Residential Conveyancing - Selling Residential Property In England & Wales
Instruction
Once you have found a buyer, the first step is to instruct us.
Once we have been instructed, we will provide you with an engagement pack, including terms of business. This will include details of what your anticipated costs and disbursements. It is at this stage that you will be asked to provide evidence of your identity and proof of address.
You will also be provided with a number of protocol forms to complete in respect of the property. If leasehold, we will contact your Landlord and/or Management Company for their management pack (LPE1 replies).
If the property is being sold subject to an existing tenancy agreement, you will be asked to provide a copy of that agreement together with evidence of your compliance with the relevant legislation. If you are selling the property without the assistance of an estate agent, you will be asked to obtain an Energy Performance Certificate for the property (as, unless exempt, it is unlawful to sell a property without an Energy Performance Certificate).
Pre Exchange
Once contact has been made with the Solicitor or Conveyancer acting for the buyer, we will provide them with a draft Contract, title documentation and the completed protocol forms (and management pack) so that the buyer’s Solicitor or Conveyancing can review the title documentation and request property searches.
(Local Authority Search, Drainage & Water Search, Environmental Search and a Chancel Check).
They will then raise any initial enquiries that may be needed. From this point, it is usually around 8-12 weeks until the sale completes (thought it can be longer if the property is leasehold).
Exchange of Contracts
Providing you are happy to proceed; this is the stage where you will be asked to sign contracts to be exchanged.
The exchanging of contracts is the process whereby we, and those acting for your buyer, formally enter you into an agreement to purchase the property. This is the stage where you receive the deposit (usually 10%) and agree to sell the property.
Once contracts are exchanged, you cannot withdraw or change your mind without financial ramifications.
Completion
This is the final step in selling a property. It usually occurs one-two weeks after exchange of contracts (thought it can be longer if needed).
It is at this stage that we will receive the funds from the buyer’s Solicitor or Conveyancer, and you hand over the keys to the Buyer or your Estate Agent.
At this point, any mortgage on the property is redeemed and the proceeds of sale transferred to you.
Post Completion
Once the sale has completed, you will then need to file and pay any Capital Gains Tax, if applicable and the Buyer’s Solicitor or Conveyancer will file an application with HM Land Registry to transfer the title from your name into those of the Buyer(S).
If you are selling the property without the assistance of an estate agent, you will be asked to obtain an Energy Performance Certificate for the property (as, unless exempt, it is unlawful to sell a property without an Energy Performance Certificate).
Pre Exchange
Once contact has been made with the Solicitor or Conveyancer acting for the buyer, we will provide them with a draft Contract, title documentation and the completed protocol forms (and management pack) so that the buyer’s Solicitor or Conveyancing can review the title documentation and request property searches.
(Local Authority Search, Drainage & Water Search, Environmental Search and a Chancel Check).
They will then raise any initial enquiries that may be needed. From this point, it is usually around 8-12 weeks until the sale completes (thought it can be longer if the property is leasehold).
Our fees cover all the work required to complete the sale of a property.
Fees are variable and depend on the property’s value.