You can download this Guide To Selling A Property, for easy reference.
Selling a property can be difficult because you’re probably emotionally attached to your home. Parting with it can be really exciting, but also a little bittersweet.
We want to take the stress and unpredictability out of the selling process by giving you all the information you need so you can understand what happens and all of the steps involved.
If you have any questions about selling your property or you would like a quote, please call the conveyancing team on 0117 926 4121 or contact us online.
Paperwork and Enquiries
The first thing we’ll do is obtain the title to the property. Once we have this, we’ll prepare the Contract and send this to the buyer’s solicitors for them to review and discuss with the buyer.
You’ll have some paperwork to complete too. We will ask you to complete a form answering questions about the property.
This form will help us to answer any questions or enquiries that the buyer’s solicitors will raise about the property, the transaction and any other relevant legal matters.
If enquiries are raised that are not covered in the form, we may need to contact you so we can respond.
In addition, if the property is a flat, then there will be further enquiries raised with the Management Company or landlord.
Contract and Transfer
Once we’ve answered all enquiries from the buyer’s solicitors, we’ll send you the Contract and Transfer to sign. Once you’ve completed this, we can agree a completion date with your buyer in preparation for exchange of contracts.
Remember, the sale is not legally binding until contracts are exchanged.
Exchange of Contracts
Once you’ve signed all the paperwork and agreed a completion date, we’ll exchange contracts.
Interestingly, contracts are exchanged by telephone and completed by the buyer’s solicitor and us.
Your sale is now legally binding.
The buyer’s solicitor will immediately send us the signed contract and deposit and we’ll send them your signed contract.
The estate agents will submit their commission account to us once contracts have been exchanged. This won’t be paid until the day of completion.
We will ask your mortgage lender for a redemption statement. This is the sum you need to clear the mortgage on your property when you complete.
Do not, under any circumstances, hand over your keys to the buyers at this stage.
It’s the day of the sale, called completion.
The completion date is the day you must leave the property, because you’ve sold it.
Whilst this may seem obvious, we’ve known cases where clients have planned to stay after the sale!
You should be packed and ready to leave your property no later than midday on the day of completion.
On completion, the buyer’s solicitors will send the purchase money to us by bank transfer (CHAPS). Once we’ve received this money, we’ll authorise the estate agents to release the keys to the buyers and send the Transfer and deeds to their solicitors.
We’ll pay off your outstanding mortgage, if you have one, pay the estate agent’s commission, our fees and expenses and send what’s left of the proceeds of the sale to you.
If you are buying a property, we will put this money towards the purchase.
File is closed
After completion, the lender will confirm that the mortgage has been repaid in full and provide the necessary evidence. Once we have this, we’ll close our file and archive it for six years.
If you have any questions about selling your property or you’d like a quote, please call the conveyancing team on 0117 926 4121 or contact us online.