What to expect during the conveyancing process when selling your property

Choosing a Conveyancer

The first step in the conveyancing process is to choose a conveyancer or solicitor who will handle the legal aspects of the sale. It's important to select a qualified professional with experience in property law. You can seek recommendations from friends, family, or estate agents, or conduct your own research online.

Instructing Your Conveyancer

Once you have chosen a conveyancer, you will formally instruct them to act on your behalf. This typically involves signing a client care letter and providing identification documents to comply with anti-money laundering regulations. Your conveyancer will also request details about the property, such as the title deeds, any existing mortgages, and any planning permissions or building regulations certificates.

Drafting the Contract

Property Information Form and Fittings and Contents Form

You will need to complete two important forms: the Property Information Form (TA6) and the Fittings and Contents Form (TA10). The Property Information Form covers various aspects of the property, including boundaries, disputes, and services. The Fittings and Contents Form details which fixtures and fittings are included in the sale.

Title Deeds and Land Registry

Your conveyancer will obtain the title deeds from the Land Registry to confirm your ownership of the property. They will check for any restrictions, covenants, or charges that might affect the sale. If your property is leasehold, they will also review the lease terms and obtain information from the freeholder or managing agent.

Draft Contract

Using the information provided, your conveyancer will draft the contract for the sale. This contract outlines the terms and conditions of the sale, including the purchase price, deposit amount, and proposed completion date. The draft contract is then sent to the buyer's conveyancer for review.

Buyer's Enquiries

Once the buyer's conveyancer receives the draft contract, they will raise a series of enquiries based on the information provided. These enquiries can cover a wide range of topics, such as boundary issues, planning permissions, building regulations, and any potential disputes. Your conveyancer will review these enquiries and work with you to provide accurate and timely responses.

Negotiating Terms

During this stage, there may be some negotiation between the buyer and seller regarding the terms of the contract. This could involve agreeing on a completion date, resolving any issues raised in the enquiries, or negotiating over fixtures and fittings. Your conveyancer will handle these negotiations on your behalf, ensuring that your interests are protected.

Exchange of Contracts

Finalising the Contract

Once all enquiries have been satisfactorily answered and both parties are happy with the terms, the contract can be finalised. You and the buyer will each sign identical copies of the contract. At this stage, you will also agree on a completion date, which is the date on which the property will officially change hands.

Paying the Deposit

The buyer will pay a deposit, usually 10% of the purchase price, to their conveyancer, who will hold it in a client account until completion. This deposit is transferred to your conveyancer upon exchange of contracts as a sign of the buyer's commitment to the purchase.

Exchanging Contracts

The exchange of contracts is a critical moment in the conveyancing process. Once contracts are exchanged, both parties are legally bound to complete the transaction. Your conveyancer and the buyer's conveyancer will exchange the signed contracts, and the buyer's deposit will be transferred to your conveyancer. From this point, neither party can withdraw from the sale without facing significant financial penalties.

Preparing for Completion

After the exchange of contracts, your conveyancer will prepare for completion. This involves arranging for the redemption of any existing mortgages, ensuring that all conditions of the sale are met, and preparing the transfer deed. You will sign the transfer deed, which is the legal document that transfers ownership of the property to the buyer.

Moving Arrangements

During this period, you will also need to make arrangements to vacate the property by the agreed completion date. This includes organising removals, notifying utility providers, and redirecting your mail.

Transfer of Funds

On the completion date, the buyer's conveyancer will transfer the remaining balance of the purchase price to your conveyancer. Once the funds are received, your conveyancer will confirm completion with the buyer's conveyancer.

Handing Over the Keys

Upon completion, you will hand over the keys to the property, usually through the estate agent. The buyer is now the legal owner of the property, and you must have vacated the premises.

Discharging Mortgages

If you have an existing mortgage on the property, your conveyancer will use the proceeds from the sale to pay off the outstanding balance. They will also ensure that the lender's charge is removed from the title deeds.

Paying Fees and Disbursements

Your conveyancer will settle any outstanding fees and disbursements from the sale proceeds. This includes their own legal fees, estate agent fees, and any other costs associated with the sale. The remaining balance will be transferred to your bank account.

Final Steps

After completion, your conveyancer will send the signed transfer deed and other necessary documents to the Land Registry to update the title register. This finalises the transfer of ownership and ensures that the buyer is recorded as the new owner of the property.

Record Keeping

It is important to keep copies of all documents related to the sale, including the contract, transfer deed, and any correspondence with your conveyancer. These documents may be needed for future reference, such as for tax purposes or if any disputes arise.

Legal Expertise

Conveyancers are legal professionals with specialised knowledge of property law. They ensure that all legal requirements are met and that potential issues are identified and resolved. Their expertise helps to navigate the complexities of the conveyancing process, reducing the risk of complications and delays.

Efficient Process Management

A conveyancer manages the entire conveyancing process, ensuring that all steps are completed promptly and accurately. They liaise with the buyer's conveyancer, lenders, and other parties involved in the transaction, coordinating the exchange of documents and information. This efficient process management helps to avoid delays and ensures a smooth transaction.

Legal Protection

Engaging a conveyancer provides a layer of legal protection. They ensure that the sale complies with all legal requirements and that your interests are safeguarded. Their professional indemnity insurance offers financial protection in case of errors or negligence, providing peace of mind.

Stress Reduction

Selling a property can be a stressful experience, particularly if you are unfamiliar with the legal requirements. A conveyancer handles all the legal and administrative work, allowing you to focus on other aspects of your move. Their expertise and support help to reduce stress and provide reassurance throughout the process.

Secure Handling of Funds

Conveyancers manage the secure transfer of funds between the buyer and seller. They ensure that the buyer's deposit is safely held in a client account and transferred to you upon completion. This secure handling of funds reduces the risk of fraud and provides peace of mind.

The conveyancing process when selling your property involves several stages, from initial preparations and drafting the contract to exchange of contracts, completion, and post-completion tasks. Engaging a conveyancer is essential to navigate the legal complexities, manage the process efficiently, and provide legal protection. Their expertise and support ensure a smooth transaction, reduce stress, and offer peace of mind. Understanding what to expect during the conveyancing process can help you prepare and make informed decisions, ultimately leading to a successful property sale.