- Once you have accepted an offer to sell your property, it will be necessary for you to instruct your legal adviser to prepare a sale contract. We are sure that you will want to start this process as soon as possible. We will provide you with a no-obligation fixed fee quotation and a full breakdown of the other legal charges involved (these are often called disbursements). You can obtain a quotation by completing our online form or if you would prefer, by telephoning us.
- Once you have accepted our quotation, we will ask you to complete some initial forms, produce your identification and pay just £20.00 of our fees ‘up front’.
- The forms you will need to complete include:
- Fixtures & Fittings form – this lists the items which you plan to remove and/or leave at the property when you move out
- Property Information form – this provides information about the property boundaries, any disputes, guarantees and other relevant matters.
- Leasehold Information form – if you are selling a leasehold property, you will be asked to complete a separate form giving details about the lease
Contract Package & Enquiries
Once you have carried out the above steps, we will obtain your title deeds and put together a contract package for the buyer’s solicitor. This will include a draft contract, a copy of your legal title to the property, the above forms and any other relevant documents contained with your deeds, such as planning documents and Tree Preservation Orders.
The buyer’s solicitor will then take steps to obtain the buyer’s search results and review the contract package. They will raise any enquiries they feel are necessary, which we will either deal with or refer to you, where necessary. The buyer may also, at this stage, commission a survey.
If you have a mortgage, we will obtain a provisional redemption figure from your mortgage company for you to approve.
The Buyer’s Mortgage Offer
If the buyer requires a mortgage to complete the purchase of your property, the buyer’s solicitor will need to review the mortgage offer once they receive it from the mortgage company. They will be required to ensure that the property is a sound investment and make a large number of checks on the lender’s behalf. They will often also have to report various matters to them for approval, before exchange contracts can take place.
Signing the Contract
Once the paperwork is ready, we will contact you and arrange for you to come to our office and sign the contract documents in readiness for exchange of contracts. We will also discuss with you the arrangements for transferring you the sale proceeds on the completion date. Once everybody else in the chain reaches this stage, it is then possible to agree a completion date (a moving date) which is satisfactory to all parties. Exchange of contracts can then take place.
Exchange of Contracts
Exchange of contracts is the date at which you are legally bound to sell the property. There is no going back from that time on. REMEMBER once a completion date has been arranged by the parties and contracts have been exchanged you will be penalised if you are not in a position to complete. It is important for you to understand that once you have exchanged contracts you must complete on the completion date.
Once the completion date arrives, we will receive the purchase money from the buyer’s solicitor. We have no control over what time this will happen on completion day. This will depend on how many parties there are in the chain and how quickly the money moves through the banking system. However, as a rule of thumb, completion tends to take place around lunchtime. We will arrange to discharge your mortgage (where appropriate) and transfer you the sale proceeds in accordance with your instructions on this day.
After completion has taken place, we will take steps to arrange for your mortgage (where appropriate) to be removed from the legal title to the property at the Land Registry, so that the buyer can register the change in ownership.