In principle, you can sell a house without using a conveyancer, but in practice the amount of money involved in a property sale means that a conveyancer’s fee is a small price to pay for the peace of mind of knowing that everything is legally in order and that you can just move on with your life without having to worry about any future repercussions. The good news is that sellers generally pay lower conveyancing fees because the sales process is simpler than the purchase process. Here is a brief guide to how it works.
Step 1 – You choose your conveyancing solicitor
In theory, you can leave this until you actually get a firm offer on your property, but it is usually a very good idea to choose your conveyancer up front. There are two reasons for this. Firstly, you will want to get your sale completed as quickly as possible, so, obviously, the sooner you get the process started, the sooner it will be finished. Secondly, once you receive an offer on your property, you’re probably going to want to start (or step up) your preparations for the move and to focus on that rather than on finding a conveyancer.
Step 2 – Your solicitor will request a mortgage statement
If you have a mortgage, your solicitor will request a mortgage statement from your lender. This will allow them to confirm that you will be able to repay the outstanding loan and also to get access to the title deeds of your home.
Step 3 – Your solicitor will obtain all relevant legal documents
Your solicitor will contact any and all relevant parties (such as the Land Registry) to obtain your home’s complete legal documentation.
Step 4 – You will complete the necessary sales forms
The government has produced some standardized forms which are used during the home-sales process, the aim of which is to provide total clarity to the buyer, thereby avoiding any subsequent disputes based on misunderstandings. From a seller’s perspective, possibly the most important form is the TA10 ‘Fixtures and Fittings’ form, which is basically an inventory of what is included in the sale (and hence, by extension, anything which is excluded from the sale).
Step 5 – Your solicitor provides the buyer with a draft contract and associated forms
If you have chosen your conveyancing solicitor in advance and have completed the forms promptly, then you can reach step 5 in a matter of days. How quickly you proceed to step 6 will depend on a number of factors, not least being the quality of your buyer’s conveyancer. A draft contract is just that, a draft, it may or may not be accepted as is and it is quite common for some discussion and negotiation to take place before everyone is happy.
Step 6 – You and the buyer agree a completion date
This is the day on which the buyer will legally take ownership of the property.
Step 7 – Sign your contracts
Both seller and buyer have to sign a copy of the contract to confirm their agreement with its terms.
Step 8 – Exchange contracts
This is the point at which a sale becomes legally binding and you are committed to the move.
Indlu are hybrid estate agents who offer a no sale, no fee service for selling your property. Indlu offer expert advice and local knowledge to rival traditional estate agents in Monton and throughout Manchester.