Selling Land and Property – a Quick Guide
Selling property is often a life changing event which may seem unsettling or over-whelming, and the legal process can be confusing.
This over-view can help, providing a step by step guide of the typical conveyancing process.
Buying a Property? See Part 2: Buying
Once formally instructed your solicitor will obtain the title deeds or official copies of the title register and a statement from your mortgage lender on the status of your existing mortgage.
Provide your solicitor with details of any loans secured against your property, as these will need to be cleared upon completion of the sale.
Your solicitor will supply you with the following forms to complete:
• Property Information (TA 6)
• Leasehold Information (if required) (TA 7 for leasehold or TA 9 for commonhold)
• Fixtures, Fittings and Contents (TA 10)
• Finalisation Details (TA 13)
Accuracy of Information
Your solicitor will draft a contract based on the information you have provided. Inaccurate or false information may lead to the buyer pulling out, or more seriously could lead to a compensation claim for which you are liable.
It may be the case that you are also buying a property. If the transactions are to be co-ordinated then you will need to inform your solicitor of this.
When your estate agent has been given details of your solicitor they will send a “Memorandum of Sale” to all relevant parties including a copy of the property particulars.
Your solicitor will send title deeds together with a draft contract and supporting documentation to the potential buyer’s solicitor.
For Leasehold Properties the buyer’s solicitor will send a “Managing Agents Questionnaire” over to your Solicitor to complete and send on to the leaser.
Solicitors and their respective clients enter into conversations to settle any pre-contract queries which the buyers may have and negotiate terms of contract.
• Date of completion (usually 7-28 days after exchange of contracts)
• Fixtures and Fittings to be included in the sales price
Once the buyer’s solicitor are satisfied with their search results, are in receipt of a mortgage offer and all queries are settled, then the final contract is drawn up.
Your solicitor will contact you to sign the agreed contract ready for exchange.
The sale is legally binding from the point of exchange; should either party back out the other will be entitled to claim compensation for losses.
Before completion all outstanding payments must be issued including clearance of loans and payment of solicitor’s fees.
You will then be required to sign a Deed of Transfer.
Your solicitor will arrange payment of mortgages and other expenses on your behalf and undertake your buyer’s solicitor to send your mortgage lender a notice of formal release.
Your solicitor will then send the signed Deed of Transfer to the buyer’s solicitor.
Upon confirmation that remaining monies have arrived the sale is completed, and you should arrange to drop off the keys with the estate agent for the buyer to collect.
If you require further help and advice with buying or selling land or property Miller & Miller are here to help. Contact David Miller on Tel No. 0114 237 0120 for further information