In April/May 2020, residential property transactions dropped by 55% compared to 2019.
If you intend to sell your home, conveyancing is an integral part of the process. Many people label the process as complex and confusing without taking time to understand what happens. To prepare for the process, you need to understand it well.
Lucky for you, this article will divulge the conveyancing process to prepare you for it for more information.
Selling Your Home
First, you have to get help from the conveyancing solicitor to sell your home before moving to the next stage. Once you’ve found the buyer, you have to agree on certain terms to kick off the exchange of ownership. You need to fill the questionnaires sent by the solicitor correctly to avoid disputes halfway through the process.
Ensure you get an Energy performance certificate in case the buyer requests for one during the exchange of contracts. Fill out the forms sent by the solicitor to expedite the speed at which information about your property is obtained.
The conveyancing solicitor will obtain the title deed and mortgage information to prepare the contract of sale. They’ll then send the information regarding your property, such as proof of ownership, to the buyer’s solicitor.
Make sure before you decide to sell your house you’ve done searches on environmental matters and drainage. That way, you’ll be sure the property has no issues which may cause problems when selling. When such issues arise, it may take longer to sell the house.
Secure the Mortgage
Once all the searches have been made, and the property has no issue, the buyer should go ahead and secure a mortgage. You have to give out all the information about the property to the buyer who will forward it to the lender.
The lender will then do the valuation to validate if it’s indeed the agreed value. At this stage, your conveyancing solicitor won’t get involved too much unless the lender has an issue with your valuation.
Issuing the Contract
At this stage, your solicitor will send all the paperwork to the buyer’s solicitor, who will review and advise the buyer on what to do. In case any queries arise, the homeowner will be informed by their conveyancing solicitor.
Once the document is reviewed and everything is perfect, the seller will sign the document and return it to the buyer’s solicitor. The signing by both parties will signify the transfer of ownership.
Exchange of Contracts
The buyer is legally bound to move from the property once the exchange of contract happens. They will then agree on the completion date, to insert it into the contract.
All the money agreed should be paid before the completion date. The buyer’s solicitor will transfer the money required to buy the house to the seller’s solicitor. In return, the seller’s solicitor will send all the legal transfer and ownership documents.
Avoid conveyancing negligence by hiring Gorvins LLP to help you when selling a home.
Sell Your Home Fast Using a Conveyancing Solicitor
Choosing a conveyancer can be mentally draining, especially if it’s your first time. Having a better understanding of the conveyancing process will prepare you to get the best.
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