The following is a general guide to the conveyancing procedure when you are selling a property. If you are in doubt about any specific issue you should consult your solicitor directly.
- Once you have told the solicitor that you wish to use their services you should receive a Letter of Engagement or Confirmation of Terms of Business. You should sign and return this as soon as possible so that they can start work. The solicitor may request funds to cover initial expenditure.
- Once your solicitor has been formally instructed they will, if necessary, obtain the title deeds from your lender.
- Your solicitor will also require completed copies of the “Property Information Form” and the “Fixtures, Fittings and Contents Form”. These are standard forms provided by your solicitor. If your property is leasehold you will also need to complete a “Seller’s Leasehold Information Form”.
- You need to let your solicitor know from the outset if you are also buying a property and need the transactions to be tied together.
- You should inform your estate agent which solicitor you plan to use so that they can send a “Memorandum of Sale” to all the relevant parties together with a copy of the property particulars.
Legal Work prior to Contracting to Sell
- Once your solicitor has obtained the title deeds and you have returned the standard forms these are sent to your buyer’s solicitor for approval together with a supporting package which will include documents dealing with title, planning and any guarantees that are applicable.
- If the property that you are selling is leasehold your solicitor will receive a standard Managing Agents Questionnaire from the buyer’s solicitors which is sent on to relevant Landlord/Managing Agents/Residents Association.
- Once your buyer’s solicitor has examined this paperwork they my need to seek clarification on certain points. They are entitled to raise enquiries with your solicitor who may need to liaise with you to provide the information requested.
- The buyer is entitled to rely upon any information that is supplied on your behalf so it is important that information supplied to your solicitor is accurate and that you make a full disclosure of any relevant facts about your property.
- Your lender will supply an up to date statement to your solicitor detailing the amount which is required to repay your mortgage.
- You should provide your solicitor with details of all loans secured against your property as these will need to be repaid upon completion of your sale.
Signing your Contract
- Once the contract has been approved by your buyer’s solicitor you will be contacted by your solicitor to sign it in readiness for exchange.
Exchange of Contracts
- Before an exchange can take place all the parties involved need to agree on a completion date.
- From the point at which contracts are exchanged you are legally bound to sell and your buyer is legally bound to buy. Should either party back out the other will be entitled to claim compensation for losses arising.
Between Exchange and completion
- Your solicitor will send you a statement detailing their charges, loans to be repaid and all other outgoings. Any balance due to your solicitor will need to be cleared in their account prior to the completion date.
- You will be required to sign a Transfer of Deed in readiness for completion.
- Your solicitor will pay off any mortgages and other expenses, give an undertaking to your buyer’s solicitor to send your lender’s formal release of mortgage and send the title deeds and signed transfer to your buyer’s solicitor.
- Once your solicitor has confirmed that all the remaining monies have arrived your sale has completed. You should arrange to drop off the keys with the agent for the buyer to collect.