The Property Selling Process Explained
The areas of property selling that we cover include:
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What Is The Property Selling Process?
We’ve got all the steps to selling your property covered at Tinsdills.
Firstly, you agree on a price to sell your property privately with a buyer or via an estate agent.
Then you need to call our Client Service Advisors to get an estimate of charges from a Solicitor. When you’ve chosen a Solicitor, notify the Seller or estate agents of the Solicitor acting on your behalf and let them know you wish to proceed. The estate agent will then send a Memorandum of Sale to the Solicitors involved. If you instruct us, at this point we will open a file and proceed as follows:
At this point, we will send you a Client Care Pack. You must sign and return it with all the relevant documentation/identification documents requested. Any delays here will have a knock-on effect on us commencing the legal procedure.
Once we have all the relevant information, we will prepare a Contract. If the property is leasehold, we will need to liaise with the freeholder and any management company involved about any requirements and fees they may charge—this can cause a delay.
We will send the Contract to the Buyer’s Solicitors. This will include the agreed terms of the sale, copies of the deeds, property information form, and fixtures and fittings you completed.
Further Steps To Selling Property
The buyer’s solicitors will then consider the papers and take their client’s instructions on any enquiries that need to be raised. They may order their searches at that stage.
Following the survey on your property, the buyer’s solicitors will also receive the buyer’s mortgage offer. They will consider their search results and may raise further enquiries.
The buyer’s solicitors then report to the buyer and ask them to make an appointment to sign the contract papers and provide the deposit.
The buyer’s solicitors contact us to say they are ready to proceed and suggest a completion date.
We will contact you to discuss the completion date and arrange for you to sign the Contract.
Contracts will be exchanged, and a completion date will be fixed. We will request the deposit from the buyer’s Solicitor.
We will prepare your financial completion statement, including our costs, estate agent fee, and any mortgage redemption figure to be discharged.
On or just before completion, take your final meter readings and leave your keys with the estate agent. They will not release them until they are informed of legal completion and funds have arrived with us. You can arrange to hand over the keys directly, but always wait to be told that the funds have arrived with us.
We will arrange payment of your estate agent’s fee and redeem the mortgage on the property. Any funds due to you will be paid on the day either by cheque or bank transfer or if you have a related Purchase, funds will be transferred to that file.
Buying Property at Auction
We also assist in cases of property bought or sold at auction.
These transactions can be quick but must be managed correctly with the correct advice to ensure a successful outcome.
Frequently Asked Questions For Selling Property
What happens when I’ve sold my house?
Your solicitor will prepare copies of the title and a contract and forward these to your buyer’s solicitor together with forms which they will ask you to complete, for example, a list of fixtures and fittings that are staying at the property/you are taking with you.
What happens on exchange of contracts?
An exchange of contracts creates a legally binding agreement. upon you to sell and the buyer to buy. The risk of the property also passes to the buyer upon completion, although that is not to say you should cancel any existing insurance policies on the property. All policies must remain in place until completion.
Do I need a survey when selling my house?
No. The buyer generally instructs a surveyor to carry out a survey.
Why Tinsdills is the legal team for you
Ranked top 10 out of more than 11,500 solicitor firms in the UK.
Would recommend to friends and family
Satisfied with outcome of matter
Contact Us To Discuss Selling Your Property
Are you selling your property? Or perhaps you are just looking for some advice on the property-selling process?
Feel free to contact our expert Property team today using one of the branch numbers provided.
Contact us today or visit a local branch
Hanley:
01782 956123
Newcastle:
01782 956123
Sandbach:
01270 449106
Leek:
01538 710247