The article here has been written to detail out the process of conveyancing as is seen from the view point of the seller.
The first thing that needs to be done is to instruct the conveyancing solicitors that you have hired. These conveyancing solicitors will then send you a letter titled the client care letter. This letter should be duly signed by you and then returned to the firm of your conveyancing solicitor. Remember to attach your proof of identity as well as all the details of the current mortgage that you might have taken along with the client care letter. After this letter has been received by the conveyancing solicitor, you will then be sent three forms. The forms are designed to obtain information about the property. The first form is called the fixtures, contents and fitting form. The other two forms include the property information form and the information form for leasehold property. The leasehold property form is not a must for everyone; it has to be filled only if applicable. Fill out the forms (call your conveyancing solicitor if you need any help) and then return them to the conveyancing solicitor. These forms too have to be backed by some documents that can display the building work guarantees that you might have and also with a copy of any planning permission/building consents that youve been previously granted with.
It is now the job of your conveyancing solicitor to get hold of the title deeds as well as the office copies of the land registry. If the property that you hold is leased, the conveyancing solicitor may also request your management company to provide them with some extra details. These include:
Your service charge accounts that you have held for the previous three years
An approximate value that might have to be paid in the next one year
Details of the building insurance
A clear copy of the agreement that shows the lease
After all the documents are arranged in order, the conveyancing solicitor hired by you prepares the draft contract. Now, this draft contract is not a final contract and can be negotiated. Once you have reached an understanding with your conveyancing solicitors, they will compile and send a contract pack to the solicitor that has been hired by the buyer. If any questions do arise from the side of the buyer in respect to the property or the contract pack, your conveyancing solicitors, with your help, are responsible to answer them and clear any doubts. All the further negotiations take place in the same way.
Once all these are done, it is now time for the seller and the buyer to negotiate on a desired completion date. This is done through the conveyancing solicitors. This date is then noted on the contract. Finally, after all the queries and searches of the buyer have been completely satisfied and all the contract related negotiations have been finalized, it is time for you to get ready for exchange. The final contract will then be sent to you and the prospective buyer by the conveyancing solicitors. It has to be signed by both of you and returned to their respective solicitors. The swapping of this signed contract is termed as exchange. Simultaneously, your conveyancing solicitor will be receiving the deposit that has been paid by the buyer. However, this is kept with them on your behalf, and is released once the contract is completed.
This process completes the contract and legally binds you as well as the buyer. If he or she breaks the agreement at this time or later, they will lose their deposited amount, unless they can prove that they had been misled.