This guide is a simple outline only of the basic stages of a sale and purchase transaction. The documents and issues behind these stages however are very detailed and often complex. We will explain and advise you as to the practical and technical aspects of the contract, mortgage and title documents and how these will affect you.
You have decided to sell your property. There are three steps that now need to be followed.
- Instruct your selling agent to market the property (your selling agent can arrange preparation of the requisite Energy Performance Certificate).
- Instruct us to handle the legal formalities:
- You then need to discuss with us:
- Your ideal time-scale for the speed of the transaction.
- The location of your title deeds – we will need these to sell the property.
- Any planning and building regulation approvals guarantees / warranties for your property – we will need these too to sell the property.
- Completion of the required information and enquiry forms.
- The financial implications of your sale including the repayment of any mortgage/borrowing secured on your property.
- Potential liability for tax; capital gains tax
- The costs of your sale.
The point at which you and your buyer are contractually bound to go ahead and the completion date is fixed. We will exchange contracts on your behalf. Your buyer will pay a deposit of up to 10% of the purchase price. It is advisable for you to notify the utility companies and your contacts of the completion date and your new address.
We receive the balance of the purchase price and the ownership of the property is transferred to your buyer. You are required to provide a vacant property to your buyer on completion unless you are selling the property subject to a tenancy agreement. If your property is subject to a mortgage we will repay this from the proceeds of sale and deal as instructed by you with the balance of the proceeds.