What are the steps when you sell a house?
Our costs and charges cover all the works required to complete the sale of your property and include the following steps once you instruct us to assist with the conveyancing in connection with your sale:
We will send you our Firm’s Terms of Business which will set out details of the costs and charges in relation to your transaction for your signature and at this stage we will request that you provide us with evidence of your identity, such as your valid passport or driving licence, together with proof of address (whereby this document should state your name); such as a utility bill dated within the last three months.
You will receive a Property Information Form providing details on the property; its services and utilities, and Fixtures and Fittings List (setting out what items you wish to leave behind at the property and fittings you intend to sell at an additional cost). This form is for you to complete and return to us. It is important that the details provided on these forms are accurate as they will form part of the contract.
We will obtain your title documents and a copy of the Land Registry title entries direct from the Land Registry (if your title is registered). If the property is unregistered generally the deeds are kept with your lender if not, they should be in your possession or held by a third party such as previous solicitors on your instructions.
We will then prepare a Contract package and send this to your buyers’ solicitors, which will include the Contract, Proof of Ownership (Title) Document, Property Information Form and Fixtures and Fittings List that you have completed, any other Certificates and Guarantees which you have provided including the Energy Performance Certificate.
Your buyers’ solicitors will usually raise enquiries and we will draft the relevant replies in accordance with your instructions to us. The enquiries may ask further questions about alterations that have been carried out to the property or you may be asked to clarify issues in respect of the property.
Once the Contract is approved by the buyers’ solicitor, we will endeavour to obtain signatures from all sellers including occupiers of the property in readiness for exchange of contracts.
Upon completion of contracts a completion date is then agreed, and contracts are exchanged. And once contracts are exchanged you are legally obliged (bound) to complete your sale.
Exchange and Post Exchange
Once exchange of contracts has taken place, we will obtain a redemption figure (if there is a mortgage secured over your property) and obtain the Estate Agent’s invoice. We will then draft a completion statement, which sets out all the costs, charges and payments payable by you in relation to your transaction, for your approval.
The buyers’ solicitors will draft a Transfer Deed and you will be required to sign this before completion.
We will also reply to what are called Requisitions on Title from the buyers’ solicitors which give final details about the property and our details to which to send the sale proceeds.
On the day of completion, we will receive the sale proceeds, discharge your mortgage (if any) and pay the Estate Agent’s fees (if you engage with Agents to sell your property). You will receive the balance of the sale proceeds (if any). We will dispatch the title documents to the buyers’ solicitors and the notification of discharge of your mortgage will be forwarded to them once received by us.
Where a property is a leasehold property (i.e. a flat or apartment) there will be some additional steps to complete and we will advise you of these during the transaction.
The length of time it will take from your offer being accepted depends on a number of factors. On average it takes between 6 – 12 weeks. It could possibly take longer if there is a chain (a line of buyers and sellers all involved in linked transactions).
If you require further information in connection with the sale of a property, which you either own or are assisting in the sale of, please do not hesitate to contact our conveyancing team by completing the form below.