The transaction in relation to the sale of your property is in 3 parts:-

1. Preliminary Arrangements - Finding a buyer, completing documentation for us and agreeing a sale verbally. Nothing at this stage is binding and anybody can change their mind.  You should not sign any document without our approval and advice.

2. Exchange of Contracts – which involves swapping signed contracts between ourselves and the Buyers Solicitors. It is at this stage that the deal becomes binding.

3. Completion - this is the date agreed in the contract that you have to move out and hand over the keys. You should arrange to leave no later than 12 noon on the completion date.

First Stage - Before Exchange of Contracts

1. When we are selling your property, it is our responsibility as your solicitors to prepare the contract and supporting documentation. The first things that we need are your Title Deeds. You may have these but more normally they will be with your building society or bank. You therefore need to give us the address and reference number of your current lender so that we can obtain the deeds.

2. We will then make a search at the Land Registry to obtain up to date copies of the deeds. We need to show the entries to the Buyers solicitor. These documents need to be up to date at this stage and there is a small fee for obtaining them.

3. We will have to provide to the Buyers solicitor full details and information about the property. We will send to you at the beginning of the transaction the “Property Information Questionnaire” and a “Fixtures Fittings Form. “These ask simple questions about the property. You must look at the questions carefully and answer them as completely as you can. If you need any guidance we will help you. The fixtures and fittings form which details exactly what items are being left in the property and what you are taking. What you state at this stage determines the contract. You should obtain a copy of the Estate Agents’ Particulars and check carefully to ensure that they are accurate.  If there is anything that appears to be wrong you must let us know.

4. Having collected all this information together, we draw up the contract and send your completed forms and any other relevant documents (e.g planning permission for extensions, guarantees etc) to the Buyers solicitors, and we then deal with any additional enquiries that they may raise. Getting this information together can be quite a lengthy and time consuming process but it is important to get it correct to avoid difficulties at a later stage. If there are any changes to the information before exchange of contracts, you must let us know. You cannot change things after exchange of Contracts unless the buyer agrees.

5. We will also discuss with you the timetable that you have for vacating the property. At the same time we will be discussing any requirements that you may have regarding any associated purchase.

6. If you are selling and buying we need to do full calculations of the monies that you will receive on the sale, the solicitors and other fees involved in the transaction, the amount of  money that you are borrowing on your purchase. We will prepare a completion statement and let you know at an early stage what monies we will require and when.

7. Please note that there may sometimes be tax implications on selling a property particularly if it is not your main residence. Our charges do not include tax advice.

Second Stage - Between Exchange of Contracts and Completion

At the appropriate and with your authority we will exchange contracts and agree a completion date. On completion we will receive the sale proceeds, redeem your mortgage (if any) and pay the estate agent (if any). We will pay to you the balance less our fees and disbursements. We will then send the deeds of your property the buyer’s solicitors and the transaction will then be completed.

As you can see from the above the transaction is quite complicated and precise. There are many potential pitfalls. You should be wary of solicitors offering very low prices for conveyancing. We believe the prices that we are charging are the very minimum that can be safely charged if a full and complete service is to be provided. 

It is our aim to provide an open and accessible service which gives you the confidence to proceed with your sale with peace of mind.

We have an experienced conveyancing team who are happy to chat with you about buying/selling your house. If you would like to speak to one of our specialist advisers please message us your enquiry or request a callback at your convenience.

We look forward to dealing with the transaction on your behalf and would strongly advise that on completion you review your whole financial position and ask us about making a will and Lasting Power of Attorney.