While conveyancing is often seen as being more important to the buyer, this makes it an essential step for the seller too. The property sale can not complete until conveyancing is done properly so expediting as quick and painless a conveyancing process as possible will help to speed up the overall sale time.

Document Gathering

Once you have completed and returned the Letter of Engagement, your conveyancer will acquire the deeds to your property from your existing lender. They will also require copies of forms pertaining to the details of your house and the fixtures, fittings, and content that are to be included in the sale.

Detail Checking

The conveyancer will then check the details, complete the relevant forms and forward this package to the buyer’s solicitor. If there are any questions regarding the forms then the conveyancer will answer these using information they have gathered and you have provided.

Financial Details

You should provide specific details of any secured loans and your solicitor will receive a statement from your lender that details how much is still outstanding on your mortgage. These figures are used on completion so that all outstanding amounts can be repaid from the proceeds of the sale before you receive what’s left.

Exchanging Contracts And Completing The Sale

Once the buyer’s solicitor has checked and confirmed all of the details in the contract, you will be called in to sign and agree a completion date with al parties. Once contracts have been exchanged, you and the buyer have entered into a legal agreement regarding the exchange of the property. On completion, your solicitor deals with the financial aspects of loans and mortgages, and then forwards the appropriate documents to the buyer’s lender.

This entry was posted on Sunday, July 27th, 2008 at 2:06 pm and is filed under About Conveyancing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.