When you are selling a property we have to give the buyers solicitors the documents and information they need to do the work for the buyer. This includes drawing up a contract for the sale and providing a pack of property information.
To assemble this information we need you to complete a property information questionnaire and a form showing what fixtures and fittings you are removing and which ones you are leaving. We also have to get official copies of the entries on the Land Register about the property. We will need to deal with any queries that the buyer's solicitors raise about the property and produce copies of planning permissions and building regulation consents for any building work or development on the property that required these.
Sometimes it is necessary to apply to the local authority for retrospective approval or to take out insurance against the risk of enforcement action being taken. If there may be a building regulation or planning permission problem it is best to sort it out at the earliest stage rather than risk a long delay at a later stage in the sale. We need to check how much money is needed to pay off any lenders who have a charge registered against the property.
Your mortgage will be the first charge on the property and there will be other charges if you have taken out secured loans with other lenders. We can then give you a financial forecast showing how much will be available to you on completion after repayment of the charges and the selling costs.
Once the buyer's solicitors have completed their inquiries they will be ready to enter into a legally binding contract ("exchange contracts"). You will need to sign a property transfer document ready for completion of the transaction.
You will not wish to make the deal legally binding until you have arrangements in place to move elsewhere. If you are buying as well as selling you may need us to arrange for exchange of contracts on both transactions to be done at the same time with the same completion date.
On the day set for completion we receive the purchase money from the buyer's solicitors by bank transfer. We arrange for the keys to be released to the buyer and send the transfer document to the buyer's solicitors. We also pay off the mortgage and any other charges on the property and account to you for the balance of the money. Obviously if you are also buying a property at the same time some or all of this money will be transferred to complete the purchase.