The legal process of buying and selling a property is called conveyancing. Conveyancer is the generic term given to either a conveyancing solicitor or licenced conveyancer. All solicitors practising law in England and Wales must also be registered with the Law Society. There are separate societies for Northern Ireland and Scotland.
The following is a general outline of the conveyance process for a seller:
1. Once you have instructed your solicitor / conveyancer you will receive confirmation of your instruction setting out terms of business and associated fees. Make sure you are happy with their services and pricing before signing and returning.
2. Your solicitor / conveyance will require photographic I.D. along with proof of address ie. utility bill / mobile phone bill.
3. Your solicitor / conveyancer will require details in relation to your current mortgage and the provider.
4. Your conveyancer / solicitor will ask you to complete a fixtures and fittings form and property information form.
5. You will need to provide your solicitor with any building work guarantees or planning permissions you may have obtained.
6. Your conveyancer / solicitor will then obtain your title deeds which will be held by your lender if there is an outstanding mortgage on the property.
7. A draft contract will then be prepared by your solicitor / conveyancer and sent to the buyers solicitor / conveyancer.
8. Your solicitor / conveyancer will then answer any questions that the buyer’s solicitor / conveyancer may have.
9. Your solicitor / conveyancer will seek confirmation that the buyers mortgage has been approved and negotiate a completion date to be added to the contract.
10. You will then agree the contract and sign same.
11. Your solicitor / conveyancer will confirm with your lender a settlement figure for the redemption of your current mortgage if you have one.
12. You will sign the transfer deed.
13. Your solicitor / conveyancer will receive payment for the purchase of your home from the buyer’s solicitor / conveyancer.
14. Your solicitor will pay the redemption settlement to your current mortgage provider and pay the estate agent.
15. You will need to vacate your property and hand over keys to the new owners or make keys available for collection from your estate agent.
