Conveyancing is basically the process of transferring ownership from a seller that is you, to a buyer. This process starts while planning to sell a property and ends when the property is sold. To avoid any blunder or problem in the entire process, let us read what is included in the conveyance process.
Who is conveyancer?
A conveyancer is basically the solicitor, who conducts the conveyancing process legally. However, it is not mandatory to hire a conveyance, as you can do this task yourself. However, you as a seller may not have essential knowledge needed to carry out the process.
It is likely that you will make mistakes that will affect your finance drastically. Therefore, it is recommended to hire a conveyancer for the entire process.
He will charge you either on hourly basis or on case basis. It is up to you to decide the way you want to hire him. Hiring on case basis generally saves you some money, as the process of conveyancing takes long time.
You can hire these solicitors from online firms. They have a number of expert lawyers. You can hire one, who is specialized in your type of property. Moreover, you can save money by taking online help from e-conveyancers.
What to do in pre-contract stage
During the pre-contract stage being a seller you should:
1. Engage a land agent, negotiate and agree on the sale value.
2. Instruct a solicitor to take care of conveyancing. You can finalize the solicitor you want beforehand. Just tell him to join as soon, as the process starts.
3. Properly tell your conveyancer about every details of your property. The mortgage included in the property or any other special feature.
4. Fill the forms including the:
- TA 6
- TA 7
- TA 9
- TA 10 and
- TA 13 forms
5. Your solicitor will use the info in the forms to build a draft contract, which is sent to buyer for approval.
6. Negotiate over your draft contract.
7. Request your mortgage company to pay off.
As soon as the buyer agrees the date and time of exchanging contracts, the solicitors will exchange contracts for you.
Once the drafts are exchanged, your legal contracts are then ready for selling procedure. This means that now your buyer will not be able to come out of the contract and you can sue him for the same.
The buyer is supposed to send you around 10% of property price as soon as the contracts are signed. You will have an authority on your property until the conveyancing is completed. Therefore, you can move out of the conveyancing contract any time before completion.
On completion day
During the completion day, you handover the property papers or house keys to the buyer. The outstanding balance is often paid on completion day. All the legal documents are handed over to respective persons including Legal Registry, Banks, buyers and solicitors.
Once the work is completed, you need to bear the charges of solicitor apart from the conveyancing fees explained above.
This was the process of conveyancing in context of a seller. You should have proper knowledge to carry conveyancing yourself.
John Brookner works with one of the most successful conveyancing firms in the United Kingdom. If you are thinking about buying a new property, please feel free to check out their website where conveyancing fees explained in detail.