Have you accepted an offer on your property? Then you’re at the very start of the conveyancing process, which is the legal transfer of a property from the seller to the buyer.
What is conveyancing when selling a house?
It’s a process that starts with an acceptable offer and ends when you hand over the keys to your buyer. It’s a process that becomes legally binding when contracts are exchanged and takes anywhere between 8-12 weeks on average.
Who does the conveyancing?
You’ll need to instruct a specialised licensed conveyancer or a solicitor who specialises in conveyancing to complete the legal process on your behalf.
What paperwork do I need to complete?
You’ll need to provide your buyer with essential information about the property you’re selling including an EPC, proof of identity and a mortgage statement. You’ll also be asked to complete a series of forms that give information about your property (TA6, TA10, TA13 plus TA7 if its a leasehold or share of freehold property). This paperwork must be completed to the best of your knowledge. If it turns out you have been deliberately untruthful, you may lose the sale or even be sued for compensation.
What is a draft contract?
Your conveyancer will now draw up a draft contract which will be sent to your buyer’s solicitor for their approval. At this point negotiations may include:
• A mutually agreed completion date.
• Any issues raised by the survey and whether you will undertake repairs yourself or drop the price of the property accordingly.
• A price for additional fixtures and fittings not mentioned in form TA10.
What happens when contracts are exchanged?
The exchange of contracts is a legal commitment to buy and sell the property. You are now in a position to complete in two weeks, though either you or your buyer can ask for exchange and completion to happen on the same day or to put back the date to allow you to get everything in order for your move.
If your buyer pulls out after contracts have been exchanged, then they’ll lose their 10% deposit. If you pull out after this point you can be sued by your buyers.
What happens on or after completion?
• All sets of keys are handed over to your house buyers.
• The outstanding balance on the sale price is received and the balance of your mortgage is paid.
• Your estate agent hands over the legal deeds of ownership.
• You settle your estate agent and conveyancing fees.