The Conveyancing Process for Selling a Property

When selling a property, it is quite important to be involved and aware of the Conveyancing process, and how it works. In doing so, you are to remain active in your transaction and ensure that it reaches exchange and completion as efficiently as possible.

Below is a short guide which gives a brief explanation of the Conveyancing process from the perspective of a Vendor.

1. A sale is agreed. Although, we recommend instructing your Solicitor once the property is marketed. There is no fee payable until the matter proceeds and it helps shorten the process.

2. The Vendors instruct a Solicitor.

3. The Vendor’s Solicitor will issue an initial set of documents to their Client. The first being a Client Care Letter which authorises their Solicitor to represent them in the transaction and also setting out the terms of business and fixed fee costs.

4. In addition to the above protocol forms are completed:

a) Property Information Form (TA6) – This confirms general information about the property.

b) Fixtures & Fittings Form (TA10) – This confirms what items will remain at the property and provides an opportunity to list any items for sale.

c) Leasehold Information Form (TA7) – This confirms general information about the leasehold and is only for leasehold properties.

5. The Vendor’s Solicitor carries out proof of identity. This can be completed digitally and will usually be a brief form to complete.

6. The Vendor’s Solicitor obtains Deeds to the property from the Land Registry. They will also obtain a statement of account from your current mortgage lender, if any, detailing the amount remaining on the property.

7. The Vendor’s Solicitor prepares the Draft Contract to be sent to the Purchaser’s Solicitor including any supporting contract documentation and the Title Deeds.

8. The Purchaser’s Solicitors review the draft contract pack and raise any pre-contractualenquiries with the Vendor’s Solicitor.

9. The Vendor’s Solicitor responds to any enquiries raised, with the assistance of the Vendor’s if necessary.

10. The Purchaser’s Solicitors will then confirms they are satisfied with the results oftheir searches, replies to the enquiries they have raised and are in receipt of a valid mortgage offer, if applicable.

11. The Vendor’s Solicitors and Purchaser’s Solicitors will confirm a mutually agreed date upon which completion is to occur. Once agreed both Solicitors will formally exchange contracts and the transaction will become legally binding. Also upon exchange, any deposit will be paid to the Purchaser’s solicitors or be held to their order and payable upon completion.  If any party is to withdraw following exchange, the defaulting party may incur a financial penalty.

12. Upon completion, the Vendor must vacate the property in anticipation for completion to occur. The Purchaser’s Solicitor will send the balance for completion to the Vendor’s Solicitors. Upon receipt, the Purchaser’s Solicitors will confirm completion and authorise key release with the estate agents.

13. The Vendors Solicitor will then pay of the remaining mortgage balance, if any. The estate agents invoice will also be paid at this point upon which the surplus balance will be returned to the Vendors,

14. The Transfer deed is then posted to the Purchaser’s Solicitors to assist them with their Land Registry application to amend the title deeds.

 Please contact us if you require assistance with your sale.