Conveyancing when selling a property is the legal transfer of home ownership from seller to buyer. The process begins when you accept an offer and ends when you hand over the keys. The process generally can take up to eight to twelve weeks to complete, and it generally is a five-step process.
Instruct a solicitor or conveyancer
You can hire either a solicitor or a licensed conveyancer to handle most of the legal work and conveyancing process. Note that not all solicitors specialise in conveyancing when selling a property, so be sure to find one with experience. While your agent may recommend some services, our advice is to do some research and find a solicitor to reduce costs and obtain insurance.
Fill in the relevant forms and read the contract
You’ll need to fill out some forms provided by your legal professional and provide copies of the documents they request. They will then write up a contract, and this is the best time to ask your solicitor to explain things you don’t understand. This contract will then be sent to the buyer’s solicitor for them to review.
Answer your buyer’s questions
Your buyer may have some questions, and it’s best to answer as clearly and as honestly as possible. If there are any major issues, your buyer may negotiate to reduce the sale price. Once the negotiations are over and contracts are signed, the buyer sends over the deposit.
When you exchange contracts, you and the buyer become legally bound to the purchase. Usually, completion dates are set two weeks after exchange, but this is not required. It is okay to ask for more time if no one is in a hurry to move. A four-week period or longer gives you plenty of time to plan removals and a move.
Reach completion and re-register title deeds
On completion day, the buyer will pay the final financed amount to your solicitor. In a chain, all payments are made one after another in sequence. Your conveyancer also settles your account with the estate agent and your mortgage lender. Five weeks after the closing, the buyer’s conveyancer notifies the Land Registry of the change of ownership.