Everyone buying a home has to go through the conveyancing process.
Thursfields is one of Worcestershire and the West Midland’s most long established and reputable law firms. We advise clients on their legal rights and responsibilities, offering them excellent customer service and expert legal advice when selling a property.
When selling a house, at the point you appoint your Estate Agent you may not think it is necessary to consult your Conveyancer, but you should appoint a Conveyancer as soon as possible in case the sale is agreed quickly. Getting your papers together now is likely to save time later, when a sale is agreed, so there is nothing to lose (but quite a lot to gain) by contacting your Conveyancer at the earliest opportunity.
Conveyancing is the legal work that is carried out between the offer being accepted, you and the buyer exchanging contracts, as well as the completion of the sale. We always work with your best interests in mind and are on hand throughout the process to answer your questions.
To find out your conveyancing fees instantly please visit our online conveyancing calculator – https://www.thursfields.co.uk/conveyancing-calculator
Or contact our conveyancing solicitors at the location to best suit you; https://www.thursfields.co.uk/contact-us/
Step One – Initial Contact
After you contact us and ask us to help you with the sale of your property the first step will be to send you our “New Instruction Pack”. This will set out our commitment to you and will contain our terms of business. We will also send you some standard forms about the property and contents for you to complete and return which will be passed on to your buyer when the contract package is prepared.
Step Two – Sale Instructions
If you have used an Estate Agent to help you sell your property, your Agent will send us a “Memorandum of Sale” which will set out the terms of the sale and will include the sale price, the name of the buyer and the name and contact details for the buyer’s Conveyancer.
Step Three – Contract Package
Once you have returned all the forms included in the New Instruction Pack, to us, we can then start the legal process for selling your property. We shall prepare a contract and put together a pack of documents which we shall send to your buyer’s Conveyancer. If the property you are selling is leasehold or if you have use of some communal facilities that are managed by a Management Company or Managing Agent, then we are required to supply further information about those communal facilities. It is usual for us to contact the Management Company or Managing Agent for a “Management Pack” for which a charge will be payable. We shall ascertain what this fee is and will ask you to pay this to us before we can order the Management Pack.
Step Four – Pre Contract Enquiries
The buyer’s Conveyancer will review the contract package and may then ask some pre contract enquiries. This is quite usual and you should not be unduly alarmed with the number or nature of the enquiries which the buyer’s Conveyancer may ask. Whilst we may be able to answer a lot of the questions ourselves, your assistance may be required to answer some or all of them. We will not simply answer questions before you have seen them and we have discussed them with you. After we have discussed the questions with you, we shall send the answers to the buyer’s Conveyancer and let you have a copy of what has been sent.
Step Five – Exchange of Contracts
When you and your buyer (and anyone else who is involved in the chain of transactions) are ready to proceed, contracts can be exchanged and a completion date set. At this point the agreement to sell your property becomes legally binding. Usually at this point a deposit equal to 10% of the sale price will be paid by the buyer to ourselves, which will be held by us until the completion date.
Step Six – Preparation for Completion
The completion date is the date that we receive the money from the buyer’s Conveyancer, the house ownership passes to the buyer and you hand over the keys. If you live in the property you will need to ensure that your removal arrangements have been made (although we do not recommend that these are booked until contracts have been exchange, just in case the date changes) and any alternative accommodation is found.
Step Seven – Completion
The day of completion is the day on which the buyer becomes the new owner of the property and when you must move out. The sale monies will be sent by the buyer’s Conveyancer to our Bank and out of this money we will repay your existing mortgage (if you have a mortgage) and any Estate Agency fees. Unless you are buying another property, the remaining monies will be sent to you, after we have deducted our costs and other payments which may have been incurred in the course of the sale. We will ask you how you want us to send you the sale proceeds on completion (which can be by way of cheque or electronic bank transfer) and we shall endeavour to send this to you on the day of completion, or the first working day thereafter.
Good luck with the move!