Legal Property Matters

The process of transferring home ownership when selling your home

Conveyancing legal process of transferring home ownership from the seller to the buyer. This critical step begins when you accept an offer and concludes when you hand over the keys. Whether you’re selling, buying, or both, a solicitor or licensed conveyancer usually manages this process.

BEGIN BY INSTRUCTING A SOLICITOR

The first step in the conveyancing process is to formally instruct your solicitor or conveyancer. Once you’ve accepted an offer on your property, your chosen professional will begin the legal groundwork to progress the sale effectively. To avoid unnecessary delays, it’s worth deciding on your solicitor or conveyancer early—ideally around the time you appoint your estate agent. Proactivity is key. Making this decision in advance gives you time to vet service providers and ensures the transition from offer acceptance to legal work is seamless. A trusted solicitor can help streamline the process, leaving less room for potential setbacks.

COMPLETING IMPORTANT QUESTIONNAIRES

One of the earlier tasks in the process involves filling out detailed questionnaires about your property. Your solicitor or conveyancer will provide these forms, which play a pivotal role in clarifying what’s included in the sale. To prepare, you might want to gather relevant documents related to your property ahead of time.

For instance, the TA6 form is a general questionnaire covering boundaries, disputes, complaints, or future developments. It also addresses building work, council tax, utilities, sewerage, and other essential details. Additional information, such as the leasehold (TA7) or commonhold (TA9) documentation, may be required to sell a leasehold property. The TA10 form specifies which fittings and fixtures are included, while the TA13 form addresses more technical points like handing over keys and ensuring the property is mortgage-free.

IMPORTANCE OF ACCURACY

When filling out these questionnaires, it’s essential to provide truthful and accurate information. Any omissions or misrepresentations could lead to legal complications down the line. For example, if untruths are uncovered after contracts are exchanged, you could face claims for compensation.

Even earlier in the process, inaccuracies may make buyers question your trustworthiness, potentially jeopardising the sale. Your solicitor or conveyancer uses these completed forms to produce a draft contract. This document is then shared with the buyer’s solicitor for review and negotiation. Key terms, such as the completion date, included fixtures and fittings, or adjustments based on survey results, are agreed upon at this stage.

PREPARING FOR THE EXCHANGE OF CONTRACTS

Before reaching the all-important exchange of contracts, sellers often need to address a crucial financial matter—settling the mortgage on the property. You’ll need to request a redemption figure from your mortgage lender outlining the amount required to pay it off upon completion. The exchange itself is managed by your solicitor or conveyancer. This process entails ensuring identical contracts are signed by both parties. For buyers and sellers involved in a chain, the exchange becomes more complex, as all parties must be ready to proceed simultaneously. Delays or withdrawals by one party in the chain affect everyone else.

SECURING LEGAL CERTAINTY

Once contracts are exchanged, the agreement becomes legally binding. The buyer is obligated to complete the purchase, losing their deposit if they fail to do so. Similarly, sellers must fulfil their obligations or face potential legal action. At this point, you can no longer entertain alternative offers for your property. Legally, ownership remains with the seller until completion. However, moving out a few days earlier can help avoid lastminute hassles. This stage is a good time to finalise removals, ensure everything on the fixtures and fittings list is accounted for, and complete any necessary property checks.

MOVING TOWARDS COMPLETION

Completion marks the final stage of the conveyancing process. On the agreed completion day, the remaining balance is transferred by the buyer’s solicitor to your solicitor, thereby settling the transaction. Once payment is received, the keys are handed over, and ownership officially changes hands. Selling a property can be a complex and time-sensitive process, but thorough preparation and expert legal support can make all the difference. It’s a significant milestone—both emotionally and practically. By being diligent throughout the conveyancing process, you’ll set the stage for a smoother transition into your next chapter.

>> READY TO DISCUSS YOUR PERSONALISED MORTGAGE OPTIONS TAILORED TO YOUR NEEDS? <<

Whether you’re exploring your options, need expert advice, or want guidance every step of the way, our team is ready to provide personalised support tailored to your unique situation.

Cedar Crest Ltd – telephone UK T: +44 (0) 203 883 1017,

UK (For Cantonese and Mandarin enquiries):

+44 (0) 7888 431091

+44 (0) 7724 344788

HK T: +852 6645 4462

SINGAPORE: +65 8363 9221

– email info@cedar-crest.co.uk