If you are selling your home for the first time, there are likely to be many questions on your mind. One of the most important legal aspects of property sales is conveyancing – so making sure that you have understood the process from start to finish is crucial. In this guide, we take a look at what exactly conveyancing is before setting out the key milestones involved in selling a property and rough timescales. With a thorough understanding of the process, you’ll ensure there are no surprises in store, setting yourself up for a seamless, speedy property sale.
Conveyancing is simply the legal process of transferring ownership of a property from you (the seller) to a prospective purchaser (the buyer). It is carried out by a fully qualified solicitor or licenced conveyancer, who will manage the transfer of legal documents and funds. The process starts from the point that you accept an offer on your home, although many sellers find it useful to appoint a conveyancer as soon as their property is put on the market.
The earlier the better! As soon as you’re sure that your property will be listed on the market (usually around the same time you formalise contracts with your estate agent), is a great time to appoint a conveyancer. You should initially ask for an estimate on a conveyancer’s fees, and if you are happy with the quotation – formally instruct their services. Fees are usually paid at the completion of sales, although this may differ from practice to practice.
If you instruct a conveyancer at an early point, it will help to speed up your sale as you will have completed a lot of the initial paperwork before offers are finalised. If you are buying another property at the same time as selling your home, it will also free you up to focus on the contracts for your onward sale rather than rushing to gather information on your existing home.
At this early stage, you can expect your conveyancer to:
Whilst this may seem like a lot of paperwork to complete before you have even had an offer accepted, it will help you identify any potential problems with your property. This will prevent issues further down the line, as you can make buyers aware at an early stage and simplify negotiations.
If you haven’t already appointed a conveyancer, now is the time that you will definitely need to formally instruct a solicitor or conveyancer. Make sure that you have replied in writing (either via email or post) to their formal letter of engagement, having read over the associated fees in detail.
Whilst it is a very necessary part of property sales, there can be a lot of forms for sellers to complete. It is worthwhile completing and returning these as quickly as you can, being sure to provide accurate responses to all the questions involved.
You are legally accountable at this stage to ensure that all information is full and truthful. If it later transpires that information has been withheld, this could impact the sale (with buyers nervous about being misled) and even leave you liable to subsequent compensation claims. Initial forms will include:
Property Information Form (TA6)
This is a general questionnaire which includes information on any boundary disputes, issues with the property such as historic flooding or radon gas leaks, local building developments planned, council tax and connected utilities.
Fittings and Contents Form (TA10)
This includes what fixtures and fittings you would like to include in the sale (for instance, bathroom and kitchen fittings). If you are unsure at this point, you can leave some aspects as TBC – to be negotiated with the buyer.
Completion Information and Undertakings Form (TA13)
This provides information on the eventual arrangements for handing over the keys, how and where you will complete, and ensuring that the property is free of all mortgages and liability claims.
If you do not own the freehold on the property, you will also have to complete either a Leasehold Information Form (TA7) or a Commonhold Information Form (TA9).
As part of these “TA” property forms, you will also have to provide copies of any documents, warranties, building-regulations sign-off or guarantees mentioned. Your conveyancer will let you know everything that’s required.
When you accept an offer on your property, if you have an outstanding mortgage you will also have to inform your bank or lender that you intend to sell. They will be able to advise on how much of your mortgage is outstanding and whether there are any early repayment charges. You might also be able to take your current mortgage to your next property, although this will have to be specifically discussed with your bank.
The information provided as part of your “TA” forms will be used by your conveyancer or solicitor to draw-up a draft contract. They will send this to you for your approval, before sending this through to the buyer. If appropriate the contract will also include a provisional date for completion. Completion is normally two weeks after exchange, although this can be negotiated between buyers and sellers.
As well as a mortgage valuation, your buyer may request a structural survey of the property. It is important that you allow access for this, to ensure a smooth sale. This survey may bring-up issues that neither the vendor or buyer were previously aware of – at which point renegotiations on price may be appropriate. Further investigations may also be necessary. Common issues involve damp, roof repairs and subsidence – all of which may need to be repaired (or reflected in a reduction in the price) before exchange.
That’s right. More forms! Your buyer’s solicitor is likely to send over their own questions on the property, such as questions to do with planning, drainage, flooding or local developments – seeking clarification and further information on anything that hasn’t come-up in your own “TA” property information forms.
Once the buyer and their solicitor or conveyancer are happy with all the information you have provided, they will be able to approve and sign the contract. This is known as the “exchange of contracts”. Each party’s solicitor/conveyancer will ensure that contracts are identical, before immediately exchanging signed copies in the post. A completion date should be agreed as part of this, to suit both parties.
Until this point, either party may pull out of the sale without repercussions. After contracts have been exchanged, certain financial penalties are likely to be specified. This is usually in the form that you (the seller) will keep the buyer’s deposit if they rescind on the purchase. This is normally received and kept securely by your conveyancer. Do also remember that the buyer can litigate if you pull out of the sale or accept another offer after this point.
The exciting part! Once you have exchanged contracts, it’s now a great time to get thinking about your actual move. There is usually a period of two weeks between exchange and completion, so seek out quotations from removal companies and start planning how you’ll vacate the property.
Whilst there are no legal requirements to move out before completion (as you own the property until this point) it will certainly make the day a lot less stressful if you start the moving process earlier.
At this point, double-check that everything you included in your fixtures and fittings forms is present and correct. Equally, make sure that you aren’t leaving anything that hasn’t been specified – this will add to complications and stress on completion day if any disagreements arise with your buyer.
Your conveyancer should now be “in funds” with these usually sent over by the buyer’s representative a day before the agreed completion date. It is worth checking that all has gone to plan, and if so – your conveyancer will:
If you haven’t already, you will need to vacate and entirely remove your possessions from the property on this day. Keys should be handed to estate agents, with any spare sets left inside the property.
Top Tip: Try to arrange for your completion day to happen from Monday to Thursday. Avoid Fridays if at all possible, as if there are any complications, and from time to time there are, this will mean that problems can be solved on a working day, rather than having to wait over the weekend.
This will ultimately depend on the complexities of your sale, but for a straightforward sale of a freehold property to a chain-free, cash buyer – this can all happen in the space of a month. Most usually however, buyers are either in a chain or require a mortgage to purchase the property, in which case it is more common for the conveyancing process to take between two and three months.
In rare occurrences, the conveyancing process can take six months or even more. If you are dealing with a particularly long chain (and there are any problems with other buyers/sellers) or a complicated leasehold agreement – the process becomes more complex and time-consuming. A proactive conveyancer will do everything they can to ensure that your sale progresses in a timely manner however, so it is worthwhile researching testimonials and thoroughly doing your research before formally instructing your conveyancer in the first place.
The conveyancing timeline can be broken down as follows:
Property Listed / Offer Accepted (2 weeks)
At this point, you will appoint your conveyancer, fill in any forms required and work on a draft contract. This process usually takes around two weeks.
Buyer’s Arrangements (4 weeks)
Once they have made a formal offer, your buyer will have to appoint their own conveyancer and formally arrange their mortgage agreement, with documents assessed by underwriters. Negotiations with banks are usually the slowest part of this – usually taking up to a month.
Draft Contracts (2-10 weeks)
The buyer will normally undertake structural surveys and local searches, asking any outstanding questions that weren’t on your “TA” property information forms. If they are satisfied with the responses, draft contracts can be agreed. This process can be relatively straightforward and completed within a couple of weeks – but if problems arise, this can be anywhere from two months or more.
Exchange and Completion (2 weeks)
By the time that contracts are exchanged, any problems should have been ironed-out, with a completion date agreed by both parties. After contracts are exchanged, there is usually a period of two weeks to allow for both parties to move house – although this can be shorter or longer by negotiation.
Having a thorough understanding of the conveyancing process will ensure that your property sale gets off to the best possible start. Solicitors and conveyancers are there to ensure that the ownership of a property is transferred legally and properly. They are of invaluable help in drawing up contracts, answering queries, transferring money, performing necessary investigations – and ultimately ensuring successful property sales.
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