Whether you’re selling your home for the first time or are so experienced at the property game that you could give Kirsty and Phil a run for their money, one element of the sale is likely to be a bit of a mystery. And that’s the conveyancing, the actual legal stuff that is required for a transaction.
But there’s no need to stay in the dark about what your solicitor or conveyancing solicitor is doing while they beaver away on your behalf.
Breaking down the essential elements
Here’s our breakdown of the essential parts of the transaction.
- The solicitor will require proof of ownership, including title deeds that may be held by your lender if there is an outstanding mortgage.
- You will also be asked to provide more information about your property by filling in forms your solicitor will send to you.
- Your solicitor will draw up a sales contract that outlines everything included in the sale and send it to the buyer’s solicitor, along with the other details you have provided about the property.
- A buyer may have questions about the property, particularly arising from a building survey. Your solicitor will answer these questions but may be in touch with you for further information.
- Once a draft contract has been agreed by both sides, your solicitor will arrange for you to sign the contracts and agree on a moving date.
- Your solicitor exchanges contracts with the buyer’s solicitor, a move that means neither of you can now pull out of the sale. This exchange is usually done by telephone between the solicitors and gives you the certainty to proceed with all the other elements of a move, including purchasing a new property.
- The paperwork required for the sale includes a Transfer Deed that you must sign while your solicitor will request a final mortgage settlement figure from your lender to settle the outstanding amount. Any estate agent bill is also requested at this point while the solicitor’s own final bill will be prepared.
- The sale is complete when the buyer’s funds are transferred to your solicitor. You must vacate the property by noon on completion day, so long as the money has exchanged hands, and hand over the keys to the estate agent or direct to the buyer. The outstanding mortgage and all other fees will then be paid by your solicitor with any balance sent to you by cheque or bank transfer.
- The solicitor’s final act is to return the Transfer Deed and Title Deeds to the buyer’s solicitor.
Quality service delivered every time
Homeward Legal works with a nationwide panel of specialist property solicitors based across England and Wales. Each member of our panel is committed to delivering fast, low-cost conveyancing services to sellers. All quotations come with a guarantee that this is the price you will pay with no hidden extras. All disbursements and fees are outlined from the start.
Start your journey to a new home by calling our expert sales team on 0800 038 6699 or get an instant, no-obligation quote here.