Conveyancing process for selling a house
Step 1 – Initial instructions from you (start)
The steps involved in the conveyancing process selling a house differ slightly from buying. First, we will ask you to complete initial paperwork, provide us with your identity documentation and request you send us the funds for any documents that we will require to draft the contract. With the initial paperwork, there will be some Property Information forms which will ask detailed questions about the house that you are selling.
Step 2 – Contact with your mortgage lender – If Appropriate
If Appropriate we will apply for your current title deeds to the property from your mortgage lender and request an initial statement showing how much is left to repay. Many lenders now require your authority for us to act on your behalf in this matter and we may ask you to sign a letter at a later stage.
Step 3 – Obtain documents from the Land Registry
We will obtain copies of the up to date electronic deeds from the Land Registry, together with any other supporting documentation these may contain. If you were sent a bundle of documents on your purchase of the property, please supply these to us.
Step 4 – Preparation of draft contract
We will prepare the draft contract for thesale of the house and send them to the buyer’s solicitors/conveyancers along with copies of the title to your house, Property Information forms completed by yourself and copies of any relevant documents, such as planning permission, Building Regulations Approvals.
Step 5 – Enquiries raised by buyer
The buyer’s solicitor/conveyancers will then need some time to carry out the searches and review the paperwork and raise any enquiries that they deem necessary.
Step 6 – Agree on a completion date
Once the buyer’s solicitors/conveyancers are happy with the responses to enquiries, received all search results and mortgage instructions (if appropriate), arrangements can be made for agreeing a completion date between the parties and signing the paperwork. Once this has been agreed, the buyers will transfer the deposit (usually 10%) to their solicitors/conveyancers and exchange of contracts can take place.
Step 7 – Exchange of contracts
When the exchange of contacts happens, the completion date becomes legally binding and we will request a final redemption statement from your lender (if appropriate) and supply you with a completion statement, including our fees and the estate agent’s fees (If Appropriate) and any mortgage repayment.
Step 8 – Conveyancing process for selling a house (finish)
The conveyancing process is complete on the ‘moving day’ once we have received the full balance of the sale price from the buyer’s solicitors. Unless other arrangements have been made, you will be required to leave the keys with the estate agent, who will only release them to the buyer when the funds have been received by ourselves. Any existing mortgage will be repaid and all fees from the sale will be settled and the remaining balance will then be sent to you or transferred to any related purchase.
Contact Us
Newmarket: 23 High Street Newmarket Suffolk, CB8 8LY
Midlenhall: Ashton House Mill Street Mildenhall Suffolk, IP28 7DW
law@bendallandsons.co.uk
Newmarket: 01638 661116
Mildenhall: 01638 712243
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