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Conveyancing for Sellers Guide

Selling a property can be complicated and ensuring you are fully aware of the legal processes involved is vital.

Conveyancing for Sellers Guide

1. What is conveyancing?

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Conveyancing is the legal process of transferring both property and mortgages from one property owner to another.

2. Why is conveyancing necessary?

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Conveyancing is required in order to ensure that the property you are selling is correctly recorded in the new purchaser’s name and transferred free of any mortgages and liabilities.

3. Do I need to instruct a solicitor?

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Although it is theoretically possible to carry out the legalities of your property sale yourself, instructing a professional conveyancer will ensure peace of mind.

When appointing the services of conveyancing solicitors you should always ensure the property lawyers have the relevant experience and are property specialists.

Countrywide are the biggest property conveyancers in England and Wales. To discuss your requirements contact our Countrywide conveyancing division or call 01614 527 457.

4. The legal stages of a property sale

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Once you have found a buyer for your property, your solicitor will manage the legalities of the transaction on your behalf.

Prior to exchange of contract your solicitor will:

  • Ask you to complete a detailed questionnaire about your property and what you are including in the sale.
  • Send copy deeds, the questionnaire and a contract for sale to the buyer's solicitor.
  • With your help, answer any questions and arrange for you to sign the contract of sale.
  • Request a settlement figure for your mortgage and any other secured loans.
  • Liaise with appropriate parties and arrange a completion date.

As part of the exchange of contracts process, your solicitor will:

  • Receive the deposit as a down payment.
  • Organise final accounts and prepare a final statement.
  • Collect in any balance of funds required.
  • Approve the Deed of Transfer and arrange for you to sign it.
  • Once contracts have been exchanged the sale is binding and the completion date is fixed.

On the completion day your solicitor will:

  • Receive the balance sale money from the buyer's property lawyer.
  • Pay off any existing mortgages registered against the property.
  • Hand over the deeds to the seller's property lawyers and arrange for costs to be paid and any remaining balance to be transferred to you.

5. When do conveyancing fees become payable for property sale?

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When contracts have been exchanged, your estate agents will send an invoice to your property solicitors who will prepare a final completion statement for your approval. All fees due must be settled on completion.

This will detail all the monies to be received and paid, including the amounts required to redeem any mortgages on the completion date.

The Countrywide Conveyancing Division is the largest property conveyancing practice in England and Wales. With extensive opening hours and fixed upfront conveyancing fees, Countrywide can ensure your property transaction progresses smoothly. Contact our conveyancing services team or call 01614 527 457 to find out more.

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