Selling your home can be surprisingly time-consuming and emotionally challenging especially if you’ve never done it before. At times, it may feel like an invasion of privacy because strangers will come into your home and poke around your closets and cabinets. They will criticise a place that has probably become more than just four walls and a roof to you, and, to top it all off, they will offer you less money than you think your home is worth. With no experience and a complex, emotional transaction on your hands, it’s easy for first-time home sellers to make lots of mistakes. But with a little know-how, you can avoid many of these pitfalls altogether.
If you like watching soaps, you may be under the impression that by simply signing a Transfer Deed and handing over a suitcase of money will effectively complete the transaction. This could be not be further from the truth. The national average conveyancing transaction can take anywhere between 6-12 weeks. It can also be much quicker or slower than this.
It can be very difficult for a conveyancing solicitor to give you an accurate timescale for your transaction. Not because they don’t want to, but because there are so many factors to consider with each transaction. No two conveyancing transactions are identical and there can be so many varying factors applicable to each person in the chain which is why it is so difficult for timescales to be agreed at the very the outset.
Working With Solicitor
We would recommend working with a solicitor as soon as you decide to market your property. This will ensure you have time to complete the necessary paperwork in readiness for when an offer has been accepted.
Furthermore, here at Rubistone Conveyancing you do not need to have placed your property on the market before instructing us. We are happy to take an instruction from you prior to you marketing your property and finding a suitable buyer. We believe that the quicker we can open a file for you and obtain your key documents the quicker you will be able to move forward to an exchange of Contracts and completion once you have been able to secure your buyer.
Choosing a solicitor is a difficult task as there are so many firms out there. I would recommend telephoning for a quotation rather than looking at prices online. It may be easy to obtain a price online but can you speak to somebody quickly when required? Can you speak to the same person each time you ring who will be familiar with your transaction? Does the person you are speaking to have knowledge of your case and can deal with your enquiry quickly?
Once you have instructed a solicitor they will open a file for you and send you any necessary paperwork. When selling a property this will consist of the forms that make up your contract package. At Rubistone Conveyancing, we are aware this may be a daunting process so are happy to meet and go through the paperwork with you either over the phone, or in person where no appointment is necessary.
You should also inform your estate agents which solicitor you have instructed so that they can send out their sales particulars.
The Conveyancing Process
As soon as you have returned the protocol forms to your solicitor, a contract package can be prepared and sent to your buyer’s solicitors. At this point they should apply for their searches and check through the contract and raise enquiries with your solicitor to resolve any issues that may have arisen from the contract papers.
Your solicitor will discuss their enquiries with you as necessary and will then respond to your buyers solicitors accordingly. Once your buyers solicitors have received all search results and their client’s mortgage offer (if applicable) they will then be in a position to obtain their clients signatures to the contract and request deposit funds.
Exchange of Contracts
Exchange of contracts will take place when everyone in the chain is ready and all solicitors are holding signed paperwork from their clients. This makes the transaction legally binding. A completion date is set and nobody can change their mind without incurring financial penalties.