Here we’ve set out the conveyancing process from the point of view of the seller:
Offer to exchange
1. Instruct your conveyancing solicitors
2. Your conveyancing solicitors will send you a client care letter, which you should sign and return, together with proof of identity and details of your current mortgage
3. Your solicitors will send you:
- Fixtures, fittings and contents form
- Property information form
- Leasehold property information form (if applicable)
Complete these forms (with help from your solicitor) and return them, together with:
- any building work guarantees you have
- any planning permissions or building consents you’ve been granted
4. Your conveyancing solicitors will obtain your:
- Title deeds
- Land Registry Office Copies
If your property is leasehold they will also ask your management company for:
- service charge accounts for the last 3 years
- estimated costs for the next 12 months
- building insurance details
- a copy of the lease
5. Your conveyancing solicitors will prepare the draft contract (which is subject to negotiation)
6. Your solicitors will compile a contract pack and send it to the buyer’s solicitor
7. Your solicitors (with help from you) will answer questions from the buyer’s solicitor about the contract pack and contract negotiations (if any) will take place
8. The buyer and seller, through their solicitors, will negotiate a target completion date, which will be added to the contract
9. Once the buyer’s searches and enquiries have been completed satisfactorily and once any contract negotiations are finished you are ready for exchange
10. You and the buyer will each receive a copy of the contract to be signed and returned to the respective solicitors
11. The solicitors will then “swap” the contracts – this is the exchange part
12. At the same time, your solicitor will receive the buyer’s deposit, which will be held on your behalf, pending completion
The contract is now legally binding. If the buyer backs out now they may lose their deposit unless they entered into it because they were misled.
Completion
1. Your conveyancing solicitors will confirm with your bank the redemption payment required to pay off your current mortgage.
2. Your solicitors will receive a transfer deed (TR1) from the buyer’s solicitor. Your conveyancing solicitors will check it and forward it to you to sign and return to them as quickly as possible.
3. On the day of completion your solicitors will receive the outstanding balance of the purchase price from the buyer’s solicitor. They will then:
- send the title deeds and transfer deed to the buyer’s solicitor
- make the redemption payment to your bank to pay off the outstanding balance of your current mortgage
- pay themselves (if you have given them permission to do so)
- pay the balance to you
Once payment has been received and the mortgage redeemed your conveyancing solicitors will confirm to you that it is safe for you to hand over the keys to the buyer. Congratulations – you’ve completed!
Conveyancing Solicitors dot info review the UK’s leading Conveyancing Solicitors so you don’t have to. Click here now for your FREE, instant, no-obligation Conveyancing Quote.
Article Source: http://EzineArticles.com/?expert=John_A_Tighe
Additional info
If you’re thinking about moving house, then you’ll need to know a bit about residential conveyancing, so that you can make sure that you get the services you need, and can buy or sell your home with the minimum of fuss and delay.
Here’s what you need to know.
1. Buying and selling home is likely to be the biggest investment and commitment you’ll ever make. Getting it wrong will be expensive and could leave you massively out of pocket.
2. Most people will only ever need a solicitor when buying or selling a house, and might not be familiar with the legal processes involved, or what to look out for.
3. It can be hard to choose the right solicitor. You might want to choose a local solicitor, or your normal solicitor, or perhaps you’ll choose a firm of solicitors that specialise in residential conveyancing, and will know exactly what you need.
4. Moving house can be very time consuming. There are lots to go through, such as various structural surveys and checks regarding boundaries and much more. A committed solicitor will keep you informed of the situation, and what you can do to speed things up. You don’t want to waste your time having to keep ringing your solicitors in order to find out what’s going on.
5. Landlords and tenants can use a residential conveyancing solicitor to make sure that tenant agreements are legally binding, or what to do if tenants stop paying rent. This means that it should be easy to make sure that rent agreements are not unfair, and that tenants would have no reason not to pay their rent.
6. You might want to know more about land registry and property deeds. Perhaps something has come to light and you want to make sure that you are entitled to be using the land, or making changes to your property.
7. If you’re considering buying additional land, perhaps adjacent to your property or are looking for land to build on, then you’ll want a residential conveyancing solicitor to help you through this process.
8. Maybe you’re considering equity release, and want to know more about it, and if it’s the best option for you. Releasing the equity value of your home might be a good way for you to enjoy your retirement. A residential conveyancing solicitor will be able to advise you, and point you in the direction of the right financial advice.
9. If you need help with home building or contents insurance, then your convenyancing solicitor will be able to help you.
10. You might need assistance finding the right mortgage or estate agents to help you buy or sell your home. Perhaps you’re new to the area, or have specific mortgage requirements.
Now you know about what’s involved in buying or selling your home, or being a landlord or tenant, and the sort of assistance you might need, perhaps now is the time you need Residential Conveyancing.
If you’re thinking of moving home, why not find out more about the Residential Conveyancing and read the Residential Conveyancing Advice offered by Lees Solicitors, at Lees.co.uk today?
Article Source: http://EzineArticles.com/?expert=M_James
{ 3 comments… read them below or add one }
I simply cannot get the Land Registry to admit that the TR1 works on the lines you say. In the same way as a conveyance, the date on the TR1 – the date when money changed hands and the TR1 was signed – should signify the date on which the property changed hands.
After that date, the seller should not have powers to sell part of the property a second time and then have the sale registered.
There should be guidance from the Land Registry explaining this. But they refuse to give it, saying they are not there to give legal advice.
I think they have made a mess and are covering up. But, with the AA , Saga and the Co-op moving in, there needs to be absolute clarity. They have now suspended communication with me as a punishment for pursuing the issue through the new Chief Registrar.
Just to clarify. The letter from John Bickley (oi5i 473 6110) on beehalf of Malcom Dawson, Chief Registrar, and Ian Flowers and dated April 13, 2011, says: ‘ I repeatd my suggestion that if you want an explanation of the TR1 and any effect it might have on a binding contractthen you should take legal advice’.
I have consulted Macfarlanes, Brice Droogleever and one other firm – and no answer is forthcoming. Is theTR1 a binding contract? Is that what Mr Bickley is saying? I suspect that behind all is a can of worms that has built up since the introduction of electronic conveyancing.
Looking at another website, Landlordzone, I see there is a row between people sharing the freehold. One wants to sell, the other won’t sign the TR1. Stalemate, unless there is something compelling the other party to sign. Somthing a solicitor needs to check on buying.
This whole business of conveyancing under new system needs a new study. As a general rule, whatever can go wrong in this country these days will go wrong. And the new half privatised Land Registry is proving the ultimate buck passer.
Nice end to finding a buyer for our neighbour. We don’t sign because of lack of clarity over TR1 resulting first in our predecessor in title sharing the front garden. And then three months later, the old landlord selling a lease on half if it to our joint freeholder when he had already disposed of his interest though a TR1.
Ourselves buying under the impression we jointly shared ownership of front garden.