Selling a Property

The average sale process takes between 12-16 weeks, however this could vary depending on a number of factors. It can be quicker or slower, depending on the parties in the chain.  For example, if you have secured a first-time buyer, it could take 12 weeks.  However, if you are selling to a buyer who has a property to sell, this can take significantly longer, between 14-16 weeks.

We strive to fast-track your transaction while providing guidance every step of the way through our expert team.

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Disbursements are costs related to your matter that are payable to third parties, such as Land Registry fees.  Disbursement costs are standard across all Solicitors.  We handle the payment of the disbursements on your behalf to ensure a smoother process.

 

 

STAGE 1: INSTRUCTION

Please return our paperwork to us as soon as possible so we have everything ready to move forward when an offer is agreed.

As part of the client sign up process and to meet our professional regulations, we are required to verify your identity and explore any potential money laundering risk.  This is usually done very quickly and is straightforward however, if you have any questions about this please call us.

Your Estate Agent will usually let you know when an offer has been made and inform us when an offer has been accepted. If you have not instructed an Estate Agent to sell your property, please let us know when an offer has been agreed.

We will require details of any existing mortgage that you have in relation to the sale property.  We will arrange to obtain an amount owing statement from your lender as well as the deeds to your property, if these are held by your lender.

 

STAGE 2: PREPARE THE CONTRACT PACK AND ANSWER ENQUIRIES

We will prepare a contract pack and send it to the buyer’s solicitor.

The contract pack contains information about:

• The sale price
• The property boundaries
• Which fixtures and fittings (like carpets and kitchen units) are included

The buyer’s solicitor will conduct searches and ask us questions (called enquires) to clarify issues such as:

• Any legal restrictions or rights, like public footpaths or rules about using the property
• Any planning restrictions
• Services to the property, like drainage and gas

We will work with you to answer any reasonable questions the buyer’s solicitor asks.

During this time if the buyer needs a mortgage they will be applying to their lender for it.

 

STAGE 3: EXCHANGE OF CONTRACTS

When the contract is agreed and all questions are answered we will send you the contract for signature.  The buyer’s solicitor will send a copy of the contract to the buyer for their signature.

When the contracts are signed by both you and the buyer, finance is in place, and all enquiries including a moving date have been agreed; we will exchange contracts with the buyer’s solicitor.

Once we have exchanged contracts the transaction becomes legally binding and the buyer cannot back out of the deal without a financial penalty.

We will also ask you to sign a transfer document which legally transfers the property from your ownership to the buyer’s.  The buyer will not receive this document from us until completion.   The buyer will need this document to register their ownership of the Property at the Land Registry after completion.  At this stage, we will send a draft financial statement, also known as a completion statement, for you to check the figure to redeem any registered mortgage.

STAGE 4: THE DAY OF COMPLETION

The time completion takes is largely dictated by the number of parties in the chain and the position you are in the chain, i.e. if there are 3 parties below you in the chain, you are likely to complete later on the day than if there is only 1 party below you, as the completion monies have to travel up the chain between the solicitors’ client accounts.

On the day of completion, you should take meter readings from the property you are selling and cancel your household insurance. It will be your responsibility to ensure that any services for example; telephone, electricity, gas, water, drainage charges and council tax are settled to the date of completion.

Leave the keys with the Estate Agent, unless other arrangements have been made.  Do not hand the keys directly to the buyer unless we advise you to do so.

On the day of completion, the buyer will send to us the balance of the funds.  At this stage, the property should be vacant. We will let you and the Estate Agent know that the money has been received and that the buyer can collect the keys.

Don’t worry if there is a slight delay in the funds arriving with us.  This is common and usually caused as a result of a property chain.  Funds are usually expected from 10.30am onwards on the day of completion.  Many transactions complete early afternoon but be reassured that we will contact you as soon as we receive the funds.

 

STAGE 5: AFTER COMPLETION

With the funds received on completion day, we will pay off any existing mortgages on your property, pay your Estate Agent and our bill and then send you the balance of the sale proceeds.   We will also send you the final completion statement, for your records.

For those looking to sell quickly, an auction sale presents a viable option. This method ensures your property is marketed to potential buyers, who will then place bids on the auction date. To protect your interests, we help you set a reserve price, ensuring you don’t sell below your predetermined minimum. Upon the acceptance of a successful bid, the sale typically concludes 28 days later.

To prepare for this, a legal pack is essential. Our solicitors will craft this on your behalf, incorporating any special conditions you might need, including an agreement for the auction’s legal pack costs to be repaid upon a successful sale. We also manage searches and work closely with the auction company to ensure your property is well-represented leading up to the auction day.

The sale of a leasehold property involves additional steps, primarily concerning the Landlord and Management Company. Our role is to facilitate these communications for you. After reviewing the title deeds, we’ll reach out to obtain all necessary documents needed for a smooth sale. With Williamsons Solicitors, you’re supported every step of the way, guaranteeing that your leasehold property sale adheres to all legal requirements whilst striving for the best possible outcome.

Choosing to sell a shared ownership property introduces a unique set of criteria, especially if you do not own 100% of the property. In most cases, the property must first be offered back to the landlord. We guide you through this process, ensuring you comply with all contractual obligations and that the sale price reflects the market value of your share.

Should you own the entirety of the property, our services extend to facilitating an open market sale, providing advice and handling the review of your lease to ensure everything is in order for a smooth transaction.