The entire administrative and legal process is most likely the main reason why purchasing of property take such a long time.
Although as a property seller, there are fewer administrative matters you have to be worried about but it’s still recommended that you appoint a professional conveyancer or solicitor to do this specific process. The legal aspect is extremely significant and you should not take unnecessary risks that might result to certain complications later on.
Since conveyancing takes approximately 2 to 3 months on average circumstances, it is advisable to hire a solicitor as soon as you decide to sell your property. Agents will not charge you by hiring them early; this is just to avoid having serious delays by getting them to organize legal documents (such as the contract) when you begin marketing your home.
As a property seller, your administrative obligations are not as broad as the buyer’s. Still, you must get a solicitor as soon as you agree to an offer so as to take care of the succeeding tasks:
- Sale arrangement. Solicitors will exchange letters and contact details stipulating the specifics of the sale.
- Property Title deeds. Your appointed solicitor will have to acquire the property title deeds for the lender. They will then be sent back to your solicitor at a later stage.
- Property information form. List of the entire details to be incorporated in the draft contract. This has to be checked and agreed mutually by you and the buyer’s solicitor.
- Answer inquiries. The buyer’s solicitor will send a list of queries regarding property details, utilities, tenure, things to be included in the sale and lots more to your solicitor. This is to remove any uncertainties as early as possible.
- Draft contract. Your solicitor might have done this as soon as you hired him. This is not a standard contract and will probably be improved quite a lot before you finally sign it.
As soon as the title deeds are given back, your solicitor will send you the draft contract to the buyer’s solicitor. When the terms of the draft contract and the completion date have been decided by the solicitors, it will be sent to you for further approval. Upon the approval, the standard contracts will be made and delivered to you to be signed.
- Signing of contract. After the signing of contract, deliver the contract back to your solicitor. Keep in mind that until contracts have been traded, the entire thing is not yet legally binding.
- Exchange of official contracts. This is the phase where there is no way back. Both party must sign all the contracts and deliver them back.
- The deposit. You should now obtain the buyer’s deposit, if there in need of one.
- Transfer of money. The buyer’s lender will send the necessary amount of money to your solicitor by electronic transfer.
- Transfer of the deeds. After this, you will no longer be the rightful owner of the property.
The Necessary Costs
Solicitors can either charge a fixed rate (between £25 and £750), or a fraction of your property sales price (commonly 0.5%). Be sure you get some quotes before selecting a solicitor.
The great thing about selling a property is that there are lesser expenses that you have to cover for stamp duties, local authority searches, and the like. All you have to pay is a fee of £8 for the Land Registry.
Find a Good Solicitor
It is commonly advisable to hire a solicitor on recommendation. Talk to your family members, friends, your mortgage lender and even to your chosen Estate Agent; although the family solicitor is usually the finest choice.
Another aspect to bear in mind when selecting a solicitor is the cost. This does not necessarily mean that you should go for the cheapest quote you get, but that you keep within your means.
Also make sure that your solicitor is a member of one of some legitimate organizations.
If you choose to save the expenses of hiring a solicitor, then you can also do the conveyancing yourself.
This is not a great idea when purchasing a house, since the workload is heavier, but as a seller, the necessary tasks to be done are much simpler.
Just remember that if you have no background knowledge whatsoever of the legal and administrative matters, the risk of spending more money on legal measures because you failed to do the required tasks or have crossed some boundary issues is painstakingly high.
Conveyancing is not really that simple and enjoyable to do, so maybe hiring a professional solicitor is well worth the money.
Table Of contents
- Home Selling Guide Intro
- Knowing When To Sell Your House
- Expenses Involved In Selling Your House
- Who Will Sell Your Property
- Valuing your Property
- Choosing An Agent
- Selling Your Home Privately
- Selling A Property At Auction
- Preparing Your Property For Sale
- Property Viewings
- Conveyancing For Sale
- The Sale Completion