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Time, Cost and Significance of Selling Conveyancing Process

The conveyancing process for the buyers is often discussed and explained however if you are selling conveyancing process is in fact very crucial as well so you hate a smooth transaction. Here are some of the important points to be considered.

What is involved in selling conveyancing process?

Before the process could start, the seller and the buyer have to agree on a particular purchase amount. Once both have made their mind, the buyer has checked the property along with the solicitor, the conveyancing starts. However, it is noteworthy that a seller can hire a solicitor for the conveyancing process and the solicitor may start working from the initial stage.

Search

The search on the property by the solicitor of the seller is not mandatory, but it has become very common these days. It can be done anytime before the draft contract process starts as part of the selling conveyancing process. The cost of the search is not so high and is generally within £50. Multiple questionnaires are to be completed by the seller as part of the conveyancing as well. TA6 is for boundaries, disputes, utilities, Tax, Sewage and others for freehold properties. TA9 is for leasehold properties, and TA9 is for commonhold properties. TA10 is about the fixtures and fittings whereas TA13 is about mortgage and other claims like insurance. These questionnaires ensure that the seller of the property is aware of everything, and all the information is already gathered by the seller or the solicitor.

Draft Contract

This is where the selling conveyancing process starts as the solicitor prepares the draft contract by obtaining information and official documentation from the different offices like Land Registry and others. This draft contract includes every detail of the property transfer. It is then handed over to the solicitor of the buyer. The solicitor of the buyer just makes sure to double check the same and sends in the queries if any. The negotiations of the draft contract continue until both the parties reach an agreement.

Mortgage

In case the seller has the outstanding mortgage for the property, then it has to be ensured that it is paid off. The mortgage of the seller can be paid off by the solicitor on behalf of the seller. However, if the seller wants to transfer the mortgage or complete any other legal formalities, then it must be done as early as possible in conveyancing.

Exchange of contracts

The buyer and seller agree upon a date for the exchange of contracts. The contracts are generally on this day with the presence of the solicitors. However, once the contracts are exchanged none of the parties can back off from the agreement and the seller cannot accept another offer as well. The completion date is generally between 7-28 days from the exchange of the contracts.

Completion Day

The completion process registers the property in the name of the buyer. The key is handed over to the buyer and conveyancing process completes.

Cost

During the selling conveyancing process, the expenses depends on upon the various factors. Apart from the search fees and fees to obtain the official documents, the seller must pay for the solicitor fees and other legal disbursement fees. The solicitor fee depends on upon the area of the United Kingdom, but it is roughly in the range of £1000.

Even though the selling conveyancing process is easier than the buyer one but it is equally significant for the seller.

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