Property conveyancing solicitors near you.
It can be hard to know where to start when selling a property, as there can be many different factors to consider.
Our team of property conveyancing solicitors deal with residential sales on a daily basis and are on hand to guide you through the process, making the whole property selling process as stress free for you as possible.
Stages of selling a residential property.
1. The estate agent aids the seller in securing a buyer for the property, agrees the price and writes to the solicitors with the details of the property and the parties involved. This is known as the memorandum of sale.
2. Each solicitor then writes to their own client with their terms of business and client care documentation, confirming their instructions and fees in the matter. To protect against property fraud, clients are also asked to provide ID to prove their identity, and that they are who they say they are.
3. At this point, you will also be asked to complete the protocol forms, which form part of the Contract pack, supplied by your solicitor to the buyer. 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, any extensions erected or flooding problems, for example. You will also fill in a form confirming what items you will leave at, and take from, 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.
4. Your conveyancing solicitor then forms the Contract pack, which is to be sent to the buyer’s solicitor, for their review. This includes the draft Contract, the property forms, a copy of any relevant title deeds, the energy performance certificate and any relevant property documents, such as FENSA Certificates and boiler service records.
5. On receipt of the documentation, the buyer’s solicitor looks through the Contract pack to ensure there are no discrepancies, title defects or other adverse issues. Paperwork for any new windows, electrical work or gas installations are also checked for. Enquiries are then raised with us, to iron out any discrepancies or issues that have been revealed within the above, or the buyer’s search results.
6. The enquiries are a set of queries that the buyer’s solicitor requires clarity on, and can range from spelling amendments to the Contract for sale, to the provision of Planning Permission evidence, as examples.
7. Upon receipt of the enquiries, your conveyancing solicitor will take the opportunity to discuss the same with you, in order that they can be responded to without delay. After obtaining your responses, these are forwarded to the buyer’s solicitor for their review. The buyer’s solicitor is usually satisfied with the same, however, in some instances, may wish to raise further enquiries. In which case, this step would simply be repeated until the buyer’s solicitor was satisfied.
8. Once happy with the responses received, the buyer’s solicitor then reports to the buyers, explaining the deeds and the paperwork. 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, including the Contract and Transfer Deed, in readiness of agreeing a Completion date. 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. At this point, the solicitors read through the Contract, confirming the details thereon, and that each of them holds an identical copy. Once finalised, this then creates a legally binding Contract, meaning that Completion must now take place on the agreed date. Where Completion does not take place on the agreed date, penalties on the party at fault can be imposed.
11. On the day of Completion, the buyer’s solicitor sends the purchase monies to the credit of our client account. Once the money arrives with us, we shall advise you that Completion has taken place, and will confirm that the estate agents may release the keys to the property to the buyer.
12. Your conveyancing solicitor then repays any mortgage secured over the property, pays the estate agent, deducts 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. Congratulations, the transaction is Complete!