- Firstly you must instruct us to begin work. You should do this as soon as a buyer is found to avoid delay. Details about the sale will be obtained from you and you will also need to supply the original forms of identity to meet with the strict money laundering requirements. You will also need to complete various forms which provide basic details about the property being sold. If there is a mortgage on the property you will also be asked to supply your mortgage account details.
- Your estate agent will forward us details of your buyer’s legal representative. If you don’t have an estate agent you must supply us with the contact details of your buyer and which firm of solicitors are representing them.
- We will check your title deeds and prepare draft contracts. The contract will state the land being sold and on what terms you are prepared to sell. These documents will be sent to your buyer’s solicitor for consideration and approval.
- Your buyer’s solicitor will raise enquires in relation to your property, which must be answered to their satisfaction.
- The contract will then be forwarded to you for signing in readiness of ‘exchange’.
Post contract – pre-completion stage
- Only when the seller and buyer are ready to commit to the transaction will contracts be exchanged. These confirm what the parties must do and mark the stage at which the contract becomes legally binding. This ensures that neither party can withdraw without incurring penalties.
- The transfer deed will be forwarded to you once received from the buyer’s solicitor. The contract states what the parties must do, and the transfer deed carries it out.
Post completion stage
- Completion occurs when all the terms of the contract have been satisfied. The money is received from the buyer’s solicitor and any existing mortgage/secured loan is repaid.
- You must leave the property on or before the day of completion and ensure that it is cleared of all personal possessions other than those included in the sale.
- The keys to the property must be handed to the buyer directly or through the estate agent once instructed to do so.
- The transfer deed is dated and forwarded to the buyer’s solicitor with the deeds enabling the ownership of the dwelling to change hands.