A Seller's Guide

Pre-contract

The first step is to prepare pre-contract papers for the buyers' solicitors. This will comprise of the contract itself, the documents of title, replies to standard enquiries and a fixtures and fittings list.

As Home Information Packs (HIPs) have now been scrapped, no searches will be provided. It is necessary for the buyers' solicitors to conduct various searches. These searches usually take about two weeks to be completed.

Once the buyers' solicitors have conducted all the necessary searches and received confirmation of any mortgage offer, we will advise you to call to see us to sign the papers.

Exchange of contracts

This is normally done by telephone by the respective solicitors. At that point, you are bound to complete on the agreed date, otherwise you will face financial penalties.

The question of deposit

On exchange of contracts, a deposit will be paid by the buyer, although the monies may continue to be held by their solicitors. A deposit is usually between 5% and 10% of the purchase price. It is often the position that if there is a chain of transactions, the deposit in only paid by the person at the bottom of the chain (although each party is effectively required to pay 10% so that if, for whatever reason matters do not proceed to completion, that sum may then be due and outstanding).

Synchronising a sale with a purchase

When both buying and selling, it is usual for contracts on both transactions to be exchanged simultaneously. This means that you can move out of your old property and into your new one on the same date.

Pre-completion matters

Once contracts have been exchanged and prior to completion date (i.e. the move date), we will contact any lenders who may have a charge (mortgage) on your property to ascertain how much needs to be paid to them on completion.

Completion

On the completion date, monies are transferred between the parties’ solicitors by telegraphic transfer between banks. Keys are usually released via estate agents once we have received funds.

At this point it is necessary for us to pay any sums due to mortgage lenders from the sale proceeds. We will then remit the remaining funds to you.