Good Ezines

Below we’ve set out the steps in the conveyancing process for sellers:

OFFER TO EXCHANGE

1. Decide on your firm of conveyancing solicitors and instruct them

2. You will receive a client care letter. Once you have signed this it should be returned together with your current mortgage details and your proof of ID.

3. Your conveyancing solicitors will then send you:

- Fixtures, fittings and contents form

- Property information form

- Leasehold property information form (if applicable)

With help from your solicitors if necessary you should complete these forms and return them, along with:

- guarantees relating to building work if applicable

- any planning permissions or building consents you’ve been granted

4. Your conveyancing solicitors will obtain your:

- Title deeds

- Land Registry Office Copies

If your property is leasehold your solicitors will also ask your management company for:

- service charge accounts for the last 3 years

- estimated costs for the next 12 months

- building insurance details

- a copy of the lease

5. Your conveyancing solicitors will draft the sale contract (which remains subject to negotiations)

6. Next they prepare the contract pack and send it to the buyer’s conveyancing solicitors

7. The buyer’s solicitor will send questions about the contract pack to your solicitors, which they will answer with your help. Negotiation of the contract will happen around this stage.

8. A completion date will be agreed and added to the contract.

9. The buyer’s solicitor will complete any outstanding searches and enquiries. Once these are done and the contract is agreed everything is ready for exchange

10. You and the buyer will each receive a copy of the contract to be signed and returned to the respective solicitors

11. The solicitors will then “swap” the contracts – this is the exchange part

12. The buyer’s deposit will be sent to your solicitor, who will hold it on your behalf prior to completion

There is now a legally binding contract. The buyer may lose their deposit if they walk away now unless they were misled into entering it

COMPLETION

1. Your solicitors will check with your bank to find out the redemption payment needed to pay off your current mortgage

2. Your solicitors will receive a transfer deed (TR1) from the buyer’s solicitor. Your conveyancing solicitors will check it and forward it to you. Once you receive it you should sign and return to them as quickly as possible

3. Completion day. Your solicitors will be sent the balance of the purchase price by the buyer’s solicitor and will then:

- send the title deeds and transfer deed to the buyer’s solicitor

- pay your lender the redemption payment to clear your remaining mortgage balance

- pay themselves

- pay the balance to you

Once payment has been received and your solicitors has made sure that the mortgage has been redeemed they will confirm to you that it is safe for you to hand over the keys to the buyer.

Congratulations – you’ve completed!

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