Seller's Guide to Conveyancing
What to expect once we have found your buyer
At Paton & Co, we always endeavour to ensure your sale runs as smoothly as possible. The guide below is designed to help you understand the process.
What is Conveyancing?
Conveyancing is the term used for the transfer of property ownership between buyer and seller. The process begins once an offer has been accepted and ends when you have handed the keys to your solicitor on moving day. The conveyancing process is essential to ensure all legalities of sale and purchase are covered and to make certain the transfer of ownership happens with as little stress as possible.
Who does the conveyancing?
We would always recommend that the conveyancing us undertaken by a professional residential property solicitor. Although you only need to instruct your solicitor once an offer has been accepted, we would always recommend starting the process before. At Paton & Co we believe this to be one of the most important aspects of sale. We work very closely with some of the best and most professional conveyancing solicitors in all parts of Scotland. If you decide to include our conveyancing package onto your service offering, we will ensure your title is requested and checked whilst the property is being prepared for market. This means no nasty surprises before you even come to open market.
I simply wouldn’t go to anyone else when it comes to selling my properties. I’ve known Patrick for many years and he gives me honest advice and clearly knows the market inside out. He has consistently outperformed my aspirations on value. Can’t recommend highly enough.
Alastair & Katie
Conveyancing Process – Seller’s Perspective
Step 1: Informal Offer
Once a buyer has viewed your property and deemed it to be of interest, they will either note interest or start negotiations. These negotiations tend to be around price, entry date and any onerous clauses that might be included in a formal offer. For example, they might offer subject to a related sale or a specialist property report.
Step 2: The Formal Offer
Once an offer has been negotiated verbally, we would ask for it to be formalised by the purchasers chosen solicitor. This formal offer will include the agreed price, entry date, any additional items that are to be included and the standard legal terms to complete the conveyancing process.
Step 3: Qualified Acceptance
Once your solicitor has received the principal formal offer, they will issue what is known as a Qualified Acceptance. The offer, qualified acceptance and the series of letters that go between the opposing solicitors, are known as missives. Once all qualifications has been met, contracts or missives can be concluded.
Step 4: Concluding Missives
It is at this stage that your buyer is legally obliged to purchase and you are legally obliged to sell. In some instances, if there is a considerable time between concluding missives and completion, we would recommend to you that the purchaser put down a deposit (normally 10% of the purchase price) as a show of good will.
Step 5: Completion
Completion takes place on the date of entry specified within the missives. At this time the purchase price is paid, less the deposit (if applicable) and titles and all documentation is handed over to your solicitor. Keys tend to be given to the selling agent, ready to be realised once confirmation is given that funds are in place. Prior to the completion date your solicitor will prepare a Statement of Completion, detailing the purchase price and all other outlays.
To discuss the process further please please get in touch.