When the time comes to moving home and selling your existing property, it can be helpful to know what you can expect to happen. Selling a property can often be confusing. And it is usually happening at the same time as you purchasing another property.
Selling a property starts with getting your property valued and listed with an estate agent to advertise its sale. Once you have accepted an offer on your home, you will appoint a conveyancer to represent you throughout the process. Your conveyancer will issue the contract to your purchaser and take you through the exchange and completion process.
Selling Your Property
First things first, you need to decide who will sell your home. Whether you will do it yourself, use a local, or online, estate agent.
You also have the option of whether you will have a sole agent selling your property or multiple agents. We recommend that you do your own research to compare the options available to you and be ready to negotiate a good fee with any estate agent you use.
Next comes the big decision of deciding how much to sell your property for. Research your local market inside and out to get an idea of similar property prices and get a number of estate agents to do valuations. And do not forget, purchasers will more than likely try to negotiate a discount.
Offer Accepted – What is Next?
Now that you have agreed to sell your property, you will need to choose a conveyancer to handle the legal work to transfer ownership of the property.
When you bought your property, you waited for the draft contract from the seller. Now it is your turn to supply the draft contract for you and the seller to agree the terms. This will include the length of time between exchange and completion (this is usually 7-28 days after the exchange of contracts), what fixtures and fittings will be included and any discrepancies highlighted during the purchaser’s survey.
Exchange & Completion
The next step is to exchange contracts which means you are legally committed to selling the property. The purchaser is also legally committed to buy it from you too. If you change your mind after this point, you could incur additional costs.
Completion refers to the final stage of the purchasing process when the property changes ownership, you accept payment and hand over the keys. Your completion date will take place on a previously agreed date. As your conveyancer, we would deal with this whole process, and register the transfer of ownership with the Land Registry.
The Process – Simplified
- Choose an estate agent to sell your property.
- Accept offer on your house.
- Appoint a conveyancer.
- Memorandum of Sale – sent by Estate Agent to the Seller.
- Contract Issued – sent by your conveyancer.
- Exchange within 28 days of the issue of contracts.
- Completion – once notice is served.
Things to Know
- The average transaction lasts between 8-12 weeks.
- As your conveyancer, we will issue the contract to your purchaser.
- Once you have exchanged contracts, you are committed to purchasing a property.
- If you change your mind after exchanging, you can incur additional costs.
Selling Your Home
- You instruct an Estate Agent to sell your property.
- You accept an offer on your house.
- You instruct New Homes Law as your conveyancer and provide our details to the Estate Agent.
- The Estate Agent will issue a Memorandum of sale to us and the purchaser’s conveyancer.
- We apply to the Land Registry for copies of your title documents and the release of your title deeds.
- The purchaser’s conveyancer will send a letter to confirm their instruction by the purchaser, and request the draft contract paperwork from us.
- You receive a Sellers Property Information form, a Fixtures and Fittings schedule, an Overriding Interests questionnaire and, where relevant, a Leasehold Information form to complete and return to us.
- On receipt of the Land Registry documents, we will draft the contract and send to the purchaser’s conveyancer.
- We send the draft contract to the purchaser’s conveyancer.
- We respond to all the enquiries raised by the purchaser’s conveyancer.
- We receive all your signed documentation.
- We request your authority to exchange contracts with a fixed completion date.
- You give us the authority to exchange contracts.
- We exchange contracts with the purchaser’s conveyancer.
You are now legally committed to your sale. Failure to complete your sale could result in you incurring additional costs.
- We let you know that your exchange of contracts has happened.
It usually takes at least one week in between exchange and completion as mortgage lenders require at least five working days’ notice to draw down the mortgage advance.
- We receive the full completion funds from the purchaser’s conveyancer.
- We confirm with the purchaser’s conveyancer that the completion funds have been received.
- We transfer the necessary funds to your mortgage lender.
Congratulations, legal completion has taken place. You have now sold your property!
What our customers say
- I would definitely recommend New Homes Law. They were all approachable and friendly, and I was comfortable they would be able to deal with my transaction well.
- As a first-time buyer I'd had no experience before; I didn't know the difference between solicitors and conveyancers. But dealing with New Homes Law was easy, convenient and seamless.
- The level of communication from New Homes Law was by far the best I've ever had with any company I've worked with. They were professional and transparent about everything.