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Residential Property specialist Why sellers should instruct a conveyancing solicitor early
As a seller, there is one very simple step you can take to significantly shorten the conveyancing process – instruct a solicitor as soon as you market your property. Estate agents always recommend that sellers instruct a solicitor early, but many wait until they have accepted an offer before even requesting conveyancing quotes.
You may not realise that much of the legal and administrative work, some of which is outlined below, can begin before you find a buyer. You will notice there is a lot to do!
Identification
Your solicitor is obliged by law to conduct identification checks on you to comply with the money laundering regulations. Are your passport or photocard driving licence current? Can you easily provide a recent utility bill or bank statement?
Property information
The property information forms that your solicitor will send you are quite lengthy and need to be completed as thoroughly as possible. The information you provide will assist your solicitor in identifying questions and issues that may arise from your buyer’s solicitor in due course. Early instruction enables potential problems to be identified and hopefully resolved in advance.
It is also important to remember that until your solicitor has all the necessary information, a complete contract pack cannot be sent to the buyer’s solicitor.
Legal kerb appeal
Sellers pay great attention to the visual appeal of their property. Few, however, consider the attractiveness of their property from a legal perspective – so-called Legal Kerb Appeal. This can include clarity regarding such matters as rights of way, planning consents, and boundaries. Buyers and their mortgage lenders require certainty about these issues, and any ambiguities will inevitably be identified, prompting questions from your buyer’s solicitor. The sooner such issues are identified, the quicker they can be rectified or a course of action agreed upon, thereby avoiding significant delays later on.
See also: Improving your home’s legal kerb appeal
Missing documents
A typical cause of delay is missing documents. As a homeowner, you will inherit or acquire countless certificates and documents, some of which inexplicably end up in a ‘very safe place’, never to be seen again. Typical examples include FENSA, electrical completion and NHBC certificates, planning permissions, sign-offs for building regulations, and a host of warranties. If one or more documents are missing, your solicitor will advise you on how to rectify the situation, potentially saving you time down the line.
Leasehold Management Pack
If your property is leasehold, you must apply to (and pay) your managing agent for a set of documents known as a Leasehold Management Pack, which will form part of the paperwork provided to your buyer’s solicitor. This pack includes information regarding the freehold management, ground rent, and service charges applicable to your property. While this may sound straightforward, the pack can take weeks to arrive.