The conveyancing process involved in both buying a house and selling a house can be complex and very time-consuming. If you haven’t already, it is a good idea to familiarise yourself with the steps involved, so that you know what to expect to happen and when.
To make it easier to digest we have split the process involved in conveyancing into small handy steps and produced a handy guide:
The steps involved in selling a house differ slightly from buying. Firstly, we will have a conversation with you about the sale and note down all the necessary details. This will allow us to start the process. We will then ask you to complete initial paperwork, provide us with your form of identity and request you send us the funds for any office copy entries. Within the initial paperwork, there will be some protocol forms which will ask detailed questions about the house you are selling.
We will apply for your current title deeds to the property from your mortgage lender and request a statement showing how much is left to repay.
Copies of the up to date electronic deeds, also known as official copies, will then be obtained by us from the Land Registry. Each document usually costs £3 and involves a copy of the title, a copy of the title plan and any other copy transfers or agreements that may grants rights or impose obligations on the property.
Step four of the conveyancing process is preparing the draft contract for the sale of your house. These will be sent to the buyer’s solicitors, along with the official copies, protocol forms and any relevant documents. It typically takes up to a week for the buyer’s solicitor to read through and check the contract paperwork.
The buyer’s solicitor will then raise any questions that they, or the buyer, has in relation to the contract bundle provided. In the event that they have any questions about the property or paperwork, they will get in contact with us and we may need to refer to you so that we can answer their questions.
Once the buyer’s solicitor is happy with the responses to enquiries, at this stage of the conveyancing process, a date can be arranged for signing the paperwork and completion, which is agreed by all parties involved with the transaction. After this, the buyer will transfer the deposit (usually 10%) to their solicitor, which is the cue for us to prepare for the exchange of contracts.
When the exchange of contacts happens the transaction and completion date becomes legally binding. The deposit will then be transferred to us by the buyer’s solicitor and then we will request a final redemption statement from your lender.
The conveyancing process is complete on ‘moving day’ and when we have received the full balance of the sale price from the buyer’s solicitor. You are required to leave the keys with the estate agent, who will only release them to the buyer when the funds have been received. Your existing mortgage will be repaid and all fees from the sale proceeds will be settled; the remaining balance will then be sent to you.
Kick start the conveyancing process and arrange for a conveyancing quote from your local conveyancing solicitor in Hucknall and Bulwell.
Click to download our selling conveyancing process infographic.
Residential Conveyancing - I collected my keys this afternoon and everything is ok . Thanks for sorting, glad it's all finally done. Thank you to you and Steph for going above and beyond what should have been necessary.
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