Selling a property involves more than just finding a buyer and agreeing on a price. One of the most crucial steps in this journey is the conveyancing process, which legally transfers ownership of the property from you, the seller, to the buyer. This guide breaks down the process, timeline, and key steps involved in ensuring a seamless property sale.
What Is Conveyancing?
Conveyancing is the legal process required to transfer property ownership. For sellers, it begins once an offer is accepted and ends on completion day when the keys are handed over to the buyer. A licensed conveyancer or solicitor typically manages this process to ensure legal compliance and a smooth transaction.
Conveyancing Process Flow Chart – Steps For Sellers!
A typical conveyancing flow chart looks like this:
- Instruct solicitor → 2. Complete property forms → 3. Draft and negotiate contract → 4. Exchange contracts → 5. Completion and transfer.
Instructing a Conveyancing Solicitor – A Crucial First Step!
The first step is to select and formally instruct a solicitor or licensed conveyancer. Ideally, this should be done when you list your property for sale. Preparing early helps avoid delays later in the process.
Key Considerations:
- Choose a solicitor experienced in property transactions.
- Compare quotes for conveyancing fees to find the best deal.
- Ensure your conveyancer is regulated by the Solicitors Regulation Authority (SRA) or the Council for Licensed Conveyancers (CLC).
When Should I Instruct A Conveyancer Or Solicitor?
You should instruct a conveyancer or solicitor as soon as you decide to buy or sell a property. It’s best to contact them even before you find a property or put yours on the market. This way, they can start preparing important documents and checks early.
If you wait until after you have accepted an offer, it can slow down the process and create delays. Having a conveyancer ready means you can move quickly once you have an offer, making everything go smoother and helping you avoid any last-minute problems.
What forms do I need to complete during the conveyancing process?
Once instructed, your solicitor will ask you to complete several forms, including:
- TA6 Form: General property details, including boundaries, disputes, and building works.
- TA7 Form: Relevant for leasehold properties, detailing lease agreements.
- TA10 Form: Specifies fixtures and fittings included in the sale.
- TA13 Form: Confirms final details like mortgage clearance and key handover arrangements.
Filling out these forms truthfully is essential to avoid legal complications or buyer concerns later.
Draft And Negotiate Contract – Don’t Miss Out!
Your solicitor will use the information from the questionnaires to draft a contract. This is sent to the buyer’s solicitor for review and negotiation.
Negotiations May Include:
- Completion date.
- Fixtures and fittings included in the sale.
- Adjustments to the sale price based on survey results or required repairs.
Do I Need To Pay Off My Mortgage Before Selling?
No, you don’t need to pay off your mortgage before selling your property. However, your mortgage will need to be settled on completion day. Your solicitor will request a redemption statement from your lender, which outlines the exact amount required to pay off your mortgage. This amount will be deducted from the sale proceeds, ensuring your mortgage is fully paid as part of the transaction.
What Is The Significance Of Exchanging Contracts?
Exchanging contracts is a crucial milestone in the property sale process because it makes the transaction legally binding. At this stage:
- Both parties’ solicitors ensure contracts are identical and exchange them.
- The buyer pays a deposit (usually 10% of the property price).
- The sale becomes legally binding, meaning neither party can back out without financial penalties.
This step provides certainty for both the buyer and seller, allowing them to finalize moving arrangements and other preparations for completion day.
What Should I Do Between Exchange And Completion?
During this period:
- You remain the legal owner of the property.
- It’s advisable to organize your move and hire a removals company.
- Ensure all agreed-upon fixtures and fittings remain in the property.
What Happens On Completion Day?
On completion day:
- You’ll receive the remaining balance of the sale price.
- Your solicitor transfers ownership documents to the buyer’s solicitor.
- The buyer collects the keys, usually from the estate agent.
How Long Does The Conveyancing Process Take? – Timeline For The Conveyancing!
The conveyancing process typically takes 12-16 weeks, depending on the complexity of the sale and whether you’re part of a property chain. Below is a general timeline:
| Stage | Approximate Duration |
| Instructing a conveyancer and pre-contract work | 2 weeks |
| Buyer arranges mortgage | 4 weeks |
| Draft contract and resolve inquiries | 2-10 weeks |
| The time between exchange and completion | 1 week |
| Total Duration | 12-16 weeks |
How Much Are Conveyancing Fees?
The conveyancing process in Dubai involves several costs that buyers and sellers should be aware of when transferring property ownership. Here’s a breakdown of the key costs involved:
Conveyancing Fees:
These fees cover the legal services needed to transfer property ownership. In Dubai, conveyancing fees typically range from AED 5,000 to AED 15,000 for residential properties, depending on the complexity of the transaction and the conveyancer’s experience. For commercial properties, these fees can be higher, ranging from AED 10,000 to AED 25,000.
Dubai Land Department (DLD) Fees:
The DLD charges a transfer fee of 4% of the property’s purchase price. Additionally, there is an administrative fee of AED 580 for issuing the new title deed. For properties valued under AED 500,000, a registration fee of AED 2,100 applies, while those above this value incur a fee of AED 4,200.
Mortgage Registration Fees:
If you are buying a property with a mortgage, there will be additional costs. The mortgage registration fee is 0.25% of the loan amount plus an additional AED 290.
Real Estate Agent Fees:
If you use a real estate agent to help sell or buy your property, expect to pay a commission fee typically around 2% of the property price plus VAT.
Additional Costs
Other potential costs may include:
- Legal Verification Costs: Extra fees for confirming title deeds or seller authenticity.
- VAT on Professional Services: A VAT of 5% applies to many professional fees.
- Amendment Charges: Fees for any changes made to contracts or agreements.
Tips For A Smooth Conveyancing Process –
- Prepare Early: Organize documents such as title deeds and mortgage details before listing your property.
- Be Transparent: Complete forms accurately to avoid disputes or delays.
- Stay Organized: Keep communication channels open with your solicitor and estate agent.
- Plan Your Move: Arrange removals and utility transfers well before completion day.
Frequently Asked Questions:
1. Can I sell my property without using a conveyancer?
While it’s legally possible, selling without a conveyancer can be risky and time-consuming. A conveyancer ensures all legal aspects are handled correctly, reducing the chance of complications.
2. What happens if the buyer pulls out after exchanging contracts?
If the buyer pulls out after exchanging contracts, they usually lose their deposit, and you may have legal grounds to claim compensation for other losses. This is because the contract becomes legally binding at this stage.
3. Do I need to provide proof of ownership during the conveyancing process?
Yes, your conveyancer will need to confirm you are the legal owner by checking documents like the title deeds or a copy of your land registry record. This step ensures there are no disputes over ownership.
4. Can I stay in my property after the completion date?
No, you must vacate the property by the completion date, as this is when ownership officially transfers to the buyer. Delaying your move can result in legal or financial consequences.
5. What should I do if the buyer requests repairs after the survey?
You can negotiate with the buyer to either complete the repairs, adjust the sale price, or refuse the request, depending on the situation and contract terms. Clear communication through your conveyancer can help resolve such issues smoothly.
6. How Much Does a Solicitor Charge to Sell a House?
Solicitor fees can vary, but they typically range from £500 to £2,000. This cost depends on the complexity of the sale and property value. Additional fees may apply for searches and registration. By understanding the key steps and costs involved in the conveyancing process, sellers can ensure a smoother property transaction.
Final Thoughts:
The conveyancing process for sellers can be complex, but with the right preparation and professional support, it can proceed smoothly. Understanding each stage ensures you’re well-prepared to navigate the legal and logistical challenges of selling your property.
For a hassle-free experience, choose a reputable solicitor, stay proactive, and keep lines of communication open throughout the process.
