My OperaSolicitors liverpool We've Had An Offer On Our House: What Now?
Tuesday, October 5, 2010 5:01:22 PM
After the long months of trying to sell your house when someone puts in a suitable offer it can be a very exciting time, but there is still a little way to go before you can move on to pastures new. The term conveyancing describes the process which follows the offer acceptance right up to the property belonging to the new owners.
Firstly the solicitor dealing with your conveyancing will obtain the property's title deeds, along with the relevant land registry documents. At this point thy will also require you to complete two forms; a 'Property Information Form' and a 'Fixtures, Fittings and Contents Form', and also provide other documentation relating to the property, such as reports on timber, at your solicitors request.
Once your solicitor has all the documents they need, they then draw up a draft of the contract and send this to the buyer's solicitor for approval. It is at this stage the buyer's solicitor will carry out the appropriate searches, which takes around a month, sometimes slightly more or less.
If the buyer's solicitor has any queries regarding the documents or the transaction they will raise these with your solicitor, who will answer where they can, but may need your help. Once you've reached the point where all the buyer's queries are resolved, then a mutually acceptable completion date is set. Between this stage and the completion date the contacts are signed by both buyer(s) and seller(s) and upon signing the initial deposit is paid by the buyer.
On the completion date the buyer's solicitor will transefer the sale price balance to your solicitor in exchange for the deeds and keys to the property, and it is at this point the ownership is transferred. Your solicitor will then make any mortgage payments outstanding, take their legal fees, and transfer the remainder of the sale price balance into your account..
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