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Conveyancing Process Explained (Up to exchange, as a seller) Before you get an offer
5. Send certificates, permission and guarantees 1. Decide who will do your conveyancing
Solicitors or licensed conveyancers can carry out conveyancing work. It is possible to do it yourself but it’s not recommend.
Choose a ‘no move, no fee’ conveyancer – not one that charges by the hour.
Avoid large conveyancing factories and conveyancing services recommended by online, hybrid or corporate estate agencies.
Typically, conveyancing fees on a standard sale should cost (in total) approx. £600 - £1,000.
2. Sign & return the conveyancing firm’s Letter of Engagement
To formally instruct a conveyancer or solicitor, you will receive a Letter of Engagement plusT&Cs confirming the instruction and including details of their charges, including any which are payable in advance of the sale.
N.B.You do not commit to using a conveyancing service until this letter has been signed and returned.
3. Provide proof of ID
Your conveyancer will need to see copies of a photo driving licence or passport plus proof of your address, such as a mortgage statement or utility bill.
4. Complete and return the standard property information forms
Your conveyancer will send you several forms including the Property Information Form (TA6) and the Fittings and Contents form (TA10). The sooner you complete these forms, the better to avoid unnecessary hold ups later down the line. You must be completely honest on these forms, or you could jeopardise the sale, or face being sued for compensation afterwards.
If you are not sure about whether you want to leave the cooker or curtains, talk to your conveyancer, but normally they would say ‘leave blank’ or ‘for negotiation’ or even ‘TBC’. You can confirm what to leave when you actually have an offer on the table.
If your property is leasehold, you will also be given the Leasehold Information Form (TA7) and need to provide a copy of your lease. You or your legal representative will also need to obtain the Management Information Pack from the freeholder or managing agent. Request it as early as possible.
Send your conveyancer copies of documents mentioned in any of the ‘TA’ property forms you fill in, such as guarantees and warranties for any work and building regulations sign-off for building work.
Your conveyancer will send you a list of what is required. 6. Speak to your mortgage lender
If you have a mortgage on your property, inform your lender or broker that you plan to sell and find out how much of the loan is outstanding and whether there is an early redemption penalty to pay.
Your outstanding mortgage balance will be paid off on completion of the sale, unless you plan (and can) take the
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current mortgage with you to the next property – also known as ‘porting your mortgage‘.
From offer accepted to exchange
7.Have your solicitor send the draft contract to the buyer
Once you have received and accepted an offer on your property, your solicitor or conveyancer will use all the information you provided, including the Property Information Form (TA6) and the Fixtures and Fittings form (TA10).
This, together with any other information and the price accepted, will be used to draw up a draft contract to send to the buyer for approval.
The draft contract will include information on:
• Fixtures and fittings included in the sale price. • Price of any other fixtures and fittings available separately.
• Covenants, warranties, guarantees, building control certificates and planning permission.
• It may also include a provisional date of completion (usually two weeks after exchange, but this is not fixed).
8. Provide access for the buyer’s survey
The buyer will book a valuer and/or a surveyor to examine your home. This may flag up issues, which they wish to discuss or investigate further.
9. Renegotiate with the buyer
If the survey flags up expensive work that is required – such as a damp proof course or roof repairs – the buyer may want to renegotiate the price to reflect this. Or they may ask you to carry out the repairs before they will exchange.
10. Help your conveyance answer enquiries
As well as issues which arise from the survey, the buyer’s solicitor or conveyancer may come back to you with further questions relating to the property searches – such as planning, drainage and environmental issues such as flooding – and the buyer may have their own questions, which aren’t already answered in the Property Information Form.
11. Finalise contract & agree completion dates
When the buyer and their legal representative are happy with the information your solicitor or conveyancer has provided, they will be sent the contract to read and sign. A completion date will be agreed to suit both parties.
Up until contracts are exchanged, either party may pull out without penalty. Between exchange and completion your buyer can still pull out but you can sue them and may be able to keep the deposit.
When should you instruct your conveyancer?
Instruct your conveyancer as soon as you start thinking about selling – Do not wait until after acceptance of an offer!
In the next issue, we will cover the important period of time between the exchange of contracts and the formal completion of the sale of your property.
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