Selling Your Home
Step 1 At the time of placing property on market with Estate Agent, instruct solicitor.
Step 2 Your solicitor will send some questionnaire documents to you setting out various details about the property including, in particular, the items of fixtures and fittings that you are leaving at the property and those that you are taking away.
Step 3 The seller’s solicitor will obtain a copy of the Land Registry documentation which gives all the title information about the property.
Step 4 Seller’s solicitor prepares the draft contract setting out the terms of the sale and sends it to the buyer’s solicitor with copy title documents and seller’s forms.
Step 5 If the property is leasehold the seller’s solicitor will apply to the freeholder or managing agent’s to obtain up to date service charge information, copy buildings insurance etc.
Step 6 The buyer’s mortgage survey should take place. If an appointment for a survey is not made within a couple of weeks of the sale being agreed you should speak to the estate agent or the buyer direct to enquire as to progress.
Step 7 The buyer’s solicitor will usually raise some enquiries about the property arising out of the information sent to the buyer’s solicitor with the contract papers. Usually your solicitor will be able to deal with some of these enquiries but it may be necessary to take your further instructions in writing or over the telephone in respect of some of the enquiries.
Step 8 Once the enquiries have been dealt with the seller’s solicitor will send the contract to the seller for signature.
Step 9 The solicitors exchange contracts fixing a moving date and making the sale of the property legally binding on both parties.
Step 10 The Seller’s solicitor provides the buyer with payment details, agrees the completion arrangements and a statement showing the balance of the monies required but the seller (if the property is leasehold this will take into account any ground rent and service charges that may be outstanding or paid in advance).
Step 11 The Seller’s solicitor will ask the seller’s mortgage company if appropriate for a figure for the monies that will be necessary to pay to discharge their existing mortgage over the property.
Step 12 The Seller’s solicitor will forward sufficient monies to the seller’s mortgage company to redeem the mortgage, will pay the agent’s fees, legal costs and send the balance to the seller (or use it towards the price of any other property that the seller is buying)