Selling your home
“How long will it take to sell my house?” is probably the question we are asked most as conveyancing solicitors.
So how long does it take?
If you like watching soaps, you may be under the impression that by simply signing a Transfer Deed and handing over a suitcase of money will effectively complete the transaction. This couldn’t be further from the truth.
The national average conveyancing transaction can take anywhere between 12-15 weeks at present but there are so many factors that can speed this up or slow it down. Please do not be too fixated on a number, particularly at the outset of a transaction.
It can be very difficult for a conveyancing solicitor to give you an accurate timescale for your transaction. Not because they don’t want to, but because there are so many factors to consider with each transaction. No two conveyancing transactions are identical and there can be so many varying factors applicable to each person in the chain and each individual property which is why no competent conveyancer will give you a specific answer to that question, no matter the pressures being placed upon the chain.
Instruct a Solicitor
We would recommend instructing a solicitor as soon as you decide to market your property. This will ensure you have time to complete the necessary paperwork in readiness for when an offer has been accepted.
Furthermore, here at Brethertons you do not need to have placed your property on the market before instructing us. We are happy to take an instruction from you prior to you marketing your property and finding a suitable buyer. We believe that the quicker we can open a file for you and obtain your key documents, the quicker you will be able to move forward to an exchange of Contracts and completion once you have been able to secure your buyer.
Choosing a solicitor is a difficult task as there are so many firms out there. I would recommend telephoning for a quotation rather than looking at prices online. It may be easy to obtain a price online but can you speak to somebody quickly when required? Can you speak to the same person each time you ring who will be familiar with your transaction? Will the person you do end up getting through to have sufficient knowledge of your case and be able to deal with your enquiry quickly?
A cheap headline figure on a quote does not always mean you are getting a good deal. Some firms will have their basic legal fees set quite low but then have a whole host of extra charges linked to the quotation that are then applied at various points during the course the transaction and become payable when they bill you upon completion. At Brethertons there are no sneaky hidden fees added and our quotes cover all disbursements. If a quote is coming in dramatically lower than you would expect or in comparison to other quotes you have obtained – you do have to question why.
The saying ‘you get what you pay for’ could not be more applicable here. If you want a dedicated, personal and thorough, professional service, then you should contact Brethertons for a ‘no obligation’ quote.
Once you have instructed a solicitor they will open a file for you and send you all necessary paperwork. This will need completing and signing by all legal owners of the property, or their appointed representatives. When selling a property this will consist of the forms that make up your contract package. At Brethertons, we are aware this may be a daunting process so we are happy to meet and go through the paperwork with you either over the phone, or in person, whatever suits you best.
You should also inform your Estate Agents which solicitor you have instructed so that they can send out their sales particulars and inform all relevant parties so that effective communication can begin immediately.
The conveyancing process
As soon as you have returned the protocol forms to your solicitor, a contract package can be prepared and sent to your buyer’s solicitor. At this point they should apply for their searches and check through the contract and raise enquiries with your solicitor to resolve any questions that may have arisen from the contract papers. Do not panic, this is a perfectly usual part of the process.
Your solicitor will discuss these enquiries with you as necessary and will then respond to your buyers’ solicitors accordingly. It is important that you do not liaise with the buyers about the enquiries directly. Once your buyers’ solicitor has received all search results and their client’s mortgage offer (if applicable) they will then be in a position to obtain their clients signatures to the contract and request deposit funds.
Exchange of contracts
Exchange of contracts will take place when everyone in the chain is ready, and all solicitors are holding a signed contract and transfer deed from their clients. The process of exchanging contracts makes the transaction legally binding. A completion date is set and nobody can change their mind without incurring financial penalties. It can sometimes take a bit of back and forth to ensure all parties in the chain agree on the same date for completion and the Estate Agents often assist in getting this sorted. Then a series of telephone calls are made by the solicitors to effect exchange and make the transaction legally binding.
Completion
This is the moving day.
Funds will be transferred from your buyer’s solicitor, usually first thing in the morning, and upon receipt of these funds, the keys are handed over. As we are reliant on the speed of the banking system, unfortunately, we cannot give a set time for completion. We usually find that everything has gone through by early to mid afternoon and would recommend aiming to have vacated the property by lunchtime just so as to ensure, as the seller, you are honouring the obligations of the contract.
At Brethertons we feel that communication is key to the process which is why we update our clients at regular intervals negating any need for you to chase us and to keep those worries to a minimum for what can be a stressful or emotional process.
If you would like any further information or to instruct Brethertons to act on your behalf then please do not hesitate to get in touch.
We have offices in Rugby – 01788 579579, Banbury – 01295 270999 and Bicester 01869 252161 and our team of experts will be more than happy to assist you.
Let us take the stress out of your move.
