The legal process of selling a property
Conveyancing is the process of legally transferring home ownership from the seller to the buyer. It starts from making an offer and finishes when the keys are handed over to the buyer. Understanding it will help to ensure that nasty surprises are avoided along the way, as Hayley Kirkland, Conveyancer at Derbyshire Legal Services Limited explains.
The primary consideration in selling a property is normally, and quite naturally, the level of costs which will be incurred in the sale. Derbyshire Legal Services can offer an instant quotation by visiting the websites below, or, alternatively by making a phone call to one of the offices for some fixed figures.
If the property being sold is through an Estate Agent, the Estate Agent will require details of your legal representative to enable them to issue a ‘Memorandum of Sale’. This document sets out all of the information that the legal representatives require to begin the transaction (i.e. names and addresses of the parties, property to be sold and the agreed price). If the property is being sold privately, the parties involved should exchange details of their legal representatives so that they can initiate contact together with details of the parties, the property address and agreed price.
Client Care Letter
The legal representative will then provide a ‘Client Care Letter’. This letter will set out general information about the firm, confirming the agreed costs involved and the next steps required. A number of standard conveyancing forms may also be enclosed for completion, such as:-
Fittings & Contents Form
This form sets out the contents of the property included in the sale and will be attached to the contract.
Property Information Form
This form deals with matters such as boundaries, disputes, building work etc. at the property.
Leasehold Information Form (if applicable)
This form deals with leasehold matters affecting the property (i.e. service charge/ground rent).
Disclosable Overriding Interests Questionnaire
This form relates to any rights that may affect the property which you as a seller are aware of but might not be referred to in the deeds to the property.
Issuing Contract Documentation
The legal representative will require the deeds to the property. These may be kept at home or with another firm of solicitors, a bank or registered at the Land Registry. The contract documentation will be prepared by your legal representative and sent to the buyer’s solicitors for their consideration.
Once the buyer’s solicitors have considered the documentation (together with any searches or survey the buyer may have had carried out) they will usually raise a number of enquiries in respect of their findings, which the legal representative will take care of.
In readiness for exchange of contracts and completion, the legal representative will arrange to meet the seller to sign the contract and transfer deed.
Exchange of Contracts
Once all parties are happy to proceed, a completion date will be set. This is the date that the buyer takes over ownership of the property. On exchange of contracts, the buyer is required to pay their agreed deposit.
On completion the legal representative will await receiving the purchase monies from the buyer’s solicitors. Once this is received, completion will be confirmed and the keys can be handed over by the estate agent or direct to the buyer.
For anyone considering selling their property or simply to receive any further information about a potential sale, please contact Hayley, at Wirksworth on email@example.com or 01629 704587.
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