Step by Step Guides Selling

If you have a property that you want to sell, this is your guide for the whole selling process.

Sections:

1. Overview
2. When to Sell
3. Agent - Self Sell
4. Estimate Costs
5. Appearance/Refurbishments
6. Advertise/Viewings
7. Negotiating/Accepting an offer
8. Conveyancing

8. Conveyancing

Even though this is much less work for you as a seller than as a buyer, you are still strongly advised to instruct a solicitor or conveyancer to handle all the legal and administrative paperwork. Usually, the best way to find one is by personal recommendation from people you know and trust which have dealt with these matters before. Conveyancing takes from two to three months; so consider hiring one as soon as you put your house for sale. Your solicitor/conveyancer will deal with:

• The sale agreement, where solicitors exchange contact details and letters with the particulars of the sale
• The title deeds. Your solicitor has to obtain the property title deeds for the lender and get them back to you later on
• The Property information form - a list of all the details to be included in the draft contract. You should check it and approve it with the help of the solicitor
• Answering buyer inquiries, which will be sent by the buyer's solicitor in order to find out some details about the property, utilities, items to be included on the sale
• The draft contract, which is not a standard contract and is likely to change a lot since drafted towards the final contract. This draft covers two issues, the particulars of sale (what's on sale) and the conditions of it (how the sale will be executed). After the title deeds are returned, your solicitor has to send this draft to the buyer's solicitor. Once the solicitors have agreed on all the details, it requires your approval. Immediately after this, the standard contracts will be set up and sent to you for signature
• The contract signing, after which your solicitor gets the contract back from you
• The exchange of contracts, legally binding. At this stage, you receive the buyer's deposit
• The transfer of money, which the lender sends to your solicitor
• The transfer of deeds, finishing your ownership of the property

Solicitors charge either a fixed fee (somewhere between £250 and £750) or a percentage of the house's sale price (usually 1%). Shop around for quotes, and when you've decided for one ask for the fee to be agreed in writing. Other than that, the buyer assumes all costs except an £8 Land Registry Fee.

Now you're done! Congratulations!

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