How conveyancing works: When you sell
First of all, we’ll provide you with a fixed quote. Once the quote is confirmed we'll instruct your solicitor, who will write to you to ask you for some basic details: proof of your identity and details of your current mortgage.
Before you exchange contracts
This stage normally takes between one and two months.
Your solicitor will send you forms asking for details of:
- the property and its fixtures and fittings
- the leasehold agreement (if there is one)
These forms are quite detailed and might need a bit of research: your solicitor will help you wherever possible.
Send these back along with details of any planning permission or building consents.
Your solicitor now has everything they need from you to prepare the contract. They will obtain the title deeds to your property.
If you're selling a leasehold property, they will also ask your freeholder or management company for a copy of your lease, along with information about insurance, expenditure and service charges.
When your solicitor has all this information, they'll draw up a draft contract and send it to your buyer's solicitor.
Your buyer's solicitor will probably have some questions at this stage – they will have the results of their survey and local authority searches – so it's important to make sure your solicitor can get in touch with you easily.
When your buyer's happy to go ahead, you'll agree a completion date. Your solicitor will send a final contract to you and your buyer's solicitor.
Read the contract carefully and ask your solicitor if there's anything you're not sure about. When you're happy, sign the contract and send it back to your solicitor.
Exchange, completion and afterwards
There's normally a space of two weeks between exchange and completion, but it is possible to exchange and complete on the same day in certain circumstances.
When the contracts are signed, your solicitor will formally exchange contracts with the buyer's solicitor, and collect your buyer's deposit. You're both now legally committed to the sale.
If you are also buying at the same time your solicitor will exchange on the purchase and will agree the same completion date.
Your solicitor will pass on a transfer deed for you to sign and return. They'll also agree with your mortgage lender exactly how much is left to pay on your mortgage upon completion.
When you return the transfer deed, your solicitor will send it and the title deeds to your buyer.
Now it's time for completion – the moment when all the money changes hands. On the completion date , your solicitor will:
- receive the money from your buyer
- pay off your mortgage
- pay your estate agent's fee
- pay his own fee
Congratulations! You've now sold your home!