April 2, 2021
The conveyancing process differs slightly when you are just selling a property. It's less costly as you do not have as many third party disbursements to pay such as stamp duty and Land Registration fees.
Get in touch today and we will ensure that the legal process is carried out an efficient and cost effective way. We have provided a helpful guide below to conveyancing when selling a property...
01 Choose your conveyancer. It's best to choose a 'no move, no fee' conveyancer. Typically, the total cost of the service when selling will be between £600-£1000.
02 Sign and return the conveyancing firm's 'Letter of Engagement'. You will receive this plus T&C's confirming the instruction and including details of their charges, including any which are payable in advance of the sale. This needs to be signed before any further action is taken.
03 Complete our online ID verification steps including the uploading of your passport/driving licence and relevant utility bills / bank statement.
04 Complete and return the standard protocol forms - i.e property information, fittings and contents forms. It's advisable to complete these ASAP to avoid unnecessary hold-ups later down the line.
05 Get in contact with your mortgage lender. If you have a mortgage on your property, let your lender know that you plan to sell and find out how much is outstanding and whether there is an early redemption penalty to pay.
06 Your conveyancer will send your buyer's lawyer the draft contract paperwork. This will include paperwork such as, copy title to the property along with plan, protocol forms, planning permissions and guarantees for the property that you may have provided. The buyer's lawyer will then raise any enquiries that they may have and these will be reviewed by your conveyancer and your input obtained if required.
07 A Surveyor will be instructed by your buyer's mortgage lender (if they are obtaining a mortgage) to survey your property and ensure that the valuation matches the price being paid for the property. Searches will also be instructed to be carried out i.e local search, drainage search and environmental searches are the most common but dependant on the area of the property, additional searches may be required such as coal and brine searches.
08 Finalise a completion date! Once all enquiries have been answered, search results received, mortgage finance in place then dates will start to be discussed and provisionally agreed.
09 Time to exchange contracts. The exchange of contracts takes place between the buyer's conveyancer and your conveyancer who confirm the details of the contract and officially exchange. Following this, the matter is legally binding. Now is when you will need to arrange your move and get all your things packed up and out in time.
10 Monies will be transferred between law firms and it is time for you to vacate the property. The contract usually requires a property to be vacated and keys handed over by 2pm but this is quite often amended to earlier between the conveyancers to allow for related transactions.