Conveyancing Process For Sellers
There are many things involved when selling property in the UK. One of these steps includes filing all the legal documents and commenting on the transactions for the transfer of ownership.
If you’re buying or selling property in the UK for the first time, there is a lot you should know. In this simple guide, you will familiarize yourself with all the steps involved when selling property in the UK.
Step #1 - You need a conveyancing solicitor
When selling property in the UK, you will need a conveyancing solicitor in London to hold your hand and take you through the whole process. AVRillo is a top conveyancing solicitor in Coventry and other top areas of the UK.
You will have to call and instruct your solicitor before making any dealings with the buyer. Instruct a solicitor you have chosen to handle your sale.
In most cases, you simply make a simple phone call that provides your solicitor with all the basic information about the transaction and authorizes them to act on your behalf. Sometimes you will have to meet your solicitor and ensure the truncation is complete.
Step #2 - Requesting a mortgage statement
The second step involves your solicitor contacting the mortgage provider and requesting for a settlement statement. This is only done when you are buying a home on a mortgage.
When a solicitor requests a mortgage statement, they simply ask if you have all the amount that will ensure you have enough funds to settle your funds. Your solicitor will skip this step if you are not buying your home on a mortgage.
Step #3 - Obtaining legal documents
At this stage, your solicitor contacts the Land Registry and requests an up to date deed or the official copy of the property you are selling. These are the documents that confirm the property's legal owner and the land on which the property resides.
Unless the property you buy is on leasehold, these documents are essential or the conveyancing process to continue.
Step #4 - Completing the required forms
You should complete some forms with details on the property you are selling as part of the selling process. One of these forms includes the TA10 or the Fixtures and Fittings. This form will highlight precisely what you are buying and all the details included in the sale.
The aim of filling this form is to ensure clarity for both parties, buyer and seller, and avoid any legal issues that are likely to arise.
Step #5: Drafting of contract
Once all the required documents are completed, the buyer's solicitor will now proceed to prepare and draft a contract. You will reach this contract stage in just a few days.
A draft contract will outline all the basic details of the transaction which has been agreed. The contract should also include the sale price and all the associated matters.
Step #6 - The buyer's solicitor making enquiries
An enquiry is a question that the buyer's solicitor is supposed to answer. In most cases, this will include the clarifications over all the things mentioned in the provided paperwork.
It will also include the requests for information about all the issues highlighted in the searches. The solicitor will pose these questions to you in most cases because they don't have the correct answers.
Step #7 – Completion
The last step in selling property is to agree on a completion date. Once your solicitor is done performing all the relevant searches on the property and you've attended to all enquiries as required, you will now be set to agree on a completion date.
The completion date is when you will transfer ownership of the property and move the funds.
Other steps involved in buying property include signing contracts, exchanging the contracts, and moving. When buying property in the UK, it is advisable to avoid rushing. Get an experienced conveyancing solicitor to take you through the entire conveyancing process with ease.
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