Selling your house can be a trying time, but after months and sometimes years on the market, what happens once you finally have a buyer? The term Conveyancing refers to the chain of events which take place from here on in,, but the long word can often make the process seem complicated, but in the right hands can actually be very straightforward.
Once an offer has been accepted the solicitor handling your Conveyancing will request the title deeds for the property,, along with any relevant land registry documents,, whilst requesting you fill out two forms, a 'Property Information Form' and a 'Fixtures,, Fittings and Contents Form.' You may also be required to provide other documentation relating to the property at your solicitors request, such as timber reports.
Once your solicitor has all the documents they need,, they then draw up a draft of the contract and send this to the buyer's solicitor for approval. It is at this stage the buyer's solicitor will carry out the appropriate searches, which takes around a month, sometimes slightly more or less.
If the buyer's solicitor has any queries regarding the property or the documents, then they will raise these with you via your solicitor and you will work together to find a resolution. Once all the queries have been dealt with, a completion date is chosen, and the contracts are signed by both parties involved and the buyer pays the initial deposit.
Now you must wait for the completion date and once it arrives your solicitor will transfer the deeds to the other party's solicitor upon receipt of the balance of the sale price. Once the deeds are transferred the property belongs to the new owners and once your solicitor has taken their fees and paid any outstanding mortgage arrears they will then transfer the sale price balance to you and the sale is complete.
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