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Property conveyancing solicitors.
It can be hard to know where to start when it comes to selling a property, and working with a conveyancing solicitor, as there can be many different factors involved and things to consider.
Here at MG Legal, our expert team of property conveyancing solicitors in Preston deal with residential sales on a daily basis across the Preston and Lancashire area, and are on hand to guide you through the process, making the whole property selling process as stress free for you as possible.
Simply get in touch with us, here, to learn more on our fixed-fee services, and why our conveyancing solicitors are the team for you. Read on to learn more about the stages involved in selling a property...
Stages of selling a residential property.
1. Initial stages:
1. After the estate agent has aided in securing a buyer for your property and you have accepted an offer, they will then write to your conveyancing solicitor telling them of the details of the upcoming sale. This is known as the memorandum of sale.
2. Your conveyancing solicitor will then write to you, outlining their terms of business and client care documentation, and confirming their instructions and fees in the matter.
3. At this point, you will be asked to complete the protocol forms, which form part of the Contract pack, which is then passed on to the buyer by your conveyancing solicitor.
These include the Property Information Form, used to advise the buyer of any important information about the property, such as if you have had new windows fitted.
You will also fill in a form confirming what items you will leave at the property upon Completion, known as the Fittings and Contents Form. Should you wish to offer any items in the property to the buyer, at an additional fee, this can also be relayed in this form.
2. The contract pack:
4. Your conveyancing solicitor then sends the contract pack to the buyer’s solicitor, for their review. This includes the draft Contract, the property forms, a copy of any relevant title deeds, and any relevant property documents.
5. On receipt of the documentation, the buyer’s solicitor looks through the Contract pack to ensure there are no discrepancies.
6. We will then receive the buyer’s enquiries and queries, which can range from spelling amendments, to the provision of Planning Permission evidence.
7. Upon receipt of the enquiries, your conveyancing solicitor discuss them with you, and forward your responses to the buyer’s solicitor for their review.
4. Exchange of contracts:
8. When happy, the buyer then signs the contract, in anticipation of Exchange of Contracts. At this stage, as the seller, you would also be asked to sign the relevant documents. It is important to note that the documents do not become legally binding until Contracts have been formally Exchanged.
9. Dates for Exchange and Completion of the matter can then be agreed. In some cases, these two processes may take place on the same day, which is known as a simultaneous Exchange of Contracts and Completion.
10. The solicitors can then call each other and formally Exchange Contracts. Once finalised, this then creates a legally binding Contract, meaning that Completion must now take place on the agreed date.
11. On the day of Completion, once the money arrives with us, we will let you know that Completion has taken place, and that the estate agents may release the keys to the buyer.
12. Your conveyancing solicitor then handles any remaining financial elements of the property sale, including repaying any mortgage secured over the property, paying the estate agent, deducting the amount required to cover legal fees and incepts any indemnity policies that have been agreed.
The net proceeds are then forwarded to your nominated bank account. The buyer’s solicitor will then register the change of ownership with the Land Registry.
13. At this point, the transaction is Complete. Your conveyancing solicitor will let you know when everything is complete, and will be happy to answer any final questions that you may have about the process, no matter how minor they may seem.
Your designated conveyancing solicitor at MG Legal will ensure that you are entirely happy with the process and outcome at this final stage. To learn more about our conveyancing solicitors, and how they can help with your property sale, get in touch here.