It’s really important to know exactly what legal issues must be considered when you buy or sell a home. This process is called conveyancing, and its complexity may surprise you. It includes all aspects of transferring the ownership of a property from a seller to a buyer. The process could take up to several months, involving a number of stages and can depend on many factors.
A property is probably the most expensive purchase you will ever make, so when you buy one, it’s vital to be sure of exactly what you’re getting, and that you will legally own it. Otherwise, you may find yourself in a unexpected dispute over where you park your car – or discovering that some of the land you’re buying belongs to someone else.
Arrow Conveyancing will work with you to minimise the time required and to make your purchase or sale as efficient and trouble free as possible.
So, here’s what you can expect from Arrow Conveyancing, if you’re selling:
1. We’ll provide these forms:
A property information form which we ask you to complete on these subjects. Disputes with neighbours; what major work you’ve had done and what guarantees there are and for how long; insurances on anything being left at the property and if you know they may be transferable; boundaries; planning and building consents; location of water, gas and electricity meters. There is another form relating to leasehold properties for flat owners which includes details of the freeholder, management company, service charges and ground rent. We’re here to help you if you have any queries or concerns.
A fixtures, fittings and contents form: You need to complete this form to show your buyer which items at the property you intend to leave behind and which to take with you e.g. cupboards, shelving, kitchen appliances, lighting, carpets and other floor coverings.
Most properties are registered electronically with the Land Registry, and we will obtain up-to-date information from them. You may hold deeds if you own your property outright, or your mortgage provider may hold them for you. In this case, we will contact them.
The contract of sale, which states the address and price of the property, and the names and addresses of the buyer and seller.
2. We deal with any questions from your buyer's solicitor, and agree a provisional timetable. The completion date isn't fixed in stone at this point, and can change. Your estate agent will usually liaise with you and the buyer (and other people in the chain) to agree a completion date. A final completion date has to be agreed when you exchange contracts.
Exchange of contracts
We receive the buyer's deposit on your behalf.
If you have a mortgage on your property we will ask your mortgage lender for a settlement figure. This is the amount you need to repay your mortgage lender once your property is sold.
We will then send your signed contract to your buyer's solicitor, who sends the buyer's signed contract to us. You are now committed to the sale of the property, and cannot go back on it without paying a large financial penalty. The completion date is set on exchange.
We will receive a Transfer Deed for you to sign which will be handed over on completion in order for the buyer to register their names on the deeds.
On the completion date you have agreed, your buyer's solicitor will send us the balance of the payment for your property.
We will use this to pay off your mortgage, your estate agents fees, our fees and any costs incurred during the sale. Any money left over will be handed over to you, unless it is needed for a purchase you are making.
We will then hand over the deeds of the property to your buyer's solicitor to register their client as the new owner, and remove any reference to you and your mortgage, if any.
Put yourself in safe hands with Arrow Conveyancing
We’re friendly, reliable and very experienced. Call us now to discuss your purchase or sale.
For more information about conveyancing, and buying and selling your property, contact the experts, Arrow Conveyancing Ltd.
Choose Arrow Conveyancing for:
Fast, efficient transactions
Transparency and fixed legal fees
Arrow Conveyancing Ltd.
Call: 0116 266 5394 Email: firstname.lastname@example.org
The materials on this website do not constitute legal advice and are provided for general information only. Whether express or implied, no warranty is given concerning such materials. We shall not be liable for any technical, editorial, typographical, or other errors or omissions within the information provided on this website, nor shall we be responsible for the content of any web images or information linked to this website.
The information contained in this article does not constitute financial advice or recommendation and should not be considered as such. Arrow conveyancing does not offer financial advice and is not regulated by the Financial Conduct Authority (FCA), the authors of this article are not financial advisors and are therefore not authorised to offer financial advice.