Selling a property can be one of the biggest projects you ever undertake. It should be an exciting experience, though it can be quite stressful. Our aim is to take the stress and unpredictability out of the process. With this in mind we have prepared a guide to the conveyancing process and the steps involved. If you have any queries or would like any further information, please do get in touch.
Paperwork and enquiries
- First, we will obtain the title to the property, prepare the Contract and send this to the buyer’s solicitors for approval.
- We will ask you to complete a form answering questions about the property.
- The buyer’s solicitors will raise enquiries concerning the property, the transaction and any other relevant legal matters.
- We will answer these enquiries using the form you have given us. We may need to contact you for answers to questions not covered in the paperwork.
- If the property is a flat, then there will be further enquiries raised with the management company / landlord.
Contract and Transfer
- Once all enquiries have been dealt with, we’ll send you the Contract and Transfer to sign. A completion date can then be agreed with all parties in preparation for exchange of contracts.
Exchange of Contracts
- When all the paperwork has been signed and a completion date agreed, we will exchange contracts. This is done by telephone between the buyer’s solicitor and us. The transaction is now legally binding.
- The buyer’s solicitor will then immediately send us the signed contract and deposit. We will also send them your signed contract.
Commission and Mortgage
- After exchange, the estate agents will submit their commission account to us for payment on the day of completion.
- We will ask your mortgage lender for a redemption statement. This is the sum due to to redeem / clear the mortgage when you complete.
You should not, under any circumstances, hand over your keys to the buyers at this stage.
- On completion, the buyer’s solicitors send the balance purchase money to us by bank transfer (CHAPS)
- When we’ve received this money, we will authorise the estate agents to release the keys to the buyers and send the Transfer and deeds to their solicitors.
- We pay off your outstanding mortgage (if applicable), pay the estate agent’s commission, our fees and expenses and send the rest of the proceeds of the sale to you. If you are buying a property, we will put this money towards the purchase.
- The completion date is the day you must leave the property you’ve sold. This may seem obvious, but we have known cases where clients have planned to stay after the sale! Plan to vacate your property by no later than midday on the day of completion.
File is closed
- Following completion, and once the lender has confirmed that the mortgage has been repaid in full and provided the necessary evidence, we will arrange to close our file and archive this for six years.
If you have any questions, please call us on 0117 926 4121.