When selling a property, there is always a lot to consider, not only the price you want to receive but the costs incurred on the way and any other unexpected twists to the process.
This article outlines the process of selling a property to help you understand it better before you take this big step.
Firstly, as the seller, you should instruct a Conveyancer. Your Conveyancer will then confirm your instructions by letter. This letter will include terms of business and fixed fee costs.
Your Conveyancer will then carry out proof of identity checks and send a fittings and contents form and property information form(s) to be completed. Please note that if your property is leasehold, your Conveyancer will require further information.
You should then complete the forms provided to you by your Conveyancer.
Land Registry Documents
At this stage, your Conveyancer will obtain the title deeds from the holder of the deed (usually the mortgage lender), or official copies of the title register, alongside any other documents that The Land Registry requires. This would also include the details of any outstanding mortgage that you might have.
Your Conveyancer will then check the contracts and supporting contract documentation and send it to the buyer’s Conveyancer.
It is now the buyer’s Conveyancers turn to check the contracts and supporting contract documentation. They will also take this opportunity to raise pre-contract queries with the seller’s Conveyancer.
To find out more about buying a house, please read this Jackson Longe article.
Your Conveyancer will then answer any pre-contract queries that the buyer raised.
Completion when selling a house
Once the buyer’s Conveyancer has confirmed they have acceptable results from their searches, are content with the responses to any pre-contract queries and have received their mortgage offer (if applicable), the seller and buyer agree on a completion date.
At this point, the contracts are formally ‘exchanged”, meaning that both parties are officially committed to the transaction.
Your Conveyancer will now obtain a settlement figure to repay the outstanding amount on any existing mortgage if there is one. A transfer deed will also be drafted and sent to the seller’s Conveyancer by the buyer’s Conveyancer
As the seller, you will receive the transfer deed for approval and a signature.
The seller should vacate the property on the day of completion at the agreed time and follow any arrangements made regarding the keys to the property (typically, this is done through an estate agent).
The buyer’s Conveyancer will then send the proceeds of the sale to you, the seller. Your Conveyancer will then send the title deeds and transfer deed to the buyer’s Conveyancer along with an undertaking to use the proceeds of the sale to discharge any existing mortgage.
Final stages of selling a house
Your Conveyancer will pay the estate agent (if applicable), repay the amount owed to your existing mortgage lender and take payment of their conveyancing service.
Finally, once all the payments have been made, all the remaining money from the sale will transfer to the seller, usually via bank transfer on completion day.
Conveyancing Solicitors Surrey
At Jackson Longe Solicitors, our team of experienced
property lawyers can assist you when selling your property in Richmond. We
understand how buying a property is often the most significant transaction you
will make in your lifetime, which is why we are here to support you from the start