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So after the stressful process of putting your house up for sale, you finally have a buyer, and they’ve put an offer in. So what happens now? First things first you need to employ the services of a solicitor to carry out you conveyancing, and the first thing they will do is obtain the deeds for the property and any Land Registry documentation. You will then need to fill out two forms: the ‘Property Information Form’ and the ‘Fixtures, Fittings & Contents Form’, and will also be asked to provide any other forms of documentation to do with the property.

Once they have all the right documentation your solicitors will prepare a draft contract and send it to the solicitor your buyer has instructed to act on their behalf, who will then carry out a number of searches draft contract will then be prepared and sent to the Buyer’s Solicitors, who will then carry out various searches (this can take up to four weeks).

You may need to assist your solicitor in answering these queries, and once the other party are satisfied, you and the buyer will need to sign and exchange contracts. Upon exchange of contracts the sale becomes legally binding, a completion date will be agreed, and the buyer will pay the deposit.

Then on the completion date your solicitor will receive the sale price balance and hand over the deeds to the Buyer’s Solicitors. They will then payoff any outstanding mortgage, take their legal fees and then forward the balance on to you- sale completed.

If it is you that is buying a property, then first of all congratulations! The conveyancing process begins for you as soon as your solicitor receives the draft contract from the buyers solicitor, which they will review whilst carrying out an relevant searches, such as the Local Authority Search.

Should there be any queries relating to this or any of the documentation, then your solicitor will raise these with the other party and gain answers/resolution, and once all queries are satisfied they will construct a property report for you.

If you are happy with this then a contract will be drawn up, which will be signed by yourself and the seller, and upon exchange of these the sale becomes legally binding and a completion date is agreed upon. The completion statement is then drawn up, the property is put into the buyers name and the balance is paid to your solicitor.

Upon completion, the balance of the funds is transferred to the seller’s solicitor and they pass on the deeds.

If you need advice on conveyancing then Oliver & Co offer Chester legal services in a variety of areas such as conveyancing, commercial law andasbestos compensation.

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