Conveyancing Process for Selling a House
When selling a house, conveyancing is the legal process that exchanges ownership from the seller to the buyer. You will need to hire a conveyancer or solicitor to assist you through the legal transfer.
In this guide, we’ll be taking you through everything you need to know about the conveyancing process when selling a house.
Who does the Conveyancing?
Hiring a professional conveyancer or solicitor will ensure that you have a smooth and efficient process. This is not a legal requirement; however, if you do not have adequate conveyancing experience, it can be an overwhelming experience.
When choosing a conveyancer, you should always check that they are regulated by one of the following institutions:
- Solicitors Regulation Authority (SRA)
- Council for Licensed Conveyancers (CLC)
- Law Society of Scotland (LSS)
- Law Society of Northern Ireland (LSNI)
- Chartered Institute of Legal Executives (CILEX)
Your conveyancer will guide you through the legal aspects of your house sale. Your conveyancer's responsibilities include drafting contracts, answering any enquiries, and arranging completion day.
When to Instruct a Conveyancing Solicitor
The best time to instruct your conveyancer or solicitor is as soon as you have accepted an offer on your property. A common question for many people is regarding when to instruct a solicitor. Beginning your search before or while your house is on the market ensures you are prepared for the conveyancing process.
You will find that instructing a conveyancer once your offer is agreed upon will prevent delays and provide a more efficient process.
You should start your search at an early stage if you are buying & selling at the same time.
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Stages of the Conveyancing Process for Sellers
Here is a step-by-step guide of the conveyancing process when selling a property:
Step 1: Instruct Conveyancer
Once you have accepted an offer on your property, you will need to instruct your conveyancer. They will request proof of identity such as a passport or driving licence as well as proof of address such as a utility or bank statement. They also require a mortgage statement and other relevant paperwork from your mortgage provider.
Step 2: Complete Questionnaires
Your conveyancer will then send you the initial forms to complete. Once you have completed the legal documents and paperwork, the conveyancing process can begin. These documents include the TA6 Form and the TA10 Form. You will also need to obtain an Energy Performance Certificate (EPC).
If you are selling a leasehold property, you will need to fill out the Leasehold Information Form (known as the TA7 Form). Your solicitor will require the Management Information Pack from the freeholder.
You will also need to provide details on any neighbour complaints, proposed developments, and what will be left in the house. These forms must be filled out truthfully.
Step 3: Draft Contract
Your conveyancer will then draw up the draft contract. They will then submit the contract pack and completed forms to the buyer’s conveyancer. The pack will include the contract, property information forms, and the Land Registry documents such as the title register.
The buyer’s conveyancer will then submit any pre-contract enquiries to your conveyancer. Both conveyancers will begin to negotiate and finalise the details before proceeding.
Step 4: Prepare Property For Survey
You will need to prepare your property for the survey. The buyer’s surveyor will conduct a survey that highlights any defects in the property.
To make things easier for the surveyor, prepare your property for the survey. Have a general tidy-up and make sure you’re not blocking entrances to anything.
Step 5: Answer Pre-Contract Enquiries
At this stage, the buyer may have further questions. You need to make sure that you are answering all questions honestly and truthfully. The questions and answers will be reiterated via both conveyancers. These enquiries can relate to what is included in the sale such as fixtures and fittings.
Step 6: Exchanging Contracts
The formal exchange of contracts will be done over the phone. Both conveyancers will agree to send the signed contract. Once the final contract has been signed and exchanged, the sale becomes legally binding and you will receive the buyer’s deposit.
The exchange of contracts is often viewed as the most important part of the conveyancing process because of this. If the buyer decides to opt out from this point, there will be financial penalties.
You can then agree on a target completion date with the buyer.
Step 7: Completion Day
This is the final stage in the conveyancing process for selling. On completion day, you must vacate your property for the buyer to move in. Legal ownership of the property will be transferred from you to the buyer using the TR1 form and your mortgage will then be paid off.
The remaining funds will then be transferred to your bank account. Completion has taken place once the payment has been received. Afterwards, your conveyancer will send the deeds and signed transfer to the buyer’s conveyancer.
Step 8: After Completion Day
Once completion day is complete, you will receive a sale completion statement. There are other tasks that you will need to complete:
- Redirect your mail and change any subscriptions to your new address.
- Let your utility company know you’re moving out so you won’t be charged for anything going forward.
- Pack up your belongings before completion day as you don’t want to hold up the whole chain.
When the exchange and completion has taken place, you will have to hand over the keys.
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Conveyancing Fees for Selling
The average conveyancing solicitors fees for selling a freehold property is £1,690 including VAT at the UK average house price of £277,000. This cost includes legal fees, disbursements, and other extra fees. The fees are dependent on various factors including the property type, housing market and value.
Your solicitor will either charge a fixed fee or an hourly rate. Some solicitors also run a no-sale no-fee guarantee, depending on their policy.
Once the contracts have been exchanged, you will have to pay any estate agent fees. You will also need to transfer the remaining conveyancing fees into your solicitor’s bank account.
When selling a property with an outstanding mortgage balance, the funds you receive from the sale will have to cover the remaining amount. Your conveyancer will inform you of the settlement figure.
Use our Conveyancing Fees Calculator to receive an estimated cost.
How Long Does Conveyancing Take When Selling?
When selling a property, the conveyancing process takes between 8 and 12 weeks to complete. If you have a cash buyer or are not part of the housing chain, then the conveyancing process is more likely to take less time. When dealing with transactions such as leasehold properties, the process may be subject to longer wait times.
The conveyancing process for selling a house can take less time than the buying process as there are fewer stages to follow.
The main stage for the seller's conveyancer is putting together the contract pack and then answering any enquiries. If this stage can be undertaken quickly, then it will help with the speed of the transaction.
The negotiation period can take some time, especially if the buyer’s survey has revealed negative results. Therefore, if you want to proceed with a quick transaction, it’s best to be aware of any major issues beforehand.
Read more about How Long Does Conveyancing Take?
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Finding a Conveyancer
We have a network of conveyancing partners who are ready to help you with your house sale. You can compare quotes for up to 6 licensed conveyancers and save on your conveyancing fees.
Finding the right solicitor for your case is one of the most important decisions you will have to make.
