When you are selling a property the conveyancing fees tend to be slightly less than if you are buying. This is because you don’t have much third-party disbursement to pay, like Land Registration fees, searches and Stamp Duty.
However, though the process is much simpler, conveyancing when selling a property still confuses a lot of people. For this reason, many connect with an online conveyancer to ensure that they’re following all the steps for a smooth and hassle-free transaction.
Conveyancing and Different Stages of Selling a Property
Before Getting an Offer on Your Property
- Look for a conveyancer using the best online conveyancer tool before you get an offer for your property. You should expdc the fees to cost around £600-£1000.
- Once you have an online conveyancer, sign and return the Letter of Engagement. This formality will inform you of their charges, terms and conditions, instructions, and other details. Of course, this needs to be signed before you take further action.
- After that, return all completed forms to avoid any delays down the line. This will include your property information, fittings, and other forms.
- Once all legalities and forms are through, reach out to your mortgage lender and let them know your plans of selling your property. Check if you have an outstanding balance and if there’s a redemption penalty you need to pay.
Accepting an Offer for an Exchange
Once you have a potential buyer, your conveyancer will send the draft contract to your buyer’s lawyer. In this contract, you’ll find the copy title to the property, protocol forms, guarantees, planning permissions, and more. During this time, the buyer can raise any enquiries and make negotiations as well.
Your mortgage lender will likely want to survey the property and ensure that the value they are asking matches the price of their property.
Once the property has been inspected and there are no problems, you can finalise a completion date. This is only if all enquiries have been answered, mortgage finances are in place, and such.
Exchanging and Completion Day
Now that your buyer has completed all requirements, it’s now time to exchange contracts. During this time, you and the buyer will confirm all the details in the contract and officially exchange the property. Since everything is legally binding, you can now arrange your move and get all your valuables packed up, ready for the new owner.
Once all requirements and payments have been made between parties, you can now vacate your property. Typically, a contract requires that a property is empty and handed over by 2 pm; but of course, this can be amended during transactions.
The Bottom Line: Knowing the Conveyancing Process Can Give You a Smoother Transaction Experience
Selling a property is not a simple process, but by working with a reliable conveyancer, you’ll be able to go through the whole process without any worries and hassle. Of course, you need to ensure that you’re looking for a conveyancer using the best online conveyancer tool so you can find the best quote that will fit your financial needs.
How Can We Help You?
If you’re looking for the best online conveyancer tool that will help you compare quotes from various solicitors, Conveyancing Store can help you with that. Find the best conveyancer in England and Wales today!