To help you understand what happens at each step of the way we have created an easy to understand tracker, with the 8 key stages of a conveyancing sale case.
Once you’ve accepted our quote, we will instruct one of the solicitors on our panel to deal with your case. You will need to provide the solicitors, the buyer’s name & address and details of their solicitors. If you are selling through an estate agent, these details can be found on the Memorandum of Sale which they will provide.
Your solicitor will write to you outlining the levels of service you can expect to receive and their terms of business. This will need to be signed and returned along with a proof of identification, proof of residency, a completed Property Information Questionnaire and a Fixtures, Fittings & Contents Form that requests details about the property you are selling and what items will remain. Please ensure that you return these promptly in order to avoid any delays.
Once your solicitor and the buyer’s solicitors have received the signed documents back from you, they will make contact with each other to advise that they have both been instructed.
If you have a mortgage secured on the property, it will be necessary to contact your lender to obtain any documents that they may hold such as title deeds, they will also request from the lender the amount required for the mortgage be repaid on completion of the sale.
Once the solicitors have received all the necessary information they will send you the contract and Transfer deed to be signed. Please ensure this is returned promptly. A copy of the contract will also be sent to the buyer’s solicitors along with any other documents required.
Once a completion date has been agreed we will then be in a position to exchange contracts. From this point, the buyer is legally bound to purchase the property. A 10% deposit is usually offered by the buyers at this point. If a more specific amount has been agreed then please notify the solicitors at this stage. This deposit is offered in case the buyer withdraws from the purchase between exchange of contracts and completion of the property. This will be sent to your solicitors to be held by them until the day of completion.
On the day of completion the buyer’s solicitors will send the monies needed to complete the purchase of your property. If the property is leasehold, you may be owed ground rent & service charge that has been paid in advance. This will be calculated on your behalf. Your solicitors will then repay any mortgages you have secured on the property, any estate agents fees outstanding and deduct all legal fees associated with the sale. Any monies remaining will be sent directly to you unless you advise otherwise. At this point the sale of your property is completed.
