Here is a handy step by step guide for sellers to help understand the conveyancing process:
Sale negotiated: Estate Agents send notifications of sale to both parties’ solicitors.
Sellers supplies their solicitor with their title deeds and their mortgage detals.
Property Information and Fittings & Contents forms are completed by the Sellers and returned to their solicitors.
Property Details are compiled and the Seller’s Solicitor prepares a draft contract. These documents are then submitted to the Buyer’s solicitor.
Pre-contract enquiries raised by the Buyer’s solicitor are answered following liaison between the Sellers and their solicitor. Any defects in the property’s title are remedied.
Mortgage Redemption Statement is obtained by the Seller’s solicitor. This details the amount required to repay the mortgage (if any).
Exchange of contracts: deposit monies are received from the Buyer’s solicitor and a date is set for completion.
Transfer Deed is sent to the Seller for signature and then returned to his solicitor before completion.
Completion: the balance of the sale price is received from the Buyer’s solicitor, the Seller’s mortgage (if any) is repaid and the Estate Agent’s bill is settled.
Property vacated by the Seller and the keys are deposited with his Estate Agent (if not done already).
Net sale proceeds are either sent to the Seller or used to purchase the Seller’s new property.
This is a basic step by step guide to the sales process. Our team of both agents and solicitors will always be on hand to discuss this in more detail.