Vendors - The Selling Process
Selling your property can be a stressful time we will work with the solicitors and will work with you and keep you informed of each stage right to completion.
YOU HAVE ACCEPTED A OFFER ON YOUR PROPERTY, WHATS THE SELLING PROCESS?
- Instruct a solicitor to act on your behalf.
- Share contact details of key parties including broker, solicitor and agent.
- Provide ID to solicitor for anti-money laundering checks and also evidence of title to confirm legal ownership of the property, rights and restrictions of any third party interests.
- Complete information forms sent from your solicitor, including fixtures and fittings list for the buyers. These will be included in the contract pack that is sent to the buyer's solicitors. Provide any planning permissions, building regulations and guarantees. If your property has a management company, provide details to your solicitor and contact them with a payment to obtain the management pack. Also send out paperwork relating to the property.
- Once the contract pack is prepared it will be sent to the buyer's solicitor, which includes a draft transfer and replies to Requisition on Title: a questionnaire relating to the sale of the property that will ensure that key information about the property is obtained prior to completion.
- Your solicitor will apply for the title deeds and mortgage redemption figure from your current lender, a statement of the amount owing to repay a mortgage up to the date you are due to complete.
- You will receive the contract and transfer to sign in readiness for exchange of contracts.
- Your solicitor will receive additional enquiries from the buyer's solicitor and will confirm receipt. They will send any relevant enquiries to you for further instructions.
- With your solicitor, answer any additional enquiries received.
- Send back the signed contract and transfer to your solicitor in readiness for exchange.
- Your solicitor will then send the signed Transfer Deed, which transfers the property from the current legal owner to the other party, to the buyers solicitor.
- The buyer's solicitor will confirm that all enquiries are satisfied.
- A call will be made to both buyer and seller to confirm that exchange can take place. This is also when the agreed completion & moving dates now form part of the contract. No change to the the agreement or withdrawal is now possible without a financial penalty.
- Your solicitor will obtain a final settlement figure from your lender for any mortgage held against the property and details of commission from us. They will then prepare a financial statement.
- Once the sale money has been received, your solicitor will legally complete the sale and any remaining legal paperwork will be sent to the buyer's solicitor.
- Once it is confirmed that all money has been paid and has cleared in your solicitors account you must move out of the property, as the buyer now owns it.
- Your solicitor will call us to arrange for the keys to be handed over to the buyer, once all monies are received.
- Your solicitor will arrange for payment of your old mortgage, our fees and then pay the remaining balance over to you.