Once you have made the decision to sell your house or flat and you have consulted us about the necessary legal work the following happens:
We will provide you with an estimate of how much the legal fees for the sale will be based on the complexity of the sale, and explain our terms of business to you. You can then decide whether you wish to use us as your legal advisors.
We will obtain your title deeds or get copies of your registered title from the Land Registry and we will put together a complete package of information and documents to send to your buyers' solicitors.
The pack will include
- A contract, based on the information we have taken from your title deeds
- Copies of parts of your deeds, or official copies of land registry entry, so that the buyers' solicitors can see that you own the property, and see what rights or obligations are attached to the property
- Property Information Form which we will have asked you to complete.
- Contents Form of what is included in the sale (ie fixtures, fittings carpets, appliances etc) that we will have asked you to complete
- Any guarantees, permissions or similar documents (ie windows, damp proofing etc)
If your property is leasehold (usually a flat), other documents will be needed to cover such things as insurance, service charges, ground rent and shared facilities.
The buyers may raise other queries and then it will be for them to place themselves in a position to proceed.
If defects become apparent which were not clear when you put the property on the market the potential buyer will usually ask for / offer a lower price and so negotiations may recommence.
Once the price has been agreed by both parties and the buyers’ solicitors are happy that they have all the relevant information, the next step is exchange of contracts. Until this stage neither the buyer or the seller is legally bound to go ahead so either can pull out.
Exchanging Contracts
Exchanging contracts is the stage where both buyers and sellers become legally bound - and, if you are buying and selling at the same time, we will make sure that you do not become bound on one transaction without a binding agreement on the other. You should note that it is exchanging contracts, and not the physical signing of the contract, which is the binding act. You may, therefore, sign the contract some time before we exchange it.
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Setting a completion date
At exchange of contracts, a completion date is fixed. This is the date upon which the actual sale will take place. The completion date is fixed by mutual agreement and this will be your moving day.
Preparing for completion
By the completion date all the final documents will already have been prepared and signed and all the financial aspects finalised.
If you are selling, you should have booked your removals, arranged all meter readings and notified all the proper authorities.
Completion day
If you are selling, you must leave and empty your property by or on the day of completion. This is what "vacant possession" means. Your buyers' solicitors will not normally be able to pay the purchase money to us until your property is empty. Since the purchase will usually take place in the morning of the day of completion, you should try to be out early. If your buyers do not already have keys, these should be left with your estate agent, or be handed over directly to the buyers. We will see to paying off your mortgage and, with your authority, pay your estate agent.
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