A Guide To The Conveyancing Process (Seller)
Buying and selling houses can be a stressful process and that's where we come in. Our job is to make the conveyancing process as easy as possible for both our buyers and sellers. The earlier you can get things moving from a legal point of view the better and if you need recommendations of good solicitors in Salisbury, Sherborne or the South West we can help.
We would recommend if you're selling a property that you instruct your solicitor at about the same time you decide which estate agent to use. This allows you to be ready to go as soon as an offer is received and accepted. The aim of this guide is to highlight the key steps in the conveyancing process and the different stages for the seller. If you are a buyer, please see our conveyancing guide for buyers.
For The Seller:
Prior To Sale
On instructing Fox Grant we will ask you to sign our terms and conditions, money laundering form and property questionnaire. Your solicitor will then send you out a welcome pack which will likely include within it the following forms:
- TA6 a general questionnaire which will include information on boundaries, disputes, complaints, proposed developments, building works, council tax, utilities, sewerage, contact details.
- TA7 or TA9 if you do not own the freehold. The TA7 is for leasehold and the TA9 is for commonhold.
- TA10 this covers the fixtures and fittings you wish to include in the sale
- TA13 this is the more technical of the documents and includes details such as how the keys will be handed over, how and where completion will take place and ensuring that the property is free of all liability claims and mortgages.
It is imperative that all forms are filled out truthfully and to the best of your knowledge. It is possible to be sued for compensation further down the line if you withhold information that should have been included on these forms.
Once An Offer is Accepted:
Memorandum Of Sale - Once you have received and accepted an offer on your property we will issue a memorandum of sale which we will send out to yourselves and your purchasers. Please check this document carefully and let us know if you have any questions.
Title Of Property - Once your solicitor receives the memorandum of sale they will request a copy of the title of your property. Any issues that do arise will be highlighted and queried. Once this process is over a contract will be issued to you and your buyer. This contract must be signed by yourself and anyone else living in the property.
Searches - The buyer's solicitor will perform local searches which will reveal any potential problems or issues with the property and the surrounding area and enables the buyer to make an informed decision on the current state of the property. The time these searches take will depend on the local authority. Some will take only two days and some up to eight weeks. Searches are one of the main causes for delay in the sales process. For advice on how to minimise the impact please call one of our specialist agents.
Mortgage & Loans - Your solicitor will contact your mortgage company and any other lender who has lent money on the property to get a redemption statement. You will need to provide your solicitor with all the relevant details.
Buyer Queries & Negotiations - Buyers and their solicitors will have a number of questions once they receive the contract and other relevant documents. There will be quite a bit of backwards and forwards communication but once these questions are answered the process can move forward to exchange.
Where complicated issues arise Fox Grant will be here to answer any questions you have, overcome any hurdles and make sure the sale remains on track. This is one of the most valuable services we can offer and where our years of experience come into play.
Things that will need to be agreed include: Fixtures and fittings to be included and those they will pay extra for Date of Completion (this is usually between 7 and 28 days after exchange)
Exchange of Contracts - Once both solicitors, the buyer and seller are happy the sales process can move to exchange.
Exchange involves contracts being sent to both buyer and seller for signature. Once the contracts are signed both parties are legally bound to complete on the agreed date.
Go through our moving house checklist at this point and make sure that you have everything organised for the big day. If your buyer is in a chain there can be delays caused from further down the chain which will in turn cause delays to your exchange. All agents involved in the chain will keep their sellers and buyers informed at all times and it is there job to keep the chain together. If a buyer fails to complete after exchange then the seller will most likely keep their deposit and may decide to sue the buyer.
Completion - On completion the buyer's solicitor pays your solicitor the outstanding balance of the sale price. As soon as the funds are received by your solicitor the sale has completed and the buyer can pick up the keys from your estate agent.
Post Completion - It is likely that your estate agent has forwarded an invoice to your solicitor for their fee and the solicitor will deduct their fee and the estate agents fee from the final balance before transferring the remaining funds to yourself and your mortgage lender.
Quality of Solicitor
The success of your sale is heavily influenced by the quality of solicitor you and your buyer choose. A good solicitor will be proactive, fast and efficient. Don't be tempted to choose a solicitor on price, make sure that they are used to dealing with your type of property and if at all possible, choose a solicitor on recommendation. Your selling agent will be able to give you some reputable local firms if you're not sure who to choose.
If you are pleased with the outcome and the level of service you receive, why not give your estate agent and solicitor a review? Fox Grant can be reviewed on Trustpilot.com.
Fox Grant have made every effort to ensure the accuracy of this information but we cannot accept responsibility for any errors or subsequent alterations. Please ensure you take the appropriate legal advice for your sale or purchase and if you have any questions please do not hesitate to contact us.View more articles >