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PRINT ADVERTISING STILL WORKS! Conveyancing Process Explained() From exchange to completion, as a seller 12. Exchange contracts & receive deposit
The formal exchange of contracts usually takes place via a recorded telephone call between the two legal representatives working for the buyer and vendor.
This can only take place when everybody in the chain is ready to proceed, unless someone is able to chain break such as rent, or move in with family or friends.
Once contracts have been exchanged, your legal company will receive the agreed buyer’s deposit.
Be aware that the contract is now legally binding and you may not accept any further offers as, if you pull out now, the buyer may sue you for their legal costs.
Similarly, if the buyer pulls out now, you may get to keep the deposit and sue them for your legal costs.
13. Get organised for your move
Once you have exchanged, you now have until the completion date to organise removals, pack up your belongings and inform everybody of your move.
This period is usually two weeks, although you can request a shorter or longer period if required and if everybody in the chain will agree.
• Confirm the completion has taken place.
• Pay any estate agent fees and conveyancer’s fees out of the proceeds.
• Send a completion statement including all the monies and ask you to pay any outstanding amounts owed.
15.Vacate the property
Once completion has taken place, the property no longer belongs to you, so you must make sure you have vacated by this point and handed over the keys to your estate agent, leaving any spare sets inside the property.
Typically, you should be out of your existing home by 1pm.
if they arise, rather than having to wait until Monday.
• Somewhere to stay overnight if for any reason you can’t move into your new home.
• Taking a picture of the gas, electricity and water meters or having them read just beforehand.
• Make sure pets and kids are with someone else on the day – it is too stressful for them (and you) to look after them and move at the same time.
• Having your belongings packed up ready to go a few days beforehand, so you don’t have to rush around on the day before, or if you can move out beforehand.
• Keeping cleaning stuff ready for your old and new home or, getting cleaners in.
It is a good idea to go around your property before you complete to check the contents against the fixtures and fittings form. If you take something you shouldn’t or leave things behind you should have taken, this can complicate and add stress to the day.
Completion day 14. Confirm your solicitor is ‘in funds’
Ideally, your solicitor or conveyancer will have received the balance payment for the property from your buyer’s conveyancer the day before completion.
On completion day, your conveyancer will:
• Transfer the legal documents proving ownership to the buyer’s conveyancer.
• Organise the redemption of your mortgage and draw down any other monies.
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This means in reality, most of your belongings need to be packed up the day before, unless you only have a small flat or few belongings.
TopTips: Make completion day less stressful by:
• Having a list of all the contacts you need: broker/lender; legal company; agent; removal firm.
• Making sure you have signed all paperwork and returned it by hand, or by next day signed-for delivery.
• Having keys ready and labelled to leave and leaving them with the agent for the vendor to pick up – you don’t want them hassling you to get into your home if you haven’t completed.
• Arranging for completion to take place on a day other than Friday, to give you time to iron out any problems
• Checking that your legal company has received the balance payment from the buyer on the day before completion.
What is the sale completion statement?
This document, prepared by your legal representative, details all the financial transactions relating to the sale of your property (e.g. money due to the estate agent) and the amount you are due to agent on your behalf, but do check this.
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!
There is a lot of wisdom in this: It will speed up your sale. It also helps with your onward purchase because you can focus on the legals for that, without having to scrabble around finding & completing all the paperwork needed for your sale.We recommend you instruct your conveyancer before you receive an offer so they can get the following jobs out of the way:
In the next issue, we will cover the subject of conveyancing when you are the buyer and provide another step-by-step guide.
We recommend you visit
www.theadvisory.co.uk to utilise their resources when making decisions about moving home.
Advertise your Conveyancing Services for FREE in this regular section of The Yorkshire Property Guide!
Call us on 01924 493300 or email your print-ready artwork to:
production@yorkshire-properties.co.uk
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