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Selling Guide

Your property is on the market but what happens when you find a buyer?

Offers

Once a potential buyer has put in an offer, firstly we will make sure that they have the means to facilitate the purchase before notifying you.

We will let you know by telephone and then email you their offer with supporting information such as offer price, their position in the market, are they part of a long and complicated chain or chain free, and estimated completion time.

This information is important to consider before accepting an offer as it could impact your next purchase, the length your move takes and the potential for hiccups along the way.

The majority of buyers put in a below asking price offer and we will negotiate with them to bring it closer or up to your asking price. When several interested parties are involved, this is often exceeded.

It is also a good idea to instruct a conveyancing solicitor at this stage.

Once this is all agreed, you are ready to accept an offer ‘Subject to Contract’.

Offer Accepted

This is when everything gets very busy with solicitors, mortgage providers and surveyors.

We will liaise on your behalf with your conveyancing solicitor and that of your buyers to help keep your sale progressing smoothly throughout this process.

Land Registry checks need to be carried out to make sure there is not charge against your property that would make it illegal to sell, and that you are indeed the owner of the title deeds.

These searches will also discover if there are any local development plans that may impact your property in the future, as well as flood or environmental damage risks, and previous or proposed mining that could affect the structure of your property.

As a vendor, you are also legally required to disclose any information that might affect your property value, structure, value or saleability in the future.

Anti-Money Laundering checks will also be required before exchange. This is a mandatory legal requirement to ensure funds are coming from legal channels.

Whilst your buyer’s conveyancing solicitor is busy completing their side of the purchase, you solicitor will be working on the sale contracts.

This will include terms and conditions and what is or isn’t included in the sale such as fixtures and fittings. Things like curtains, carpets, built-in white goods, and even garden sheds will be either included or excluded and there may be further negations required before both parties agree on the contract.

Your solicitor will also request your title deeds from the Land Registry.

Once all of this has been completed, you can then progress to ‘Exchange of Contracts’.

Exchange of Contracts

This is the point where contracts have been agreed on and are ready to be signed and exchanged.

Once this has been done, you are committed legally to selling your property and your buyer is committed to purchasing it.

It is also the point at which your buyer must pay a deposit (this is usually 10% of the purchase price) which is held by your solicitor until completion.

The date on which you must complete the sale is also agreed at this point so you will know when you need to get packing and ensure that you will be ready to move out on time.

Completion

Completion day is the when you hand over the keys to your now empty property and receive the balance of the sale price, minus the deposit is paid to your solicitor.

You may also need to visit your solicitor’s office and sign the legal documents, although you may be able to do this the day before if feasible.

Your solicitor will then settle any outstanding mortgages you may have on the property, and if required, transfer a payment to your next property purchase’s solicitor if required.

It is also the day when the property deeds are legally transferred to your buyer.

Keys will only be handed over to your buyer once cleared funds have reached your solicitors bank account.

Congratulations! Your property is now officially SOLD.