Conveyancing Process for Selling a Property

Selling A Property Step By Step

Conveyancing is the transfer of the legal title of property from a seller to a buyer. This article will provide you with a step by step overview of the process of selling a property.

Instruct your conveyancer

The conveyancing process for selling a property is different to that of the buying process as it is your responsibility to prepare the contract and terms of sale and present it to your buyer. Do not worry however as your solicitor will do this for you and communicate with the solicitor acting in behalf of your buyer.

What this does mean for you is that the first steps for selling a property will involve completing a questionnaire and forms relating to fixtures and fittings and general information about the property. Also any relevant supporting documents such as FENSA certificates, building control sign off documents, damp works will need to be provided.

This information along with a request for an ID check and funds for the office copy entries will be required before the conveyancing process for selling gets underway.

Contacting the mortgage company

If your property is mortgaged your title deeds will be in their possession. Your property solicitor (conveyancer) will request the deeds and a statement to show how much is left outstanding on the property.

Obtain office copies from the Land Registry

Your conveyancer will now purchase copies of the office copies from the Land Registry on your behalf. The Land Registry holds all the records for registered properties in England and Wales and the official copy of the register is an electronic and up to date equivalent of the title deeds. Together with the title plan the cost will be around £14.00.

Preparing the draft contract

Your conveyancer will use the information that you have provided and draft a contract to present to your buyer’s conveyancers. Accompanying the draft contract will be the copies of the title plan and register plus any supporting documents you have provided and the property information forms you completed at the outset.

Enquiries from your buyer

Your buyer’s solicitor will need some time to review all of the documents in order to prepare a report for the buyer and to highlight any concerns or any special areas of interest. It is at this stage that your buyer’s solicitor will apply for local authority and water and drainage searches.

Any enquiries raised from the draft contact, documentation and searches will be sent back to your conveyancer.

Arranging completion

After any enquiries have been responded to satisfactorily and your buyer is happy to accept the terms it is time to arrange a completion date that is agreed with all parties in the transaction.

Exchange of contracts

Once the signed contact has been exchanged the completion date and transaction are legally binding. The deposit from your buyer will be sent to their solicitor ready for transfer.

Completion

Completion day is the date that the final transaction is completed and all of the funds from the buyer are received. The funds are used to repay any outstanding balance on the mortgage and it is also usual practice to use these to settle your bills with the estate agent and solicitor. The remaining proceeds are then sent to you.