Selling a property can be a stressful time but a good Solicitor can ease the burden.
Fact
There were nearly 1.5 million property transactions which completed in 2021
Once you have received an offer and agreed the sale, the Estate Agents, if involved, will send us, and the buyer's Solicitors, the details of the sale, known as Sale Particulars. In the case of a Private Sale, you will need to forward the Sale Particulars to us.
When we have the Sale Particulars we will contact you to gather further information about yourself and the property. Information about you will usually come from our Sale Questionnaire and our ID and AML procedure.
The Land Registry will provide us with information regarding the legal owner, the boundaries and any registered rights, restrictions or charges. You will then provide other more informal details about the property by completing the Law Society Protocol Forms.
In most residential conveyancing transactions, the most common forms are:
Property Information Form (TA6) - This form will ask you to provide information about the property such as any building works you have carried out, any informal rights, service providers etc. This form is designed to answer all initial enquiries the other side would need to make.
Fittings and Contents Form (TA10) - This form will ask you to confirm what items in the house are included or excluded from the sale, for example the sofas, curtain poles, fitted cupboards etc.
Now that we have all the information, this will be bundled together into what is known as a "Contract Pack", along with a draft contract and sent to the other side.
Using the Contract Pack and the results of their searches, the other side will often raise further enquiries remaining unanswered. We will require your assistance when responding to the enquiries as many of the enquiries will relate to your ownership of the property.
When the other side have no further enquiries, we will have you sign the agreed contract and transfer, albeit undated.
A date to exchange contracts and complete the transaction will then be agreed with the other side.
On the day of exchange, we will call you to confirm you are happy to proceed. If you are, we will then contact the other side and exchange contracts. Exchange of contracts is a crucial stage in the process as it is the moment when both you and the buyer become legally bound to complete the transaction on the date agreed on the contract.
Before completion we will provide you with a document known as a “Completion Statement”. The document breaks down the inputs and outputs of the sale transaction and shows the final amount you will receive on the day of completion.
On the completion date, we will receive the monies from the other side, tell the estate agents to release the keys and confirm completion with both you and the other side. Any mortgage outstanding will be paid off and you will receive the remaining sale monies. The legal transfer of ownership is complete.
We will contact you to confirm that you have received the money and following confirmation we will conclude the matter.
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