Conveyancing process explained: For Sellers
Conveyancing is the process of legally transferring home ownership from you, the seller, to the buyer. It starts by making an offer and finishes when you hand over the keys to the buyer.
Here at Hayward Moon, we have put together a step-by-step guide of what to expect when selling your home. You have a potential buyer in place. Now what? At this stage, you need to direct someone to start the conveyancing process which will enable the sale to progress efficiently.
1. The buyer will make you an offer you will either negotiate or accept the offer price.
2. Once, you have an agreed offer in place the process starts. However, this will only happen once you receive a formal offer.
3. Now you need to complete a detailed questionnaire about what you intend to include in the sale.
4. Your conveyancer will use the information from your application to draw up a draft contract, which is passed on to the buyer.
5. There may be negotiations including, your date of completion and any fixtures and fittings you wish to leave in the property.
6. The buyer will often have a survey conducted on the property. If it flags up anything major, you may have to negotiate over who will fix this or even renegotiate the sale price.
7. You must request a redemption figure from your mortgage company. It will determine how much you pay upon completion of the sale.
8. By now, yourself and the buyer would have agreed on a day to exchange. Both conveyancers would have sent a copy of the paperwork to one another to ensure they are identical. Once, you have exchanged contracts you will be in a legally binding agreement to sell the property.
9. Now the exchange of contracts has happened, you will receive the buyer's deposit. Which is usually 10% of the property price but this can vary.
10. Completion day! You should all be packed and ready to move into your new home. Today you will hand over the keys to your buyers. They commonly are left at the estate agents with any spare keys left in the property. Your conveyancer will receive the outstanding balance of the sale price. They will also hand over the legal documents that prove ownership. Any outstanding mortgage on the property can now be paid off from the proceeds of the sale.
The process is complete! All you need to do now is pay the agreed fees to your conveyancer and estate agent.