Conveyancing for Home Sellers
If you are selling your home, a conveyancing solicitor will carry out all the legal work needed to complete your sale.
What is conveyancing?
Conveyancing involves transferring the “legal title” of a house or flat from the seller (sometimes called “the vendor”) to the buyer.
What does a conveyancing solicitor do on a property sale?
Once you have instructed a conveyancing solicitor, you will receive a set of property forms including the TA6 Property information form, the TA10 Fittings and contents form, and the TA7 Leasehold information form (if you are selling a flat).
Together with a draft contract of sale and a copy of the property title deeds, these property forms will be sent to the buyer's solicitor soon after you accept an offer.
If you are selling a leasehold property, your solicitor should immediately apply to the freeholder or managing agent for the leasehold management pack. This pack will also be forwarded to the solicitor.
Once these documents have been reviewed, the buyer’s solicitor will raise further enquiries about the property and how you have used it. Your solicitor will liaise with you on how best to address and answer these questions.
Your solicitor will then handle any further contractual negotiations and liaise with your mortgage lender (if applicable) over the redemption of the mortgage (if applicable)
What happens when contracts are exchanged?
Once the contract of sale has been signed by you and your buyer, a completion date is finalised, the deposit is sent to your solicitor and contracts will be exchanged.
Your buyer is now legally obliged to complete the purchase. If the buyer fails to complete you can keep the deposit (typically 5-10% of the sale price).
You too are now legally required to complete the sale or your buyer would be able to sue you.
What happens on the day of completion?
Before the sale can complete, your solicitor will send you a financial statement with a breakdown of the final mortgage redemption figure, any other loans relating to the property, the agent's commission and the solicitor's legal fees.
The buyer’s solicitor will transfer the residual purchase funds to your solicitor.
On the day of completion, your solicitor will inform you that the transaction has completed and forward the sale proceeds (less mortgage redemption, agent fees etc.) to you.
Your Estate agents will be notified and will release the keys to your buyer
When is the best time to instruct a solicitor on the sale of my home?
Many sellers make the mistake of instructing a solicitor after they have accepted an offer on their property.
Often the seller won’t have thought about the conveyancing process until their estate agent asks them for their solicitor's details. Although some estate agents will try to sell legal services to sellers when they first market the property, most agents only ask the question once an offer is accepted.
Instructing a solicitor as soon as you go on the market makes more sense. While you wait for a buyer you can:
- Complete the solicitor's initial client formalities
- Completed the property forms
- Apply for managing agents information
- Locate missing documents eg planning permissions, building regulations and electrical certificates
- Liaise with your solicitor to agree on a preemptive strategy to deal with any legal or property defects
- Completing the above pints before you find a buyer could literally shave weeks or even months of the time it takes to complete.
- As most solicitors work on a no sale no fee basis, there is no financial downside to instructing a solicitor early in the presale process.
How we can help you
If you are buying, selling, remortgaging or transferring equity in a home and need an expert conveyancing solicitor, we can take care of the legal side of your move.
We work with a panel of specialist conveyancing solicitors to deliver a stress-free moving experience.
- No Move, No Fee Guarantee
- Fixed fee conveyancing service
- CQS-accredited panel solicitors
All-inclusive quote from £384 inc VAT