The Role of a Good Estate Agent – Part 3 – Conveyancing and completing.

The Role of a Good Estate Agent – Part 3 – Conveyancing and completing.

Step 5 – The Legal Conveyancing Process

It’s been a couple of weeks since you accepted the offer and you’re wondering what’s going on. Is anything going on? Well, it certainly should be… If your buyer needs a mortgage they should have applied and submitted all the qualifying documents. A good Agent will tell them this. When the lender processes the application and decides whether to lend the money, they will normally send out a surveyor who contacts the Agent for access. The mortgage offer usually follows and will have a time limit on it.

You should have received a pile of paperwork from your solicitor which you need to complete and return as promptly as you can. It will include Property Information form (TA6), Fixtures, Fittings and Contents form (TA10), if it’s a leasehold property a (TA7) and Title documents. The Fixtures, Fittings and Contents form needs to be completed accurately as it could hold up the sale or cause problems later on if it’s not. If you need any guidance a good Agent will be happy to help.

Your buyer will also have received a pile of paperwork and if they return it promptly with a fee on account (usually around £300-£350) to start the searches then the solicitor can get on with the conveyancing process. A good Agent will check both seller and buyer to make sure the initial pile of paperwork is filled in and returned.

Sadly, this is where the good Agent is virtually powerless other than to chase each solicitor for progress updates. It’s a misconception that the only one who can get a sale to completion is the Agent because they can speak to both solicitors. Nothing could be further from the truth.

It will take as long as the slowest or least efficient solicitor and many solicitors have antiquated systems making the process slower. It’s also very important you and your buyer reply to questions promptly. Your buyer also needs to keep on top of their mortgage provider or broker to get the offer through as nothing can really move forward until that point.

If your property is leasehold it will take longer for the conveyancing than freehold.

Step 6 – Completing the Sale

You’ve had a call or an email from your solicitor saying that all their enquiries have been answered and you need to set a date. The agreed date between you and your buyer will depend on a number of factors. Is the buyer’s mortgage offer still in time? How are the rest of the chain fixed with the agreed date?

Can the solicitors acting for the buyers get the money drawn down from the lenders on the agreed date? Once all your ducks are aligned it’s time to start packing and looking forward to moving day. If you’re using a removal Company inform them of the date and if you’re not, get your friends and family lined up. (Please see our blog about moving house.)

Sometimes solicitors exchange contracts and complete the transaction on the same day, often a Friday. Some like to exchange the day before. There are no hard and fast rules but once the contracts are exchanged the sale is usually assured. It’s not common for either party to pull out at this stage as it is seen as a breach of contract. They render themselves liable for legal action which can lead to various financial consequences.

If all goes to plan please leave your property the way you would like to find your new property and enjoy.

Step 7 – Moving

Don’t forget to re-direct your mail, take meter readings and change your address on your bank accounts etc and don’t forget to read our blog on moving house.

At Redrose Estate Agents we work closely with Conveyancing Solicitors from offer to completion ensuring the process is expedited as efficiently as possible.  Contact us to learn more 

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