Understanding the conveyancing process: Selling a house

Getting a buyer

When you want to sell your house and attract customers that is put your house up in the open market there are a few things to be kept in mind. Your house is now a ‘commodity to be sold and not a ‘home’ filled with emotional ties and memories. It will help if you can make some effort to prepare and present your house so it’s immediately appealing to buyers. The outside of your property also need to make a good first impression. A prospective buyer will first notice the outside of your house. These few and inexpensive modifications will help you get a buyer quickly and your house can be sold at its maximum price.

Why do you need a conveyancing solicitor?

After you have been able to find a prospective buyer, remember property transactions generally take a long time because of the tiresome and cumbersome legal and administrative process. The Government launched its e-conveyancing pilot scheme in 2005/6 and both the home sellers and buyers have to deal with the complicated and time- consuming conveyancing process. Even though house sellers have very few administration issues to bother about, it is still advisable that a professional solicitor or conveyancer is hired. Conveyancing involves a lot of legal aspects and takes about 2-3 month before the entire procedure is completed. You can contact a conveyancing solicitor as soon as you decide to sell your house and get him to start the setting up legal documents like the contract, this way you can avoid serious delays later on in the proceedings.

The conveyancing process (1)

The solicitors will exchange contact details and letters specifying the particulars of the sale. This is known as the sale agreement.
Your solicitor will have to obtain property title deeds for the lender. These will be sent back to your solicitor at a later date.
A property information form that lists all the details to be included in the draft has to be approved both by you and the buyer’s solicitor.
The buyer’s solicitor will send a list with questions concerning property details, tenure, utilities, items to be included in the sale etc. to your solicitor. This should any ambiguities as early as possible.
The draft contract might have been drawn up by your solicitor as soon as you instructed him. This is not a standard contract and will probably be changed quiet a lot before you sign it. The draft consists of two parts: Particulars of sale and conditions of sale. The particulars of sale spell out property details and items to be included in the sale. The conditions of sale concern the proposed completion date and deposit required on exchange of contracts.
As soon as the title deeds are returned, your solicitor will send the draft contract to the buyer’s solicitor. When the completion date and terms of the draft contract have been agreed by the solicitors, it will be sent to you for approval. As soon as approved, the standard contracts will be set up and sent to you for your signature. After signing the contract send it back to your solicitor. Remember that until contracts have been exchanged, the whole thing is not legally binding.
Then comes the exchange of contracts, each party signs all the contracts and sends them back.
After this you will receive the buyer’s deposit if there is one. The buyer’s mortgage lender will send the money to your solicitor by electronic transfer.
After the transfer of deeds, you are no longer the owner of your house.

While selling your house it is important that you go through a good and reputed conveyancing firm. You can get some referrals from friends and neighbours of good conveyancing firms they have dealt with. A good and professional conveyancing firm will ensure that you have a good, speedy and stress free conveyancing experience.

Source: (1) http://www.home.co.uk/guides/selling/conveyancing.htm