Many people understand that they need a solicitor to sell their home. However, not everyone realises what the solicitor does during the process, or what the fees and time are spent on…
Instructing a Conveyancer
It's a good idea to shop around. Many solicitors offer fixed fees or link fees to the value of the property. However, think about how quickly you need the sale to go through: online companies may be cheapest, but they may not offer the most personal service, or be the quickest. Sometimes, there may be outstanding negotiations and a more personal, experienced touch is needed. Think about whether local knowledge is beneficial, or if you'd like a solicitor with an office that you can call/visit.
After deciding on the best option, you may be asked to pay a sum, on account. This sum is paid towards your final bill so that the solicitor can pay for searches and processes. Factor solicitor's costs into your budget. If you are expecting some money from your sale, after paying off any mortgage, it may be you settle your account from this.
Along with drafting the sale contract, liaising with the buyer's solicitor and estate agents, your solicitor will provide documentation and search results, to progress the sale. For example, they will collate building regulations and planning permissions, arrange mortgage details and payment of the purchase price, to make sure you receive your money. If you're buying another property, the solicitor will likely be dealing the purchase, making sure timings align and both transactions complete together.
Many people complain about the time it takes to complete a property transaction. Bear in mind that a lot of information required is provided by third parties, such as local authorities, estate agents, other solicitors, landlords or the buyer. Collating this information takes time. You should expect it to take around 3 months for a straightforward sale to complete.
On completion, you'll receive a completion statement, breaking down costs of the sale. The deeds and papers will be sent to the buyer of the property, but you should receive copies of legal papers, for your records.
*Hoozzi How To articles are intended as advice only. Please refer to your completion documents for specific information on lease and covenant restrictions and maintenance of your home.*