Selling a residential property is a big headache, if not done the right way. The process involves too many tasks such as sorting out deals, searching a good residential conveyancing solicitor and a lot more. Dealing with the legal and administrative work associate with your house sale isn’t something anyone can do.
This write-up aims to help you get the basic idea of residential property conveyancing process. Once you know the basics, you can easily choose the right conveyancing solicitor firm. Read on.
How to Begin
In order to begin, first look around for a trusted and specialist conveyancing firm that specialise in residential conveyancing sector. Once you approach the firm, they will provide you with detailed price quote which will explain all the steps or procedure involved.
Once you sign the contract with them, the conveyancing solicitor will start working on your case immediately. Some companies also ask for a percentage of total fees in advance. The conveyancer will provide you with the copies of standard form including “Property Information Form” and “Fixtures, Fittings and Contents Form”.
With a professional firm, you can contact your assigned conveyancer for any query or concern you may have regarding this form or the next procedure. The solicitor would be happy to advise you throughout the sale. If you are thinking of buying another property from the amount you receive from your house sale, inform your solicitor about this initially.
Things to do before you Sign House Sale Contract
Now once you provide your dedicated solicitor with all the details of your residential property, they will prepare a contract draft. And the contract will be then sent to the buyer for his approval. The contract pack includes papers like titles and plan. The buyer’s conveyancer may raise some queries once they receive the contract and your conveyancer comes at your rescue to answer all those queries.
In case your property is on a leasehold, the property solicitor of your buyer may send you a questionnaire which you will need to show to the landlord and get it addressed. Make sure the information you share are 100% correct and verified, as they would be checked by the conveyancer of your buyer thoroughly. You will also need to provide your property solicitor with the mortgage details of your property, if any.
After Signing the Contract
Once you and the buyer are agreeing to all the terms mentioned in the contract, both the parties sign the contract. And after this, solicitors perform exchange of contracts. Once this takes place, both buyer and seller are bound to the deal. If any party denies from the contract after signing it, then they are legally obliged to pay off for it for the loss and inconvenience they have made to the other party.
Next your conveyancer will settle all the accounts including their fees as well. And before completion, you need to sign a “Transfer of Deed” to prove that you are ready to complete the deal. The buyer will pay you the pending amount on the day of completion, and in turn you will provide them with all the legal documents regarding the property.
Resort to the web and search for licensed Conveyancing Solicitors Coventry today to help you proceed with your house-sale!
Author Bio: Jennifer works as a conveyancing consultant. She specialises in both residential conveyancing and commercial conveyancing. She is also a seasoned blogger.