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A Quick Guide to Selling Your House (Part 2)

Sunday, September 10, 2017

In part 1 of "A Quick Guide to Selling Your House" we explored the process from deciding to sell to accepting an offer. But the final legal process is equally as important and can be a baffling mindfield to navigate. 

At Bailey & Co we have a dedicated sales progressor who will help you each step of the way, however these are a few extra points that is worth being aware of as you work towards the completion of your house sale. 

 7. Draft contract
You will have a variety of forms and questionnaires from your solicitor to fill out. This is to give the buyer all the information about the property and about the sale. You and the buyer will have to decide:

  • The length of time between exchange and completion.
  • What fixtures and fittings will be included – and how much will they pay for them
  • Any discounts due to problems flagged up by the survey

In addition the buyers solicitor will be getting as much clarity about your proprty and relevant certificates for maintenance i.e. gas safety checks and building works including FENSA certificates for double glazing. 

8. Exchange contracts
When you exchange contracts with the buyer you become legally committed to selling the property – and they are legally committed to buying it from you
If you pull out after this without due reason, the buyer’s deposit will be returned to them and you may be sued. At this stage the completion date will be agreed. It is possible for exchange and completion to happen on the same day but it is common for people to request at least 7 days between to prepare themselves for the actual move itself. 

 9. Move out

You can move out whenever you like, even up until the day of completion (although clearly, you need somewhere to move to). It is less stressful to move out beforehand, if that is possible. At the time of completion, the property has to be in the condition agreed in the contract – including all the fixtures and fittings. It is also very helpful for the seller to leave some instructions and manuals to help the new buyer find their way around their new home and also worth remembering to take your meter readings before you leave. 

10. Complete the sale
Completion is when the property changes ownership, you accept payment, and hand over the keys. A little like a duel, it takes place on a previously agreed date and usually at midday but this can vary. On the day of completion, the money is transferred and any deeds for the property are transferred between each side’s solicitor or conveyancer. Your solicitor/conveyancer will register the transfer of ownership with the Land Registry

11. Pay off the mortgage
The mortgage company will have given you and your conveyancer/solicitor a precise redemption figure (outstanding amount) for your mortgage for the day of completion. Now the buyer has transferred the money to your solicitor or conveyancer, they will pay off the mortgage for you.

12. Settle up with the solicitor/conveyancer and estate agent
After completion, your solicitor/conveyancer will send you an account, covering all their costs and disbursements, as well as the sale price of the house and redemption of the mortgage. If you are buying and selling at the same time, the solicitor/conveyancer can settle up for both transactions at the same time, including paying stamp duty for the house you are buying. Your solicitor/conveyancer will ensure that the change of ownership is registered with the Land Registry.

Now there should be nothing else for you to do but get settled into your new home. 

Article taken in part from www.hoa.org.uk

Important Information

All property sales and the financial advice that surrounds them are as unique as the people engaging in the transaction. It is important to not make a decision without seeking professional advice. If you want to sell your home and are considering redecorating before marketing, speak to one of our Property Professionals to get the best advice for presenting your home for sale before making any investment.   

 

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