Conveyancing is the name for the legal process when buying or selling your home.
Before you put your property on the market, it is a good idea to choose a solicitor or conveyancing agent to handle the conveyancing of your home.
Many people don’t do this until they have received an offer – but doing this is just introducing another delay to the sale process that can be avoided by having your legal representative primed and ready for action.
Once you’ve accepted an offer, your buyer’s solicitor or conveyancing agent will send a letter confirming that your buyer has funding in place (i.e. a mortgage approval in principle) to your solicitor/agent.
This is what happens next:
– The buyer’s legal representative will also kick off the legal and local authority searches required for a sale. These are intended to confirm your legal right to sell the property (‘Evidence of Title‘) and confirm the boundaries, etc., of the property.
– Once all the legal details have been agreed, the two legal representatives will draw up a contract for the sale and will then exchange contracts.
– You should now agree a completion date with the seller
– On the agreed completion date, the money will be instantly transferred from the buyer’s solicitor to your legal representative. Once they confirm they have received the money, you can hand over the keys to your home to the buyer.
Never hand over the keys until your legal representative has given you the all clear.
As part of the conveyancing process, you or your solicitor may be required to answer questions about your property or produce documents supporting any information you provide.
You must not conceal information if asked for it, but always communicate through your solicitor – don’t get in touch directly with the buyer or their solicitor.
Related article: Checkout the Conveyancing guide for Buying a Home.