The term conveyancing refers to the legal process that transfers ownership of a property from the seller to a buyer. When you sell a house, the conveyancing process starts when you accept a buyer’s offer and ends when you pass the keys to them. Here, we take a detailed look at the conveyancing process from a seller’s point of view.
Instructing a conveyancer/solicitor
Whether you’re a buyer or a seller, a solicitor or conveyancer typically performs the conveyancing process. The initial step for sellers in the conveyancing process is to instruct their conveyancing solicitor. After accepting an offer, you must formally instruct your conveyancer to start the process to enable the sale to move forward.
To decrease delays and hasten the conveyancing process, it is advisable to select a conveyancer or solicitor you wish to hire when you pick an estate agent and your property has not yet received an offer.
Preparing for sale
Sellers are responsible for efficiently handling enquiries and searches that are raised by their buyer’s conveyancer. This typically involves providing information about the property and supporting documents, but also answering queries regarding the contract, title and property details. It also includes addressing issues revealed in the buyer’s conveyancer’s searches.
Before you can exchange contracts, as the seller, you’ll need to complete several detailed questionnaires on the property and list what you will include in the sale. These forms are issued by your conveyancer or solicitors. Ahead of completing these questionnaires, it is a wise move to get prepared and find all the documents you need to sell your home.
The TA 6 is a general questionnaire form. It includes information regarding complaints, disputes and boundaries, known planned developments, building works, utilities, council tax, sewerage and contact details. Sellers of leasehold property can supply additional information on TA 7 and TA9 forms.
The next form to fill in is the TA 10. This lists details of the fixtures and fittings you are including in the property sale.
Finally, the TA 13 is a technical form that includes completion details like how and where completion takes place, arrangements for collecting keys and ensuring the property is free of all liability claims and mortgages.
As the seller, it is critical that you complete all paperwork honestly. If it surfaces later that you haven’t been completely truthful, you can be sued by the buyer seeking compensation. If they discover you have been dishonest before exchanging contracts, nervous buyers may also withdraw from the sale.
Your conveyancing solicitor will use the information from the forms to create a draft contract that is sent to your buyer for them to approve. Your solicitor will manage negotiations regarding the draft contract. This will decide the date of completion and the fittings and fixtures included in the house price. It will also include how much your buyer will pay for other fittings and fixtures.
Survey and mortgage
Your conveyancer will also negotiate who will fix issues raised in a buyer’s survey, or a sale price update to reflect the results of the survey where applicable.
As the seller, you must pay your mortgage off in full before exchanging contracts. You can contact your mortgage company and ask for a redemption figure so you know how much you must pay when the sale completes.
Exchange of contracts
You and your buyer will agree on a suitable time and date to exchange contracts. Your conveyancer will exchange contracts on your behalf as part of the conveyancing process. Your conveyancer and your buyers will communicate and check both contracts are identical. They then send them to each other by registered post.
Completion
When completion day arrives, you the seller will hand over the property’s keys. Usually, the buyer collects the keys from your estate agent, with spare sets left at the property.
Your conveyancing solicitor, or yourself, will receive any outstanding balance of the sale price and pass over the legal documents proving ownership. You’ll also pay off your mortgage from the sale’s proceeds and pay your estate agent and conveyancer solicitor.
As experts in conveyancing in North Wales, you can count on our qualified team at Bennett Smith Solicitors. Get in touch with us today for a smooth and streamlined service.
