Make sure you ask the solicitor to get their fees in writing before you appoint them. Are they are on a no sales no fee basis?. Ask the conveyancer for references, and ask how you can contact them and if you will be billed for this time.
To save money on your conveyancing fees use an online service such as easier2move
First stage – sale agreed
You should always try to appoint a solicitor when you initially put your property on the market. This way when you find a buyer your solicitor can have already prepared and arranged for you to sign the contract and complete any initial enquiries. This can then be forwarded straight away to the buyer’s solicitor making the whole process much quicker.
Think of your solicitor as the hub of the whole process of selling your house. A good solicitor will not only carry out all the legal work involved in the purchase of your property, they will also keep on top of estate agents, mortgage lenders and the buyers solicitor in order to make the whole process as quick and hassle free as possible. Any solicitor you choose can also act for you on the purchase of any new property as well.
Once you have found a buyer your solicitor will apply for your deeds, which are usually held with your mortgage lender.
At the same time they will forward the already prepared and signed contract to the buyer’s solicitors and answer any additional enquiries the buyer’s solicitors may be have.
(It is worth noting that many solicitors or conveyancing firms operate on a no sale/no fee basis which means you will be left with no financial obligations should you decide not to proceed with your sale or should your sale fall through.)
Second stage – exchange of contracts
Your solicitor will ask the buyer’s solicitor to return the signed contract and request any deposit. At the same time he or she will request a final redemption statement from your mortgage lender.
You will then be asked to sign the transfer document and then contracts are exchanged. This means that both you and the buyer are bound legally and may not be able to back out of the sale/purchase without financial penalty.
Third stage – completion
You and the buyer will have agreed a date to complete the purchase (usually via your solicitor) and on that date the balance of the monies are exchanged. (Your solicitor will deduct any money you owe to them from the balance.)
The solicitor’s work is still not finished as he or she will now need to pay off any mortgage on the property, pay the estate agent, hand over the deeds to the buyer’s solicitor and send you the balance of the monies.
To read more information see our exclusive house buying guide
