Conveyancing: What is it? And Do I Need it to sell My House?
In short, conveyancing is the legal process required to transfer the ownership of a property from one person to another. It is a complicated legal process that requires the completion of a lot of paperwork and a concrete understanding of legal terms. In order to sell your house you can choose to complete the conveyancing process yourself or enlist the help of a solicitor or professional conveyancer.
Unless you are well-versed in legal terminology and comfortable filling out complex paperwork, it is highly recommended that you leave conveyancing to the professionals. Mistakes you make during the process could result in a lawsuit. For this reason, legal professionals use professional indemnity insurance to protect themselves from being sued for making mistakes.
If you choose to sell your house with us, we will work with highly skilled, independent legal experts who can take care of the entire process on your behalf. We’ll arrange the help and, what’s more, we’ll cover the cost.
What are the Steps Involved in Conveyancing?
The conveyancing process begins the moment you receive an offer you want to accept. At this point, you will need to contact a solicitor or a professional conveyancer (a kind of solicitor who specialises in property law) to transfer the ownership.
The first thing to happen will be the conveyancer sending you a few documents to fill out and return. The first is a TA6 form, or a TA7 if you are selling a lease hold. This form will ask you to describe, in painful detail, the house you are selling. Everything from when it was built to how many windows it has must be included in this form.
The second form you will have to fill in is a TA10. In this form you will need to write down all the fixtures and fittings that are currently in your home and stipulate which are staying and which ones you will be taking with you. Once the conveyancer has these forms they will create a sales contract which they will send to the buyer’s solicitor.
The buyer’s solicitor will review the documents and conduct any further checks on the property, such as a survey. Final price negotiations will take place during this stage of the process. Once those negotiations are complete the price is set and if the buyer decides to pull out from here on they will likely incur a fee.
The final step in the process is to hand over your home. On the day you vacate the property the buyer will send the agreed sum to your conveyancer. These funds will be used to cover the costs of the sale and any remaining mortgage payments before the remaining amount is sent on to you.
How Long Does the Conveyancing Process Take?
To complete the conveyancing process takes around 3 months. This time frame can be reduced to as little as a month, however, it is more likely that it will take even longer than 3 months.
Price negotiations can seriously delay a sale, as can the need for a surveyors report. The best way to avoid delays is to ensure your paperwork is filled out and submitted promptly, but there is little you can do if the delay occurs on the buyers side.
Once you and the new buyer have swapped contracts it is possible to set a date for the completion of the sale. This is normally within two weeks but can be at any date both you and the buyer agree to.
When you sell your home to us you avoid all the usual delays and complications. This is because we purchase homes with our own money, meaning we don’t have to wait for approval from mortgage providers. We are also experienced in the conveyancing process and guarantee it will be completed as speedily as possible. We can complete the process in just seven days when necessary.
How Much Will it Cost Me to Hire A Conveyancer?
The cost of hiring a conveyancer depends on the type of property you own and how you own it. For example, if multiple names are on the deeds the process becomes a little more complicated or if the property is a lease hold then different steps must be taken. All in all, you can expect to pay between £500 and £1500 in legal fees plus admin costs.
Get In Touch
If you need to sell your home fast then get in touch with our helpful team of experts. We guarantee a stress free sale of your house. And what’s more, we’ll cover all the legal fees so you don’t have to.
Get in touch with us today to find out how we can help you sell your home fast.