There are many positive factors about owning your own home, but when your life changes for whatever reason and you need to sell your home to move elsewhere, being a property owner can feel somewhat burdensome.
The process of selling a home is a very unsettling time, more so because until contracts between a buyer and seller have been formally exchanged, neither party is bound, at law, to complete the sale/purchase.
1. Understanding the role of your ESTATE AGENT
Your Estate Agent is not just an introducer – they will also advise you on value; offer you hints and tips on how to make your property more appealing to the open market; assist with viewings, negotiations and re-negotiations; and act as “middle man” in communication between yourself and your buyer (which is useful if the transaction becomes a little tricky).
It is therefore recommended to appoint an Estate Agent that can offer you an appropriate level of support and who is able to communicate with you effectively and efficiently.
2. Understanding the role of your CONVEYANCER
The role of your conveyancer is to guide you through the legal formalities of the sale transaction. As you will need to work closely with your conveyancer to ensure that your sale progresses within an appropriate time frame, it is important to instruct a reputable conveyancer that you can trust.
You do not need to wait until a buyer has been found before you contact a conveyancer. In fact, to avoid any delays in your sale progressing, contacting your conveyancer at the very outset can be hugely advantageous to you.
Step 1: Advance preparation is key. You should gather together all documents relevant to the property – to include the original copies of any certificates, guarantees, reports and any planning consents and/or buildings regulations completion certificates relating to changes, alterations and improvements to the property. You should hand these documents to your conveyancer.
Step 2: Your conveyancer will liaise with the Land Registry, your mortgage lender and (if you are selling a leasehold flat or apartment), the freeholder/management company. Your conveyancer will ask you to carefully complete some protocol forms.
Step 3: Your conveyancer will draft a contract and put together a pack of documents and information about the property which will be sent to the buyer’s conveyancer.
Step 4: Your buyer’s conveyancer will review the contract documents, undertake searches and raise enquiries.
Step 5: Once the buyer’s conveyancer has received satisfactory search results, replies to enquiries and a mortgage offer, (if applicable) dates for “exchange” and “completion” will be discussed with you. Your conveyancer will arrange for you to sign the contract and deed of transfer in readiness.
Step 6: Your conveyancer and the buyer’s conveyancer will effect the exchange of contracts over the telephone. The exchange of contracts creates a legally binding relationship between you and your buyer.
Step 7: Following exchange, your conveyancer will contact your mortgage lender to request the amount payable to settle the mortgage debt and they will also request the commission account from your estate agent, A completion statement will then be prepared setting out the complete costs and expenditures applicable to the sale transaction.
Step 8: Completion – this takes place on the day that has been agreed by you and your buyer and is effected once your conveyancer acknowledges receipt of the full balance of the sale proceeds. The estate agent will then be authorised to release the keys to the property to your buyer.
If you are considering selling a property and would like advice on the procedure and costs involved, Wolferstans’ Residential Conveyancing teams at our North Hill, Plymstock and Plympton offices would be pleased to hear from you. Please contact our New Client Co-Ordinators to arrange an appointment.