22nd November 2018
How do conveyancers help me sell my house?
If you’re looking at selling your property, you might not realise just how much a conveyancer can help. Although you won’t be the one shelling out thousands for the property, it doesn’t mean you don’t need legal help.
By selling your house, you’re transferring equity, which is heavily protected and governed by law. This (inevitably) means there’s a lot of important paperwork to be completed!
The conveyancing process must be completed correctly, or you risk costing yourself a lot of time and money. In this article, we explain exactly what a conveyancer will do in order to help you sell your property.
As soon as you accept an offer on your property, it’s time to involve a conveyancer. Their first job will be to complete an identity check on you, which means your sale will comply with anti-money laundering regulations and property fraud laws.
This means that when the buyer’s conveyancer applies to register the property post-sale, they’ll be able to confirm on behalf of the Land Registry that your identity was checked by a genuine conveyancing firm.
Be ready to provide your conveyancer with any other supporting documentation that they’ll need to fulfil the sale requirements. These documents may include your:
- National House and Building Council guarantee (NHBC)
- FENSA window certification
- Indemnity policy
- Gas safety certificates
- Planning permission
- Building regulation certificates
They’ll also send you a fittings and contents form to complete, as well as a property information form and some others. This helps them gather as much information as possible, all of which is then sent to the buyer’s conveyancer.
Your conveyancer can only begin drafting a contract once all the forms are filled out and the supporting documents have been gathered. This contract is then sent straight to the buyer’s conveyancer, along with all the relevant documentation. This is known as the pre-contract package.
When the buyer’s conveyancer has looked at the contract draft and discussed it with their client, they will bring these questions to your conveyancer in a process known as ‘raising enquiries’.
You will, of course, be involved in answering these questions, although you aren’t obligated to respond to them all. Your conveyancer will be able to guide you as to which matters do and which do not require disclosure.
Next, the terms of the contract will be negotiated between your conveyancer and the buyer’s conveyancer. They’ll make sure that the following are ascertained:
- Date of exchange
- Agreement on the completion date
- Fixtures and contents included in the sale
- Price reductions (if any) following the discovery of defects during the survey
The day of exchange requires consent from both the buyer and the seller for the exchange to go ahead. Once this is obtained, the conveyancers will undertake the exchange; usually by phone using the agreed Law Society Formula.
They will also:
- Check that the contracts are identical
- Check that each party has signed
- Agree on the completion date and deposit
- Create a Completion Statement (this shows the net sale proceeds)
Day of completion
Both conveyancers also must show that the Transfer Deed (prepared by the buyer’s conveyancer) is accurate and that it’s ready for you to sign. Once the day of completion rolls around, your conveyancer will receive the completion money and ensure that the keys are handed over on your behalf.
It’s at this point that many of the ‘hidden’ fees arise. Having a conveyancer will mean you’ve budgeted far in advance for paying and sending the Transfer Deed and Title Deeds, as well as any additional liabilities (i.e. estate agent’s fee).
Before the process is complete, your conveyancer must transfer the outstanding balance from your buyer into your account. Then – as long as all mortgage repayments and undertakings are completed – the process will finally come to an end!
Conveyancing at Sweeney Miller
As you can see, it’s vital to get a conveyancer when selling your house. Otherwise, you’ll need to do all of the above on your own.
Sweeney Miller are experts in property law. Our conveyancing specialists are on hand to make sure the selling process is as hassle-free as possible. Get in touch today!