From instructing a solicitor to completion, what are the ten steps on the conveyancing ladder?
1. Instruct a solicitor
It is important to find a solicitor who specialises in residential conveyancing. This will result in a seamless process.
2. Mortgage statement
If you have an outstanding mortgage, your solicitor will request a settlement statement from your lender.
3. Title deeds
The official title deeds for the property are held by HM Land Registry. Title deeds confirm ownership of your property and any land included.
4. Legal documentation
Your solicitor will ask you to prepare an inventory. You are required to complete form TA10, which outlines the fixtures and fittings included in the sale, such as carpets, curtains and light fittings. Completion of this form avoids any discrepancies later in the process.
5. Preparing the contract
Your solicitor will prepare a draft contract outlining what has been agreed between you and the buyer.
6. Solicitor to solicitor
The buyer may have questions. At this stage of the process, the solicitors representing the two parties will discuss any enquiries the buyer has made.
7. Completion date
Once the buyer’s solicitor has completed their side of the residential conveyancing process, you are ready to agree on a completion date. When you ‘complete’, the ownership of the property is transferred, as are the funds.
8. Signing of contracts
Contracts must be signed by both parties before the sale can go ahead. Your solicitor will go through the document with you. As this is a legally binding document, a witness is also required to sign.
9. Exchanging of contracts
It is still possible for either party to cancel the transaction and pull out of the sale. Serious buyers and sellers like to reach this stage of the process as soon as possible. Once contracts have been exchanged, the transaction cannot be reneged on.
10. Completion date
The completion date is when you move out and hand over the keys. You will receive a call from your solicitor to let you know everything is in order and the keys can be handed over to the new owners. More information about the entire process is available from professionals such as https://www.samconveyancing.co.uk/login.
Your solicitor is obligated to settle any outstanding mortgage, with the balance credited to your account.