As there is a lot to consider when you’re selling a property you may be feeling a little overwhelmed. This practical guide explains each stage of the legal process involved to hopefully make the procedure easier and less stressful. Nevertheless, we are here to help you through the process and to ensure that your transaction proceeds as smoothly as possible.
1. If your land is registered, we will obtain an up to date copy of the electronic register for the property held at the Land Registry which will include a copy of the filed plan detailing the extent of the land. If you were passed any miscellaneous deeds or documents when you bought the property please hand these to us as they could assist in speeding up the sale process.
2. If you have owned your property in excess of 20 years and not re-mortgaged since that time then the land may be unregistered. If you are aware that the land is unregistered you will need to let us know as soon as possible who holds the title deeds so we can obtain these.
3. If there is a mortgage secured against the property you will also need to let us know the name of the lender and your mortgage account number so we can request a settlement figure to repay the mortgage on the completion date.
4. Once we have received from you the completed property information forms and any deeds or documents relating to the property we will put together the contract package to send to the Buyers Conveyancer so that they can investigate your legal title to the property. The contract sets out the terms of the sale, including the price and the parties involved.
5. The Buyers Conveyancer may raise some questions about the property following their consideration of the contract package which we may need to refer to you for further information. The more comprehensive the information you can provide us at the outset will help negate additional enquiries being raised, thereby speeding up the process.
6. Around this time we will also ask you to sign the contract in readiness for exchange of contracts. You will not be committing yourself to the sale at this stage. We will contact you again once the Buyers Conveyancer is ready to proceed for your authority to exchange contracts.
7. Once the Buyers Conveyancer have received satisfactory replies to their additional enquiries , search results and a copy of the Buyers mortgage offer (if applicable) they should be in a position to agree a Completion Date i.e. the date you will need to move of your property by. Once the date has been agreed by all parties in the chain and you have confirmed to us that you are happy to proceed, we will then exchange contracts. It is at this point that you will be legally committed to the transaction and the terms of the contract binding on both parties.
8. Unless forwarded to us earlier, the Buyers Conveyancer will arrange for the Transfer Deed to be forwarded to us. This is the document that formally passes ownership of the property from you to the Buyers on the completion date. This must be signed and in our possession prior to the completion date.
9. Although we can not guarantee what time actual completion will take place, you should aim to vacate the property by 2 pm. You will then need to deliver all keys to your estate agents or wait for our call to confirm the funds have been received into our bank account before releasing the keys to the Buyers.
10. Where applicable, we will then repay any mortgages secured against the property and pay the estate agents commission. We will also deduct our legal fees and associated costs and then account to you with the net proceeds of sale or forward the money on for your purchase property if you have a related transaction.