This is a brief overview of the main steps involved in a residential property sale.
- Upon receiving your instructions to act for you in your sale we will request your deeds from your mortgage company and the land registry.
- If the property is leasehold, we will require a copy of the lease.
- We draft the contract of sale and obtain the necessary supporting documents in readiness to send to your purchaser's solicitor.
- You may be contacted by a valuer if your purchaser requires a mortgage.
- Once requested by your purchaser's solicitor we send the draft contract together with supporting documents.
- The purchaser's solicitor will raise further enquiries regarding boundary responsibilities, fixtures and fittings, guarantees, building regulation approval, disputes, etc.
Exchange of Contracts
- If you wish to proceed, the next step is the legally binding exchange of contracts. If you have a related purchase the timings on exchange will mirror your sale.
- If you have a related purchase we will require the balance of your purchase deposit if any before we can exchange contracts. All parties involved agree a completion date (the moving day) .
- Once we have exchanged contracts you are legally committed to sell the property,
- We will contact your mortgagee if any for a redemption statement.
- On the agreed completion date your electricity, gas and water meters will have to be read.
- Once all related sales and purchases in your chain have transferred funds you are no longer the legal owner of the property and the keys are usually released to the new owner by the estate agents.
- After completion we will discharge your mortgage, settle any estate agency commission and deduct our fees before sending you the balance of the sale proceeds, if any.