Selling a Property
Once you decide to sell your property and have instructed a solicitor, they will be required to prepare the following documents:
- A Contract
- Copies of the title to the property.
- Property information forms
- Fixtures, fittings and contents form
- Specific questions about the property raised by the buyer’s representative.
Versus Law Solicitors can manage all the legal aspects of your sale. We will draft a contract to protect your interest and make sure we eradicate any obstacles to ensure you have a smooth transaction. We will liaise with the buyer’s solicitors and keep you up to date on the progress of your sale. Once the buyer confirms they are ready to proceed, a completion date is set. On that date any current mortgage on the property is paid off and the seller’s belongings must be removed from the property. On the completion day the proceeds of the sale (after all legal and other expenses are paid) will go to the seller.
For a full guide to the stages involved in selling a property, please see the table below.
IMPORTANT INFORMATION FOR SELLERS
The following is intended as an outline of the procedures that are adopted in a standard sale of a property.
- The Solicitor receives instruction from you to sell the property and the Estate Agent, if applicable, forwards the Particulars of Sale which contain details of the purchasers’ solicitors.
- . The Solicitor then forwards to you the Property Information form, general additional enquiries and fixtures, fittings and contents form for you to complete and return.
- The Solicitor then requests the Title Deeds from the Mortgage Company or if there is no mortgage then the Solicitor obtains the same from yourself or the place where the Title Deeds are stored.
- The Solicitor then forwards to the purchasers solicitors the following documents:a) Contractb) Details as to the property title from the Land Registryc) Details of the documents containing obligations affecting the property such as the Leased) Sellers Property Information Form, Fixtures and Fittings Form and the general Additional Enquirers
- The purchasers solicitor puts in hand the various searches, raises any additional enquiries on the legal title with the solicitor and details the mortgage offer.
- The purchasers solicitor will then indicate whether or not they are in a position to proceed and if so a date for completion is agreed and contracts are exchanged. The contract provides amongst other things the following:a) That the property will be purchased for the fixed priceb) The Fixtures and Fittings list is attached to the contractc) The contract specifies the date that the keys will be handed over and the money transferredd) The contract will also specify the deposit that is paid or due. This is usually 10% but by negotiation this figure may be a reduced sum. The deposit is forfeit if the transaction does not proceed but this is subject to complicated rules which can be explained to you if you so wish and should the need arise.
- The period between exchange of contracts and the completion date (being the date on which the keys are handed over and the money is transferred) is usually used for arranging removal firms and clearing the property and reading the gas and electricity meters. The Local Authority also need to be advised that you are moving to arrange final Council Tax Bills
- On the completion date you are required to leave the property in a neat and tidy condition and remove all your furniture, other than the items you have agreed to leave as per the Fixtures and Fittings List and move out by approximately 1pm. Please note that the purchaser will need a set of keys in order to gain access and it is advised that a full set of keys together with any alarm codes should be deposited with the Estate Agents.