The conveyancing process, which refers to the transference of property from one legal owner to a new legal owner, has three distinct stages: formally agreeing to the sale, the exchange of contracts and the official completion of the sale.
Formally Agreeing to the Sale
When this process commences, your conveyancing solicitors will put together a pack of legal information which will be sent directly to the solicitor your buyer has instructed to work on their behalf. This information pack will include:
– A property information form
This form will cover any building or planning consents, boundaries, guarantees relating to any work that has been completed and any disputes that have occurred with neighbours. If your property is leasehold, a second form will also need to be completed which will cover ground rent, service charges and details of management companies and/or freeholders.
– A fixtures, fittings and contents form
This form will ensure buyers are aware of the items you plan to take with you and those you will be leaving behind.
– A copy of the deeds
If you own your property outright, you might hold the deeds. Otherwise, it is likely your mortgage lender will hold them on your behalf. Your conveyancing solicitors will also contact the land registry to obtain an up-to-date copy of your title information.
– Contract of sale
This document contains the price of the property, its address, and the names and contact information of both the seller and the buyer. This part of the process will also require your solicitors to field any questions your buyer’s solicitor may ask and agree a moving and/or completion date.
The Exchange of Contracts
During this part of the process, your conveyancing solicitors will receive the deposit from the buyers on your behalf.
If you purchased your property with a mortgage, this is the point at which your solicitors will contact your lender to obtain a settlement figure. This figure is the sum you will need to repay when your property is sold.
From here, you and your buyers will exchange contracts. You have now committed to sell your property, and your buyers have committed to purchase your property.
Completion of the Sale
On the agreed completion date, your solicitors will receive the balance of payment from your buyer’s solicitor. Following this, the deeds will be handed over and you will have successfully sold your property.