This article was published on January 18th, 2019
Selling your property is a big decision to make and here at Thorneycroft Solicitors, our team of conveyancing experts will do all they can to ensure the process of selling your property runs as smooth as possible.
We understand that sometimes the conveyancing process and the legal obligations that come with the sale of a property can be frustrating, that’s why we’ve put together this guide to help ensure you understand the process fully.
When you instruct us to act on your behalf, we will initially contact you to explain the conveyancing process to you fully, and a member of our Conveyancing Team will set out your responsibilities during the process as well as explaining the actions our team will take on your behalf to ensure your sale is completed.
If you’re in doubt about any stage of the process you should always consult your conveyancing solicitor
Once you’ve instructed us to act on your behalf, our Conveyancing Team will send you a welcome pack, which will contain information about the conveyancing process as well as your contract papers and Terms of Business. You’ll need to read through the documents, sign them if you’re happy to proceed, and send them back to us.
The next stage of the process will require us to obtain a copy of your title deeds from the Land Registry,
Once all necessary details have been acquired by our team, we will draw up your sales contract and review the contract. We will then send contract papers to your buyers in order to get the sales process underway.
Your buyer’s solicitor will also review the contract and could potentially raise questions about the property. In this instance we will do our best to answer all enquiries from the buyer, however, on occasion, we may need your own input to help maintain the progress of the sale. If we need to get in touch we’ll send any enquiries via email or give you a call.
We’ll now need to get an up to date a record of the outstanding balance that’s owed on your mortgage if you have one so that we can calculate the net proceeds from the sale of the property that are owed to you, during the calculations we’ll take into account a host of costs, including estate agent fees, a potential second mortgage on the property as well as solicitor fees. You’ll also need to notify our team of any loans secured against the property as these will need to be repaid after the sale of your property is completed.
Once both you and the buyer are happy that all enquiries have been answered, and the buyer’s finances are in place to purchase your property, a move date will be decided and agreed.
You can now exchange contracts.
The buyer will then pay their deposit (usually 10%) and our team will hold the money until the completion date, or it may be used as the deposit for your own property purchase if you are purchasing after selling your current property.
The exchange is carried out over the phone between the solicitors representing each party. Once the exchange has been made, the deal for the sale of the property will be legally binding and if either party tries to back out of the deal at this point, they can face significant penalties.
The exchanging of contracts can often be a lengthy and sometimes frustrating process depending on how many parties are in the chain. However, we will do all we can to ensure the process is carried out as quickly and efficiently as possible.
Before your moving date also known as your completion date, we will obtain your final mortgage redemption figure from your lender for the property you’re selling. Up to and including that date.
On the day you move or complete the sale, we will arrange with the buyer’s solicitor for the remaining balance of the purchase price to be sent to our team.
Once we have received the money we will authorise the release of the keys to the property, which the buyer will collect from the estate agents.
After the sale has been completed, we will arrange for your any deductions that are due from the final sale of the property to be paid. These deductions can include your estate agent’s fees, our legal fees as well as re-paying your mortgage. Once any money owed has been paid, we will release the remaining net balance of the sale to you minus your estate agent fees
Our team is one of the best conveyancing teams in the North West. The team’s wide-ranging experience means they are able to complete the conveyancing process for all types of property.
If you have any questions please don’t hesitate to ask a member of our conveyancing team. You can contact us by calling 0330 058 0118 or completing our online enquiry form.