They say selling or moving house is one of the biggest stressors an individual can experience in their life so it helps to know the basics about what to expect when you have an offer made on your home.
High five – you’ve agreed your asking price
In some situations this may not be the case but hypothetically let’s assume you have accepted an offer that everyone is happy with. All of a sudden the urgency to move forward on both sides becomes apparent. The excitement mixed up with a little trepidation to move onto the next stage in your life feels like an emotional rollercoaster. But have patience; there are few more hurdles to negotiate.
You will need to sign a few forms and there’s a process to follow, led by your estate agent and solicitor, before the exchange of keys can take place.
A contract will make the sale of your property legally binding and a date of completion will be confirmed along with a deposit paid by the buyer if required.
The conveyancing searches
The conveyancing process describes the period of time and what takes place between the acceptance of an offer and the final handover of the keys. During this period there will be a series of surveys, or conveyancing searches carried out on your property before contracts can be exchanged. These searches can include:
–LLC1 Local Land Charges Certificate of Search
-CON29 Enquiries of the Local Authority
-Land Registry title register and title plan
-Flood risk searches
-Water authority searches
Depending on where the property is located there may be additional surveys requested such as tin mining in Cornwall.
People are often more aware of the information available and have specific desires to be met. They may want to know more about accessibility and community attributes such as noise abatement zones, common land and public pathways so be prepared for unusual requests.
The completion stage is in sight
Part of the conveyancing process is peace of mind for the buyer but it also means that you can rest assured that no stone will be left unturned that could raise problems further down the line. You want the completion of the sale to be as speedy and smooth as the buyer does so give your solicitor breathing space to draft the contracts and make the necessary enquiries to fulfil all supporting documents.
If there is no mortgage being taken out on the property being sold it is possible for the buyer to carry out conveyancing searches alone although we wouldn’t recommend it due to future complications that may arise, especially with the possibility of restrictive covenants.
Once all conveyancing searches have taken place and each party is 100 per cent satisfied with the outcome, the transfer of ownership can be approved. This is your completion day. Your solicitor will aim for a money transfer to be completed before midday, but be prepared for it to be anytime during completion day. At this point the new owner will be able to collect the keys and everyone is happy.
Here to help with conveyancing searches
If you are selling or buying a property and need a reputable solicitor to act on your behalf please call us on 0800 652 3737 for a free quotation.