Conveyancing timeline and your house sale – House Sale Solicitors Near Me
The conveyancing process can be complicated and time-consuming. When it comes to a house sale, Solicitors Near Me would always suggest finding a trustworthy conveyancer roughly around the time you find an estate agent.
Some people put this off. Partly because the public perception of conveyancers is sometimes less than stellar. But the reason for this is often that people don’t understand how the conveyancing process works or how long it can actually take.
Here is a good timeline for conveyancing so you know what to expect going in:
Do I Need My Own Solicitor To Sell My House?
Before we start, it is worth reinforcing that – while you do not legally need to get your own solicitor to sell your house – it is a very good idea to instruct one.
Firstly, this is because this is a financially large and legally complex transaction. You don’t want to leave yourself open to legal issues because you have failed to complete a required part of the process in line with the law.
Secondly though, if mortgages are involved in the process, it’s likely that any lender will insist on everyone involved having professional legal representation. They’re not likely to lend without this.
In practice, this means you will almost certainly need a solicitor to sell your house.
When Do I Instruct A Conveyancing Solicitor?
The time to instruct a conveyancing solicitor (this is the term used to mean hiring one and telling them what you need them to do) is after you have initially accepted an offer on your house.
However, finding a solicitor you trust can take time (unless, of course, you let Solicitors Near Me find you a good option for FREE and with no obligation to hire them – give us a quick call on 0845 1391399 or complete a Free Online Enquiry to get us started).
This means it’s normally a good idea to choose your conveyancing solicitor immediately after you choose your estate agent. You then have plenty of time to compare quotes from the conveyancers you like.
As soon as you accept your preferred offer, it’s time to formally instruct your solicitor to begin the conveyancing process.
The Conveyancing Process – Timeline
1) Conveyancing Questionnaires For Sellers – 2-4 Weeks
As the seller, you need to respond to several conveyancing questionnaires specifying the condition of the property.
One of the key details will be the bounds of the property that you want to sell. You will also be asked about any related ongoing disputes (legal or personal) and your solicitor may be able to help you include details about any new developments proposed in the local area.
These questionnaires are a legal requirement and have to be filled out truthfully. Even honest mistakes can lead to buyers pulling out or later legal action.
2) Draft Contract And Negotiations – Up To 10 Weeks
The questionnaires are the basis for the contract your solicitor will then need to draft. They will negotiate with the buyer’s solicitor on your behalf to finalise the terms of this document.
The solicitors will work out details like who will pay to fix any problems identified by the property surveys. There is also a wide range of other things to negotiate on, including the completion date.
3) Mortgages – Up To 4 Weeks
The buyer will need to arrange a mortgage and you will need to get ready to pay off yours by requesting a redemption figure. This process can take up to four weeks, mainly on the buyer’s side.
4) Exchange Of Contracts And Completion – Around 1 Week
Your solicitors will meet to confirm the contracts are the same and then exchange them. This can take longer if you have a whole chain that needs to complete the same process.
Once contracts are exchanged, the buyer legally has to go through with the purchase. If they don’t, you get to keep their deposit. If you don’t, you open yourself up to legal problems.
Technically speaking, you can remain living in the property up until completion day.
5) Completion – Total 12 To 16 Weeks For Whole Process
Finally, completion day is here! You hand over the keys to your old property, get the sale money, and pay off your old mortgage. The whole conveyancing process could take anywhere up to 16 weeks or four months, but potentially less as some of these tasks happen concurrently.
This is important to understand going in. But a good house sale solicitor – one who knows how important it is to keep you updated – can make all the difference to how you feel about the process.
House Sale Solicitors Near Me