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The Conveyancing Process Explained: A Step-by-Step Guide for Home Sellers

Selling your property can be a very confusing and lengthy process and you may be wondering how you can get your house move back on track post-lockdown. Having a good solicitor or conveyancer will help your sale run as smoothly and efficiently as possible.

Conveyancing is the legal process of transferring home ownership from one person to another. It begins when a buyer makes an offer on a property and ends when the keys are handed over to them so that they may take possession of their new home.

At Satchells, we have established and long-standing relationships with our solicitors to ensure your house move happens stress-free and quickly. We pride ourselves on being experts in our field, providing innovative service and transparent advice to all our clients.

Here we have put together a step-by-step guide to the conveyancing process to help you get moving with ease.

1. Find a Conveyancer

The conveyancing process formally starts only when you have accepted an offer on your property, however, it’s recommended that you have a conveyancer in place before accepting an offer so that they can get the process started immediately and avoid delays.

When it comes to choosing a conveyancer, you’ll want to be assured of the best service – and that’s where our experience comes in!

At Satchells, everything is done under one roof with experienced conveyancers and dedicated solicitors working on your case as a priority so that your transaction happens faster and with ease.

We offer a fixed legal fee guarantee and if you don’t move there’s no fee!

2. Sign the Conveyancer’s Letter of Engagement and Verify Your Identity

Once we’ve started working for you, you’ll need to sign a letter of engagement. It’s only at this point that you commit to using our services. You will also need to verify your identity and address in the form of a passport or driving licence and supply a mortgage statement or utility bill for example.

3. Complete the Questionnaires

Next our legal team will send you some forms to complete, including a Property Information Form and a Fittings & Contents Form.

It’s vital that you complete these honestly to avoid delays later in the process.

The Property Information Form is where you tell your buyer about any changes that have been made to the property, such as extensions, solar panels or a loft conversion. You’ll also need to provide any supporting documents you have, so if your double glazing is still under warranty or you have paperwork to show that your boiler has been serviced in the last 12 months, you will need to provide copies.

When it comes to fittings and contents, you don’t need to decide what you’re leaving behind at this point, you can confirm later or leave it open to negotiation. Our experienced conveyancers will be able to advise how to complete the form if you get stuck.

4. Speak to Your Mortgage Provider

Assuming that you have an outstanding mortgage on your property, you will need to contact your mortgage lender and inform them that you’re in the process of selling. They’ll be able to advise you on the details regarding paying off your outstanding balance when the sale goes through, or porting your mortgage, which essentially means transferring it to your new property.

5. Draft Contracts

When our legal team has received your completed forms, they’ll draw up a draft contract to send to your buyer’s conveyancer.

The contract will outline which fixtures and fittings are to be included, along with copies of all the supporting documents you’ve provided.

It will also give you a date for completion, which is typically around two to four weeks after the exchange of contracts. The draft contract stage is the stage where most of the negotiations take place, including the final price of the property.

It’s also at this stage where you’ll need to allow for your buyers to have a surveyor come and inspect the property. Depending on the answers you’ve given in the questionnaire the buyer may also want other professionals to come in and carry out inspections, such as a plumber or an electrician.

They may also request that you pay for the cost of any further inspections or repairs, but you will be under no obligation to agree to this. However, be aware that it’s at this point that a buyer may try to renegotiate on the final price of the property to take any extra costs into account.

6. Exchange of Contracts

Once the buyer is satisfied with the condition of your property and a final agreement has been reached on the price, including all fixtures and fittings, your conveyancer will exchange contracts with the buyer’s conveyancer.

7. Between Exchange and Completion

At this point both you and your buyer are fully committed to the sale of the property. You’ll receive the buyer’s deposit and if either party decides to pull out, they will open themselves up to legal action.

8. Completion

This is the day on which you hand over the keys to your property. The completion date is usually around two to four weeks after the date of your exchange, but you can ask for this to be extended, or in some cases, shortened to suit both parties. The date of completion is also the date on which you’ll receive the outstanding balance for the property from the buyer.

Your sale is now complete!

Whether you are just thinking about putting your property on the market or you’re a first-time buyer, ready to make the first move, we understand it can be daunting during this uncertain time and you may have queries about buying or selling a home. We have helped thousands of local people secure their dream home, so let us guide you with our 100 years of experience.

We offer guidance and impartial advice on all aspects of property and conveyancing, so please call our friendly team on 01462 600900 or get in touch at admin@satchells.co.uk to find out what your options are. We are open and here for you during this uncertain time.

Please note: Satchells may receive a commission payment from the referred Conveyancer/Solicitor should you instruct them.

 

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