, now, we will move on from the initial stage discussion to the legal process that follows it when selling a property in the UK. Similar the process of buying a property, the legal work that is to be done is a bit cumbersome yet rewarding. First, your solicitor will acquire the title deeds from you and the forms that you are to fill and give to your conveyancing solicitor. These forms are sent as a package to the buyer’s solicitor who gives it a thorough check and examines it properly. One important to mention is that the draft papers must be absolutely accurate so that the other party cannot raise any question to you or your solicitor.
Secondly, if your property is a leasehold property then there is another form that you must complete, which is the seller’s leasehold information form. This form must be sent accordingly to buyer’s solicitor. Also, you will receive a standard managing agents questionnaire form from the other solicitor and you will have to fulfil it. This document is a required piece of paper that is to be sent to the appropriate landlord or residential agent of the property that you are selling.
After you have completed and submitted the forms to your solicitor and he has sent it to the buyer’s solicitor. The buyer’s solicitor will thoroughly give it a check. After checking it, he or she may find points and ask your solicitor to clarify it. Therefore, throughout this time you will need to be in constant touch with your conveyancing solicitor and make sure that no information is misinformed or skipped.
In the end, after the buyer’s solicitor has examined the paper work and gives a green signal the deal is good to go and within very short time your solicitor will complete the legal process of selling the property on your behalf.
If there is mortgage
Mortgage is to convey a property to a debtor who gives you loan to buy that property. Therefore, if the property you are selling is on mortgage, your debtor will give your conveyancing solicitor a document which will give exact dates and amount due by you for the property.
As your solicitor is a lawyer by profession, it is in your best interest to provide him with all the details regarding loans against the property and such because as soon as the sell is completed, the loan amount will have to be repaid back.
Contracts and details
You must be aware that the buyer’s solicitor is important here as he or she will give the go to their client to sign the contract with you. Once this contract is signed, both parties are entitled to buy and sell to each other. You will be notified by your solicitor that the buying party is ready to sign the contract.
The date of signing the contract or a completion date must be fixed so that both parties can sit together and sign the contract with a cool mind and no rush. Normally, the whole process takes up to a month. Thus, causing any haste or delay may make the deal to fall through rather than complete.
As mentioned above, after the signing of the contract is finished, both parties must complete the deal. If, any complications arise and any party intends to back out, then that party must compensate to the other party. After the signing is completed and the property is sold, your conveyancing solicitor will give you a statement. This statement will include detailed information of their charges, if there are any loans that is to be repaid by you, and all other costs.
To complete the deal, you will be required to sign the transfer of deed. Your solicitor will pay off all the loans on your behalf if there are any and any mortgages and expenses. After all the formalities are done, you will be informed about it by your solicitor. Then, you can leave the keys with the buyer’s solicitor and everything is done. To get complete service from an experienced solicitor, you should check out Nigel Broadhead Mynard Conveyancing Solicitors who conveyance for properties in and around UK.