For sellers, conveyancing is the transference of property ownership from you to the buyer.
This process begins when you accept an offer from a prospective buyer and ends when giving the property’s keys to the new seller.
A conveyancing solicitor or licensed conveyancer handles the whole conveyancing process. Here are the steps involved for sellers:
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Instruct your conveyancing solicitor
Once you accept the offer from the buyer, you need to instruct your solicitor to begin the process. Before getting your first offer, you can choose your solicitor to fast track the process.
Before choosing your solicitor, check reviews and feedback, and compare quotes. Be sure not to only look at local solicitors around you. If you see a better fit online, stick with an online conveyancing solicitor.
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Fill out forms and Provide documents
You will need to fill out forms concerning the property which will be provided to you by your solicitor. You’ll need to fill out forms like:
- TA 6 (a form concerning boundaries, disputes and complaints, known proposed developments, building works, council tax, utilities, sewerage, contact details)
- TA 7 (needed if you don’t own the freehold. This form contains info on the leasehold)
- TA 9 (concerning information on the commonhold)
- TA 10 (concerning fittings and fixtures)
- TA 13 (includes finalisation details like completion, handing over keys, mortgages and liability claims)
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Draft contract & negotiate
Your solicitor will use the information on the filled forms to draft a contract and send it to the buyer for approval.
Your solicitor will lead negotiations over the draft contract and will make sure the following details are in the draft.
- The date of completion (mostly 7-28 days after the exchange of contracts)
- The sale price includes some of the fixtures and fittings
- The price for the other fixtures and fittings.
- Issues to be fixed raised in the buyer’s survey
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Pay off mortgage
Before exchanging contracts, you need to pay off your mortgage by requesting a redemption figure from your mortgage company. Upon completion of the sale, you should have paid off your mortgage.
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Exchange Contracts
Your solicitor will exchange contracts with the buyer’s solicitor on the decided exchange date.
Once there’s an exchange of contracts, you will be legally bound to sell the property as the seller. If you pull out of the sale, the buyer can sue you, and if they pull out of the sale, you can sue them and keep their deposit.
Exchanging contracts also means that you can no longer accept another offer on your house.
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Start preparing to move
After the contract exchange, you should receive the buyer’s deposit (usually 10% of the sale price). You still legally own the property at this point of the process, but now will be an excellent time to start organising your things and preparing to move.
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Completion
You hand over the keys and any spare you have on the completion date. You will receive the balance of the sale price, hand over all legal documents that shows evidence of ownership and clear off the mortgage with the sale proceeds.
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After completion
At this stage, you pay your solicitor and estate agents.
All these steps take about 12-16 weeks. But online conveyancing solicitors can get it done faster in about four weeks.
