As mortgage rates slowly start to decrease again following a recent hike, we expect to see an increase in the number of properties being bought and sold.
When selling a property, there are a variety of steps that must be followed.
If you are ready to sell your property, please call 020 8852 4433 or email enquiries@beverleymorris.co.uk today.
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Instruct a Conveyancer
When you initially instruct your conveyancer or solicitor, they will send you a letter containing the instructions you provided to them. With this, you can be sure that you are on the same page. This letter will contain critical factors, including terms of business and fixed fee costs.
The first task for your conveyancer or solicitor is to carry out proof of identity checks, ensuring that you are who you say you are to prevent fraudulent activities. Following this, your conveyancer will send you fittings and contents and property information form(s) to be completed.
For leasehold properties, more information may be required by your conveyancer.
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Organise Land Registry documents
The Land Registry is a government organisation that oversees and records information about ownership of and interests that affect land and property in the UK. The Land Registry must be notified using specific documentation when selling or buying a property.
Your conveyancer or solicitor will, at this stage, obtain an official copy of your title together with copies of any documents referred to in your title from the Land Registry. (NB At one time, your title deeds would have been held by your mortgage lender. However, nowadays, proof of ownership is simply provided by way of an official copy of the Land Register.)
Following this, the contract and accompanying documentation will be prepared by your conveyancer and sent to your buyer’s conveyancer.
At this time, your buyer may ask any questions regarding the property, and your conveyancer or solicitor will reply.
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Completion
Once your buyer is content with the various aspects of the property, including search and survey results, has had sufficient responses to their pre-contract queries and received their mortgage offer, then provided all the parties in the chain are ready, a completion date will be agreed.
At this point, the contracts are ‘exchanged’ formally. A 10% deposit is usually paid and, with this, both the buyer and seller are formally committed to the transaction.
For completion to happen, all parties must align their responsibilities. The estate agent, mortgage lender and solicitors for both the buyer and seller must be well-organised and prepared for completion. If there is an issue with any of these parties, completion may be delayed, which can be costly and frustrating.
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Transfer Deed
Your conveyancer or solicitor will obtain a settlement figure to repay any outstanding amount on the existing mortgage (if applicable).
As the seller, you will promptly receive the transfer deed drafted by the buyer’s conveyancer that will need to be approved and signed by you in the presence of a witness.
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Final Day
On the day of completion, you should vacate the property by the agreed time and adhere to any pre-agreed arrangements regarding keys and other property security features. This is usually done through the estate agent.
The buyer’s conveyancer will send the balance of the sale price to the seller’s conveyancer. The seller’s conveyancer will then send the title deeds, transfer deed and any other relevant documents to the buyer’s conveyancer. They are sent with an undertaking to use the proceeds of the sale to discharge the existing mortgage (if applicable).
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Final Stages of Selling a Property
In relevant cases, your conveyancer will pay the estate agent, repay your mortgage lender and take payment for their services.
Once these payments have been made, the remaining money will be transferred to you, typically by way of a bank transfer.
Conveyancer Near Me
You should instruct a trusted solicitor or licensed conveyancer when selling a property. If you are uncertain where to begin, the Beverley Morris & Co. team will be able to guide you through the process carefully.
For more information about how to get started, please call 020 8852 4433 or email enquiries@beverleymorris.co.uk.