Here’s a free and easy to understand guide to selling a house/property.
Once you have chosen which Estate Agent you wish to use ( if you are not marketing privately) to sell your property, please send us a copy of your Home Report. We can go through the Home Report with you and discuss with you any legal matters which could impact your sale and try and help you resolve them.
Accepting an Offer in Writing
Once you have advised your Estate Agent which offer you wish to accept please ask them to send us a copy of the offer. You should remember when deciding whether to accept an offer, that price may not always be the only consideration. You should consider whether the Buyer has their own property to sell (what stage are they at with that process and are their buyers selling their own property with a long similar chain) and whether they are getting a mortgage. Being in a long chain and waiting for mortgage papers happens all the time.
Once you have decided which Offer to accept, we will explain and discuss its terms with you. The offer sets out the suggested terms and conditions, of the contract. These terms and conditions are then negotiated and amended throughout the process by us on your behalf in conjunction with the Buyers’ solicitors. Once we know what your wishes are, we will on your behalf, send a written acceptance to the Buyers solicitors called a Qualified Acceptance. The Qualified Acceptance will make amendments/changes to the terms of the contract, such as a change to the Date of Entry. The contract is then further negotiated by us with the Buyers’ solicitors on your behalf. This process can take time
We will make sure that the contract reflects your instructions. Once the contract reflects the wishes of both you and the Purchaser, the Missives are then concluded. When this happens, it means that you and the Purchaser will have entered into a binding legal agreement, from which you cannot withdraw without incurring penalties apart from certain circumstances.
Title Deeds and Reports (Conveyancing)
We will liaise with the Buyers solicitors to provide them with the Title Deeds to your property and certain reports and searches. We will after checking with you, answer their questions about these documents.
If you have a factor, we will write to them to tell them when you are selling your Property and ask them if you owe them any money. We can pay what’s owed to them from the sale price of the house
Your Existing Mortgage
When you are selling a property, if you have an existing mortgage over the property, this will need to be paid off at completion. We will request an amount owing figure from the lender on your behalf and we will also pay off the mortgage from the sale proceeds at settlement.
On the Date of Entry we will receive the purchase price from the Purchasers solicitors and settle the transaction on your behalf. We will let you know once the sale is completed.
After settlement we will pay the Estate Agent their fee and pay off your mortgage and any other outlays that have been made on your behalf from the sale proceeds. We will deduct your fees from the sale proceeds and then we will send you the net (remaining) proceeds of sale.
We will also attend to discharging your mortgage, by arranging for your Title Deeds to no longer show the mortgage that has been paid off.
We hope you have found this guide easy to understand and that it will make the process easier for you.