How to sell a property-conveyancing guide for buyers
Buying and selling property is a stressful process, especially if you are unfamiliar with the conveyancing steps involved. Getting a property ready for sale can be difficult, especially if you are planning to sell it quickly. There are many steps involved in the conveyancing process and it can be hard to know what they all mean or how long each will take. This guide explains the main steps involved so that you have an idea of what's coming up and when. Use this guide as your handy reference throughout the conveyancing process so that you're prepared for any eventuality!
Choose a Conveyancer
Firstly, you need to choose a Conveyancer and communicate with your Conveyancer:
• Confirm your choice in Conveyancer- sign and return letter of engagement.
•Provide proof of ID to your Conveyancer.
• Complete a return a Property Information Form (TA6) and Fitting and Contents form (TA10).
•Send your Conveyancer relevant information such as: building regulations, certificates, and warranties.
Communicate with lender and put property on the market
Next, you will need to let your mortgage lender know that you are planning to sell and pay any outstanding. Next, you can put your property on the market and accept an offer that works for you.
Then you will need to draft a contract. This contract will be written by your solicitor with the information you provided for example; date of competition, terms and conditions i.e. if fixtures and fittings are included in the property. This contract can be created before or after you have found a buyer.
Respond and renegotiate
Your buyer will organise a Surveyor/Valuer to examine your property. Your buyer may want to renegotiate after if the survey shows any repairs that may need to be done. At this stage, the buyer may also have additional questions for your response.
After negotiations, it is time to finalise your contract and completion date. The buyer will be sent a final version of the contract to sign. Once all parties are happy a formal exchange on contracts will take place- This is done through a recorded call between both parties legal representatives. At this point, your legal representative will receive your buyer's deposit and finalised the binding contract.
Preparing to move
You have until the agreed completion date to clear your property and prepare to move. You will need to ensure that you have left all agreed fixtures and fittings within the property as agreed with your buyer.
On completion day you will need to ensure that you have received the funds from your buyers Conveyancer. From there your Conveyancer will transfer legal ownership of the property to the buyer, arrange the redemption of your mortgage and other fees/ monies.
Moving out of the property typically takes place at 1 pm on moving day- you will need to hand your keys over to the Estate Agent and leave any spares inside the property.
After the sale, it is important to keep all related paperwork. You will also need to ensure that you have changed your home address with all relevant parties- utility companies, GP, government bodies, and other service providers.