Selling Made Simple: Our Guide To The Conveyancing Process
Looking to sell your home? Not sure where to start with conveyancing (or even exactly what it means)? No need to panic – all the answers are right here in this blog.
Let’s break down each step of the journey, starting by defining conveyancing as a legal term for transferring the title of real estate from one person to another. Simple, right? So – what are the next steps in the conveyancing process for sellers?
Step 1: Instructing a Solicitor
Before you do anything, it’s crucial to get a solicitor or licensed conveyor on board to help you handle the complicated legal aspects of your sale. They’ll be able to guide you through all the intricate ins and outs of the process, including any complex documents that ensure everything stays in line with any legal requirements.
Look around, do your research, read reviews, and keep in mind that it will be best to go for a solicitor or conveyancer with experience in property transactions similar to the one you’re dealing with. It can be helpful to ask around for recommendations here to make sure you find someone trustworthy and reliable.
Step 2: Drafting the Contract
Now you’ve got your solicitor sorted, you can move on to drafting the contract with the help of their expert eye. The contract is key for any successful (and legally sound) property sale, containing all the critical terms of the sale such as the agreed price, property boundaries, fixtures and fittings included in the sale of the property, and anything else that might be relevant to the sale.
The draft contract is subject to negotiation between you and the buyer, which will be ongoing until you reach a conclusion that satisfies both parties. To get there faster, it’s important to remain as transparent as possible – be clear about what exactly is included in the sale so you can avoid any misunderstandings that might halt or hinder the process.
Step 3: Property Information Form
Another key legal document: the Property Information Form (TA6). This is simply a form that provides comprehensive details about the property being sold to the buyer. This will need to be completed by you (along with the help of your solicitor) as thoroughly as you can, if you want to get the most out of your sale and help speed things along.
Make sure to include:
- Boundaries. Who is responsible for maintaining the boundaries of the property? This could be anything from a hedge, to a fence, to a wall.
- Disputes and complaints. Have you made any complaints to the council about neighbours during your time in the property, or experienced anything that might constitute a dispute? If so, you’re legally required to include them here.
- Alterations. If you’ve made any changes to the property, or done anything that required planning permission or building control, make sure to mention this also. This is so you can prove that you made these changes in accordance with the law, so you’ll need to provide copies of planning permission approvals and completion certificates.
Step 4: Negotiations & Queries
You’ve done the work on your end – now it’s up to the buyer to respond with any additional requests, if there are any. This will require a bit of ongoing negotiation, so make sure you stay open and honest and always have your solicitor at your side in case any issues arise when communicating with your buyer.
Be willing and able to provide additional documentation or answers promptly in order to keep the process moving smoothly, and secure your sale as quickly as you can.
Step 5: Mortgage Approval
If the buyer requires a mortgage to purchase the property, you’ll also need to go through the process of mortgage approval, which is simply confirmation from the lender that they will be able to provide the funds needed for the property purchase.
For this to go ahead, the buyer’s mortgage lender will first conduct a validation (which is just a fancy word for an assessment of a property’s value) in order to ensure the house is actually worth the agreed price. This is all part of the process, so don’t stress too much – the solicitors on both sides will also step in to ensure all legal requirements are satisfied.
Step 6: Exchanging Contracts
Contracts drawn, queries resolved, mortgage approved – it’s time to exchange contracts. This is a crucial point in the conveyancing process timeline; the signed contracts are exchanged between buyer and seller, which makes the sale legally binding. There’s no going back now, so make sure you are fully committed and completely satisfied with the terms of the sale before you take this significant step. If you decide to back out after this point, you could be facing some pretty severe financial penalties.
Step 7: Completion
The final step in the conveyancing process is completion, where the remaining balance of the purchase price is transferred from the buyer to the seller. In other words, you get your funds, they get their keys, and the property officially changes hands.
You’ll need to sort a completion date, which is just the agreed date on which completion will occur and your buyer officially takes the reins of the property. Make sure you’ll be prepared to vacate by this date, with everything moved out and scrubbed spotless so you can ensure the property is left in the agreed condition, ready to become someone’s new home.
After this point, your solicitor will handle the final administrative procedures, such as paying off any remaining mortgage on the property, settling estate agent fees, and registering the sale with the Land Registry (the government department responsible for maintaining a record of property ownership in England and Wales).
Make sure you keep a complete record of all documentation related to the sale in a safe place, as you might need to refer to it in the future.
How We Can Help
At Zest, we pride ourselves on making conveyancing as straightforward and stress-free as possible, with an on-hand team of experienced real estate professionals here to ensure that every step of the process is handled with expertise and care. Through every step of the conveyancing journey, we make sure to provide you with clear communication and practical advice that will keep you informed and confident throughout the sale, taking the time to explain everything in plain language that is simple and easy to understand.
It’s our goal to take the stress off the conveyancing and selling process so that you can stay focused on the excitement of your next move. When you work with Zest, you can rest easy knowing that your property sale will always be handled with professionalism, efficiency, and care. Get in touch today to hear more about how we can help you make the conveyancing process a breeze.
