Quick Guide to Selling your Property
Changing direction? Selling an inherited house? Moving somewhere new? Whatever the reason for selling a property, Fiona Bruce Solicitors are on hand to guide you though the process.
What is involved?
Below are the main elements to be aware of when selling a property:
1) Find a buyer and accept an offer
Should you require assistance finding a buyer, then consider instructing an estate agent. They will be able to provide help on marketing the property, finding you the perfect purchaser, and progressing the sale.
Ensure that you are happy with the amount offered. In particular, ensure:
• that the property is not being sold at an undervalue;
• that the offer would be sufficient to pay off any mortgage you have.
2) Instruct a solicitor to deal with the legalities of selling the property
Fiona Bruce LLP has a wealth of experience dealing with sales of residential properties, including those interwoven with the administration of an estate, or a divorce. We understand that the sale of a property is often a transaction which resources or augments another area of life, represents a fresh start, or change in direction.
Our excellence in conveyancing has also received external recognition in the Conveyancing Quality Scheme accreditation.
3) Locate the deeds to the property
The deeds to a property include all documentation you may have from the Land Registry, building regulations documentation, safety certificates, insurance and guarantees etc. You may have these in your possession, or they may be held by your mortgage provider. It is beneficial to provide these to your solicitor at the outset.
4) Your solicitor will send out the initial paperwork to your buyer’s solicitor
5) Exchange of Contracts
Following solicitor advice, and provided both you and the buyer(s) consent, exchange of contracts will take place. This is a particularly significant stage as at this point:
• you are contractually committed to selling the property;
• your solicitor/you will receive the deposit (which is usually 10% of the total sale price); and
• your moving date (also known as ‘Completion’) is confirmed contractually. If you change your mind about selling the property after this time then this will have serious financial consequences.
6) Completion/Moving day.
This is the day in which you will receive the remaining balance and the keys will be delivered to the new buyer.
What will it cost?
The following expenses are typically involved in selling a property:
• Paying off any mortgage;
• Estate agent fees;
• Solicitor fees;
• Removal costs.
How long will it take?
The sale of a property can take 4-6 weeks once your solicitor sends out the initial paperwork to the buyer’s solicitor. This time frame can vary however depending on the property and the parties involved.
Contact Fiona Bruce Solicitors
Contact us today and we will provide you with a free, competitive, no obligation quotation.
This article is for general information only and does not constitute specific advice. You should not rely on the information in this article. Fiona Bruce Solicitors recommends that you seek our specific advice if you wish to rely on the any part of this article. Whilst Fiona Bruce Solicitors makes every effort to ensure that the article is accurate, Fiona Bruce Solicitors excludes all liability for claim, loss, demands or damages of any kind whatsoever (whether such claims, loss, demands or damages were foreseeable, known or otherwise) arising out of or in connection with the use of this article or any other information contained on this website. Any information provided only applies to England and Wales.