Thu 22 Mar 2018
Picture the scene.
You’ve accepted an offer from a suitably strong buyer. What next? It’s time to get the legal ball rolling.
Conveyancing involves legally transferring home ownership from you to the buyer. It begins when the offer on your property is accepted and ends when the buyer receives the keys on completion of payment and the legal side of things (referred to as conveyancing) are all in order.
Understanding the conveyancing process will help ensure there are no nasty surprises during the process.
1) You’ll need to instruct a solicitor, ideally one who specialises in conveyancing work. Beware as not all solicitors are as experienced in this field as others.
2) Get three different quotes and go with the one you feel is the best value for money.
3) Your appointed solicitor will then draw up a draft contract or terms of engagement with you, setting out their charges and deposits required.
4) Your solicitor will write to your buyer’s solicitor to confirm they are instructed and prepare a copy of the draft contract and any other details, such as the property’s title and the standard forms.
5) You’ll be asked for several items of paperwork including warranties, any relevant planning permissions etc. Prepare these once you know you’ve accepted an offer. It will speed up the process.
6) All being well it usually take 8-12 weeks to complete the legal side of a sale. Sometimes quicker, sometimes longer.
7) Once contracts have been exchanged and a completion date has been set it’s time to look at who you need to tell that you’re moving.
Please note this only covers the sale of your property and not your purchase if you were selling and buying at the same time.
We know from our experience that this is solid advice but of course it doesn’t represent legal advice – you’ll need an experienced solicitor for that.
Thanks for reading and if you have any property related questions please don’t hesitate to get in touch with us – we’d love to help you.
Tim Lovett, Managing Director
PS: Want to get a SOLD or LET sign outside your property quicker? Call our team on 01480 218200 or email: firstname.lastname@example.org for honest, expert and friendly advice.
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