How to Work Out the Legal Aspects of a Property Sale

The sale of your house does not end when you list the property, prepare it for viewings and eventually close in on a sale. There is much more you will need to do in terms of conveyancing as well as managing the legal aspects of the sale. The legal aspect of a house sale is often more complex and could be faced with some challenges.

Ultimately, the legal part of the sale is not just part of the process but a critical move in protecting your interests and those of your buyer. Therefore, you will need expert guidance at this point.

While you will mostly rely on the expertise of your conveyancer or select legal representative, it is important to be aware of what the process entails. This will help you to stay abreast of the progress.

  1. Choosing a conveyancer.

It is least surprising to find hundreds of solicitors and conveyancers in your area. The tricky part is identifying the best one to work with. However, you can use these simple tips to find the right person to do the job.

  • Ask for recommendations from your friends and family of a conveyancer they have worked with before.
  • Request for at least three quotations before reaching a decision.
  • Seek clarification on just about every aspect of the service that the conveyancer is offering and even ask questions before reaching an agreement.
  • Let your conveyance know in advance about your desire to have regular updates. You also need to agree on a closing date.
  • Aim to work with those conveyancers that will not charge any fees where no deal has been reached. This way you will not be left out of pocket in the even that a house sale doesn’t fall through.
  • Pay attention to each quote you receive as some could include different criteria andservices.
  • Get some recommendations from estate agents that have worked with the conveyancers and solicitors in the past.
  1. Provider your conveyancer all the information required

Once you have identified a suitable conveyancer, the next step is to offer them all the information they need. Since most of the conveyancers are always dealing with the sale of houses every day, they will sure take control of your legal aspect of things. Therefore, the information you provide must be accurate. This includes:

  • Your official identification as well as other basic information like the mortgage roll number.
  • A complete list of all fittings, fixtures as well as furniture that are included in the sale.
  • Information about your home that includes previous disputes, boundaries and the areas of land that you own.
  1. Completing the Sale

The process of buying a house in the UK differs slightly in different constituent nations. If you are in England and Wales, the process is only complete upon exchanging of contracts.

Consequently, you cannot pull out of the sale at this point otherwise, you will lose your deposit.

Both the seller and buyer will have their conveyancer, with both coordinating the exchange process on your behalf. The completion date is usually set to be around two weeks upon exchange of contracts. Once the buyer transfers money then the legal process ends here and all you need to do is hand over the keys to the buyer.

This process is slightly different in Scotland where you advertise a guide price and invite buyers to submit bids while also providing the projected completion dates. Once an offer is formally accepted, financial penalties apply to any party reneging on the deal. This means that buyers must be sure about availability of finances before putting in a bid.

 

Since property buyers in Wales and England do not always have a mortgage in place, the risk of ending up with a broker deal is quite high. Even then, your conveyancer can help you negotiate the process without major surprises.

Overall, if you are keen on selling your house fast, you can take advantage of property buying companies. These property experts have a thorough knowledge of the market and are guaranteed to give you the best service.