Once I Have Instructed A Conveyancer, What Can I Expect To Happen Next?
Step 1: Sale agreed
- The conveyancer will request title deeds
- They draft the contract and send it to the buyer’s conveyancer
- They deal with any additional enquiries from the buyer’s conveyancer. These might not be sent until buyer has received the search results and the mortgage offer
- You will receive the contract and transfer document to sign
Step 2: Exchange of contracts
- Your conveyancer will exchange contracts with the buyer’s conveyancer over the phone which sets a fixed completion date
- They will send the contract to the buyer’s conveyancer
- They will receive the buyer’s contract and deposit
- They find out how much is needed to pay off your mortgage and any other loans secured against the property
Step 3: Completion
- The conveyancer will receive the balance of the purchase price
- They pay off your mortgage, other secured loans and estate agent fees
- They send the remaining money to you or put it towards your purchase (if applicable)
- They send the transfer document and any other relevant information to the buyer’s conveyancer
What Are Sort Of Enquiries Might The Buyers Conveyancer Raise?
The buyers conveyancer will ask about legal issues that affect the property, e.g. if your neighbour has a right of way over your garden, if planning consent has been obtained for an extension to the property.
Are There Any Enquiries That I Should Not Respond To?
Sometimes the buyer’s conveyancer will ask questions about the physical condition of the property or the state of repair of your central heating or gas / electrical systems. You are not legally obliged to give the buyer this information. If you give incorrect information, the buyer may sue you if they suffer financial loss as a result. e.g. if you say that the central heating is in good working order and it is not, the buyer may try to claim the cost of any repairs from you.
Can The Estate Agents Answer Any Queries I May Have?
Yes, estate agents are often the best people to contact as they are able to talk to all parties. Conveyancers are not allowed to talk to other conveyancers clients. Estate agents can also help to negotiate the following:
- The price of the property and any price reduction
- Seek confirmation of exchange and completion dates from buyer and seller
- The need for any repair work to be done to the property
- Which items should be left at the property (i.e. carpets, curtains, light fittings etc)
How Long Will It Take To Complete The Sale Of My Property?
On average, a conveyancing transaction takes 8 - 12 weeks from the time the draft contracts are received to completion, although a leasehold flat will take longer. How long it takes will depend on a variety of factors that include the speed of the conveyancers, how long it takes to get search results back, the length of the chain of transactions (if any) and the legal issues involved.