Property transactions can be a stressful business. Chains are broken, offers are accepted and then withdrawn, there can be costly solicitor fees, cancelled viewings, and more. It seems like the goal of achieving a smooth sale is unattainable at times.
Sometimes, though, all you need is some guidance to make the process a little easier. Today, we will look at conveyancing and how it works for the seller. Luckily, our team at Doorsteps are experts in online conveyancing, so we are well-equipped to help you get your sale completed.
Who will do my conveyancing?
Good question – ultimately, it is down to you. It must be done by a solicitor or conveyancer, rather than by you. With the high quantity of legal work involved, it is highly recommended you hire a professional. Costs can vary, so be sure to shop around and ask questions. Operating with Doorsteps means we can take care of conveyancing, too, that’s one more task ticked off your list.
When should I instruct the conveyancer to begin?
It is important not to get ahead of yourself, as you can’t instruct a conveyancer to do anything if a property move doesn’t have an accepted offer on it. It’s worth finding a suitable solicitor or conveyancer before you are under offer, perhaps at the same time you choose your estate agent. In some cases, like with Doorsteps, choosing certain estate agents means you can get a conveyancer as well.
Conveyancing paperwork for sellers
Before contracts can be exchanged, there is still some paperwork to do in order to progress the process. In some instances, you may not need to complete all the forms, but for clarity, see below for all the forms you may need to fill in:
- TA6 form – this is a questionnaire that covers boundaries, disputes and complaints. It will also cover whether there are any known proposed developments in the area, and the rates of council tax and utilities
- TA10 form – this will allow you to document which fixtures and fittings you plan to include with the property
- TA13 form – this will give you the opportunity to cover more technical details, but also things like how and when keys will be handed over, confirmation that the property is free from mortgage, and that there are no liability claims
It’s of paramount important that these documents are filled in accurately. Failure to disclose information could see you facing legal action. We can help with this step.
Draft contracts and negotiations
Once the above forms are complete, the solicitor or conveyancer can begin to draw up a contract. This will then be sent to the buyer for approval.
As with any contract, there are always sticking points that the buyer may want to negotiate. Your conveyancer will lead the negotiation process and work toward reaching an agreement, all the time liaising with you to ensure you get what you require from the deal. Typical areas to reach agreement on are:
- The date of completion (this can vary – in some cases, it could be as long as one month after the exchange of contracts)
- Whether the fixtures and fittings are included in the sale
- How much the buyer is willing to pay for other fixtures and fittings
- Who will fix any issues that have been brought up as a result of the buyer’s survey. In some cases, the interested party might lower their offer, especially if the survey has flagged anything significant
Settle your current mortgage
In order to progress to the next step, you must pay off your mortgage. To do this, you can request a figure from you mortgage lender. This will indicate how much is due upon completion of the sale. Liaise with your conveyancer or solicitor to ensure everything is completed correctly.
Who exchanges the contracts?
Once everything is agreed on paper, the contracts can be exchanged. This will be handled by the conveyancer, who will complete the process with the buyer’s conveyancer. This is done jointly to ensure both contracts are identical.
Where there is a chain involved in completing the whole process, conveyancers will work together to ensure all parts of the chain are intact, because if it breaks for one party, it breaks for all.
Once everything is officially signed between contract holders, the contracts can now be exchanged, so the process is now legally binding. If the buyer pulls out at this stage for any reason, you will be in a position to sue them and likely keep their deposit. The same is also true if you were to pull out as the seller.
What happens after contracts are exchanged?
Once contracts are exchanged, the conveyancer will secure the deposit from the buying party. At this stage, the property is still yours to live in, but you are one step closer to moving into your new home.
What does a conveyancer do on completion day?
The conveyancer will receive the outstanding balance of the sale price and hand over all the legal documents that certify ownership.
How long does conveyancing take?
There is a lot less involved in conveyancing for the selling party, but this doesn’t necessarily mean the process is completed quickly. Below is the industry standard for how long conveyancing takes. The advantage of working with Doorsteps is that with us, conveyancing can be completed in half the time. Check out our conveyancing fast move guide to show just how quickly we can have you moving:
|CONVEYANCING PROCESS||TIME TO COMPLETE|
|Surveys, local searches, draft contracts||2 weeks|
|Mortgage arranging||4 weeks|
|Reviews of survey, draft contract and local searches||2-10 weeks|
|Exchange to completion||1 week|
This table includes the steps for buyers, too.
Choosing Doorsteps to help you complete your house sale is a great way to get moving fast. As one of the leading online estate agents, we have perfected the art of making property sales an easy and stress-free process. Contact us to find out more.