Conveyancing is the legal aspect of buying and selling a home. Simply put, your conveyancing solicitor will help you to exchange contracts and complete on the sale of your property. Employing a good conveyancing solicitor to take care of the process for you will give you the best chance of having a smooth ride when buying your new home. Both of the parties involved in the sale will instruct a different conveyancing solicitor ensuring there will be no conflict of interests.
When you are beginning this process, you must firstly find yourself a specialist conveyancing solicitor. Confirm that your solicitor is licensed either as a property solicitor or as a licensed conveyancer both will follow the same processes and be subject to the same legal guidelines but it is essential you make this check. It is highly advised to instruct a solicitor to help you with the process as do-it-yourself conveyancing is extremely likely to end in tears. Commonly your quote will be calculated on a sliding scale, based on the price of the property you are purchasing. The more valuable your property the more you will pay your solicitor. Hourly rates or fixed rates may also be quoted to you, but these are a little less common. You do not need to feel you must go with your first quote, feel free to shop around and find the right solicitor for you.
Contracts will be drawn up by your solicitor specifying the conditions of the sale of your home. Within this is will be contained forms detailing what is included in the sale price and information about your property. You will be required to provide this information and your solicitor will help you fill out these forms if you need it.
Do not be concerned when the solicitor asked for documents which proving your identity and that the property is in your name, such as the Title Deeds. This is normal, it is just standard procedure. You will have these to hand or they will be in the possession of your mortgage lender.
This information will be used by your solicitor to draw up a contract pack to send to your buyer’s solicitor. At this point in time a check will also be made to confirm that your buyer has an approved mortgage. You may find that the contract is questioned by the buyer/buyer’s solicitor, this should not be a concern to you, help your solicitor by providing answers to any questions put to you.
After the buyer is fully happy with the contract, the contracts will be exchanged and a completion date will be agreed on which is suitable for both parties.
Up to a month after exchange:
Transfer deeds will be signed and returned, the money from the sale will be received, and your solicitor will be paid. Payments will also be made to any other necessary parties such as your estate agent and your mortgage lender. You will also be required to pay stamp duty. Any remaining money will then be transferred over to you. Finally your solicitor will register you are the owner of the property with H. M. Land Registry.