When you are selling a property, it can be helpful to understand the stages in the conveyancing process. Our guide below takes you through the steps when selling property in Leeds and surrounding areas.
- You instruct your conveyancer. We can put you in touch with experienced, competitively priced conveyancers if you wish.
- Your conveyancer confirms instructions by letter setting out the terms of business and fixed fee costs.
- Conveyancer carries out proof of identity checks and sends out a fittings and contents form and property information form(s) for completion. If the property is leasehold, additional information will be required.
- You complete fittings and contents form and property information form(s).
- Your conveyancer obtains title deeds from deeds holder or official copies of the title register and any other documents required from the land registry and details of the amount outstanding on any existing mortgage.
- They then prepare the draft contract and supporting contract documentation and sends to your buyer’s conveyancer.
- Your buyer’s conveyancer checks the contract and supporting contract documentation and raises pre-contract enquiries with your conveyancer.
- Your conveyancer and you answer pre-contract enquiries.
- The buyer’s conveyancer confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any).
- You and your buyer agree on a completion date and contracts are formally “exchanged” – meaning both parties are legally committed to the transaction. Your conveyancer will obtain a settlement figure to repay the outstanding amount on any existing mortgage, if applicable. The buyer’s conveyancer drafts a transfer deed and sends to your conveyancer.
- Your conveyancer checks the transfer deed and sends to the seller for signature in readiness for completion.
- On completion, you must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through your estate agent. The buyer’s conveyancer will send the proceeds of sale to the your conveyancer and your conveyancer will arrange for the keys to be released to the buyer. Your conveyancer sends the title deeds and transfer deed to the buyer’s conveyancer together with an undertaking to use the proceeds of sale to discharge any existing mortgage. Your conveyancer then pays your estate agent, repays the amount owing to the existing mortgage lender (if applicable) and takes payment for their conveyancing service costs.
- Once all the payments have been made all the remaining money from the sale will be transferred to you, usually by bank transfer on the day of completion.
