A property transaction involves the buyer’s solicitor and the vendor’s solicitor, regardless a property is a second hand property, or new built or an off plan unit. We have talked about what a buyer’s conveyancing solicitor do acting on behalf of the buyer previously. In today’s article, we are focused on the vendor’s solicitor’s duties.
What do conveyancing solicitors do as the vendor’s solicitor?
The primary role of the seller’s solicitor is to provide the information given to them about the property to the buyer’s solicitor and support the seller in obtaining any additional information required. These are the main tasks a selling solicitor undertakes:
Draft contracts – Your solicitor drafts the initial legal contract with protocol forms (Property Information Form (TA6), Fixtures and Fittings Form (TA10), Leasehold Information Form (TA7) [Leasehold property only]) to be sent across to the buyer’s solicitor.
Responding to enquiries – following the receipt of the draft contract, legal title and your property documents (as above) the sellers solicitor responds to any questions (also known as raising enquiries) the buyers solicitor may have (this is where you’ll find out if you are missing documents which can cause delays to your sale). Documents which might be required from the buyers solicitor if relevant like planning permissions & Building Control for any extensions or under pinning, gas safety certificate, electrical certificate, FENSA certificates, asbestos removal certificates and EWS1.
Investigating issues – for some enquiries that can’t be easily evidenced, the seller’s solicitor needs to complete further investigation to try and satisfy them. The challenge here is if there is limited or no information to provide.
Exchange contracts – once the buyer’s solicitor has satisfied their enquiries they agree with the seller to exchange contracts making the buyer legally bound to buy the property. Although buyers can still pull out, this can be financially costly (seller are entitle to rescind the contract and forfeit the deposit ad request any interest accordingly).
Completion – on the day of completion the seller’s solicitor receives the money for the sale, discharges the mortgage (if required), pays the estate agent, deducts their fee and then sends the net sale proceeds to you.
Post completion – following completion the seller’s solicitor receives the DS1 discharge documents and, when leasehold, settles the sellers liabilities for ground rent and service charges.
Chan Neill property solicitors understand that buying or selling a property can be a stressful time. Our team is well experienced and have stringent protocols in place to streamline the entire process efficiently, providing our clients with peace of mind. Across our team, we speak many languages including Mandarin and Cantonese, Gujarati, Russian, Portuguese, Korean and Spanish.
Chan Neill Solicitors is accredited under the The Law Society’s Conveyancing Scheme Qualification (CQS), which provides a recognition of our residential conveyancing standard and quality and is officially recognised by a range of mortgage lenders which grant us access to their residential mortgage lender panels.
If you have any enquiries regarding residential properties, commercial properties, buying or selling a property or properties owned by a limited company, please contact us. With access to our solicitors at two locations, one in City and one in Mayfair, we cover a very broad spectrum of varying clients needs.