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The Key Stages of Selling a Property
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Stage One: Instructions
Once the property is available for sale you will need to formalise instructions with us as soon as possible in order to reduce delay when an offer has been accepted. At that point we will write to you confirming our instructions, an estimate of fees and disbursements and our terms and conditions of business. We will also send our Client Information Form to you to complete. This will tell us details of any finance secured against the property and any deadlines imposed on the transaction.
You will also need to complete various forms that should give the buyer all the information they need to answer any questions they have regarding the property such as which fittings are included with the property, notice of any disputes, planning applications in the vicinity of the property, alterations carried out to the property during your ownership and any applicable service charges.
At this stage we will tell you the name and status of the person who will carry out the work together with details of their regulated supervisor.
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Stage Two: Identity Checks
In order to confirm your identity and comply with the law on money laundering, we will need 1 form of photographic ID (driving licence or passport) and 2 utility bills/bank statements no more than 3 months old for proof of address (these must be originals and not printed from the internet).
We will discuss with you the best way to provide these at the time.
We ask for £50 on account and then our fees, agents fees and any mortgages are paid out of the sale monies on completion with any balance being dealt with in accordance with your instructions by either sending it to your account or transferring it to a related transaction.
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Stage Three: PRE EXCHANGE
Once you have returned the signed Terms and Conditions and Client Information Form we will contact the seller’s solicitors to confirm instructions. Upon hearing from the buyer’s solicitors that they are instructed we will prepare draft contract documentation to include full title details of the property and send these to the buyer’s solicitors.
When the contract documents have been received by the buyer’s solicitors they will submit their application for searches and raise any enquiries on us as are necessary. We will review the costs estimate and revise if necessary providing you with updated information regarding any fees or disbursements in line with any changes.
We will respond to any buyers queries that we can and refer the rest to you for your replies. It is at this point, the contract and transfer are usually agreed and upon receiving confirmation that this has been approved we shall send them to you for signature in preparation for exchange of contracts. We will also obtain a draft redemption statement for any finance secured against the property and let you have a copy for your approval (if applicable).
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Stage Four: Exchange of Contracts
Once completion dates have been agreed we will take your authority to exchange contracts and set the date of completion. We will apply for a final redemption statement from your mortgage lender (if applicable) calculated to the date of completion and prepare a completion statement for you setting out the financial position anticipated at the time of completion for you to check prior to completion.
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Stage Five: Completion
On the day of completion, funds will be transferred from your seller’s solicitors into our client account. Once we have received funds we will check with you that you have vacated the property and authorise key release with the agents. Any funds due to you on completion will either be transferred in accordance with your instructions once the agents have been paid and any other financial commitments we must pay on your behalf in relation to the sale. Under the terms of the contract, you must give vacant possession of the property between 12pm and 12pm.
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Stage Six: Post Completion
Once completion has taken place we will date the transfer deed which you will have signed at the outset and send this to your buyer’s solicitors. Any deeds and original documents relating to the property held on file will be sent to your buyer’s solicitors for them to in turn pass on to your buyers on completion. Your file will then be closed which will be held for 6 years.
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