Authorised and Regulated by the Solicitors Regulation Authority, No.: 265043
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This is a general summary of what happens when you sell your home. However, each
transaction is different and if you have any questions at any time please call us to discuss
Traditionally, the term ‘Title Deeds’ referred to the bundle of deeds and
documents that proved you owned a house. This information is now usually held electronically at the Land Registry and we obtain up to date information when you start to sell your house. Any other relevant documents should have been given to you when you bought the house. We will therefore ask you to let us have any documents about your house that you hold. This will include all the certificates, planning consents and guarantees that you may have received if you have had work carried out at the house.
Property Information Form and Contents Schedule
You will be sent a property information form to fill in giving as much information about your house as possible. It is important that you fill this in carefully as your buyers will rely on the information given. You will also be asked to provide supporting paperwork, such as electrical or window certificates. The Contents Schedule will list the items you will include in the sale, and make clear which items you intend to remove.
Drafting the Contract
Once we have your completed forms and title deeds, we will prepare a draft Contract. This will be sent to the buyer’s solicitor along with the other information you have supplied and copies of your ‘Title’ from the Land Registry.
The buyer’s solicitor will look at the paperwork we supply and may require some additional information from us and from you. It may be that answers you completed on the property information form require more detail or that the results of their searches have prompted additional questions. At this stage, we may need to obtain the additional information from outside sources, such as a local authority or insurance company.
Approve draft contract
When the buyer’s solicitor is happy with all the information they will send back the draft Contract approved, ready for you to sign.
Sign the Contract
We will arrange for you to sign the contract as soon as possible. If there is a dependant purchase we will make sure that the two transactions are tied in.
Exchange of Contracts
When you have signed your contract and (if relevant) your proposed purchase is ready, we will inform the buyer’s solicitor that you are ready to exchange contracts. The Completion Date (the date on which the buyer pays for the property and gets the keys) needs to be agreed before exchange of contracts can take place as that will form part of the agreement.
When both parties are ready to commit to the transaction, the contract that you have signed and the contract that your buyers have signed are literally ‘exchanged’. Once contracts have been exchanged, you and the buyers are legally committed to buy and sell the property. Failure to do so at this stage will result in the party at fault being in breach of contract.
The agreed completion date is the date upon which you must vacate the house and the buyer can take up occupation, having first paid the balance of the purchase price. Failure to complete will result in the party at fault being in breach of contract and financial penalties may apply. If you have a mortgage, it will be paid off from the sale proceeds before you receive the balance. If you are also buying a new home, then that transaction will be completed as soon as your sale has completed.
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Property / Selling Property