Selling a Property

There is soon to be a new procedure for selling your property and although the procedure has not been finally decided upon this should be a simplified guide as to how the procedure should flow.

Once you decide to sell your property you need to come see us as we will need to produce a Home Sellers Pack. This will contain various documents including a Contract for the sell of the property together with replies to standard questions about the property, various searches and maybe a “homebuyers report” (a survey of the property). There will therefore be an initial financial outlay before you can even put your property on the market with an estate agent.

Once the “pack” is prepared you can instruct an estate agent to sell the property and any prospective buyers will be handed a copy of the pack as will their legal advisers. The buyers and their solicitors examine the pack and raise with us any points they need answering and once they are happy and they have are sure they have the monies available to buy the property “exchange of Contracts” can take place and a “completion date can be agreed. Once we exchange contracts in your behalf and on your instructions you must proceed to sell the property and move out of the property before or on the completion date.

On the completion date we pay off any mortgages or loans you have on the property, pay the estate agents and ourselves and forward the balance left over to you or use it towards the purchase price of any property you are buying that same day.

Write to clients for written instructions together with Property Information form and Fixtures, Fittings and Contents list for completion. Receive Estate Agents Particulars (if applicable).

Receive written instructions from clients along with completed Property Information form and Fixtures, Fittings and Contents list. Obtain Title Deeds and/or Office Copies if title is registered and initial redemption statement if property is mortgaged.

Copies of Deeds and Office Copies, plus draft contract sent to buyer(s) solicitors – known as the “Contract Package”. Buyers Solicitors initiate Local Authority and Environmental Searches and any specialist searches e.g. Coal Mining Search and raise any queries with seller’s solicitors.

Answer Buyer(s) solicitor’s additional enquiries e.g. specific questions about Fixtures and Fittings and obtain copies of any planning or building regulation consents

Agree Contract and arrange for seller(s) to sign in readiness of exchange. Prepare draft statement of account. All parties agree completion dates and contracts are exchanged.

Receive draft Transfer and requisitions from buyers solicitors, obtain redemption figures from mortgage lenders and reply to requisitions raised by buyers solicitors.

Approve Transfer and arrange for seller(s) to sign. Receive Agents account and confirm with sellers.

Receive completion monies from buyers solicitors and instruct agents to release keys. Redeem mortgage.

Send financial statement together with any surplus monies to client unless being used to fund an onward purchase. Forward Transfer document and Deeds to buyers solicitors.

Receive discharge document from mortgage lender and forward to buyers solicitors.