How to sell your Property: 7 simple steps to successadmin
Here are 7 simple steps to a smooth and stress-free sale.
1) Contact several local estate agents to receive the best valuation for your Property. It is always important to ensure that you are comfortable with the Agent dealing with your sale as they will be your point of contact throughout the process.
2) Instruct a firm of Solicitors to deal with your sale, this will include all correspondence with the Agents and the Buyer’s Solicitors, preparing all relevant legal documentation and redeeming any mortgage which you might have on your Property. Make sure you feel comfortable with your solicitor who should be proactive and communicative.
3) Once you have appointed your solicitor you will need to complete several documents. These include a Property Information Form, a Fixtures and Fittings Form and an Overriding Interests Form. Your solicitor will explain these and help you complete them if needed. If you are selling a Leasehold Property you will also need to complete a Leasehold Information Form. Your solicitor will also correspond directly with the Managing Agent to obtain a “Management Pack” to forward to the buyer’s solicitors. At this point, most of your hard work is completed, now sit back and allow your solicitor to deal with the hard work.
4) Hopefully both parties’ solicitors will be in constant communication with each other. This will include answering questions that the buyer might have, corresponding with the Management Company, preparing all documentation for the sale and reviewing any additional material which might be relevant. It is likely that your solicitor will be in touch from time to time asking you non-legal questions that the buyers might have about your Property.
5) Once all enquiries have been resolved, you will be nearing the point of exchange of contracts. At this point, contracts would have been signed and a completion date agreed. Once exchange takes place, your Property will in essence belong to the buyer, although you do not have to leave until the date of completion. Your solicitor will tell you what needs to be done before completion.
6) Finally, the day of Completion has arrived! You have arranged the removal company, contacted your utility companies and your possessions are now out of the Property. Your solicitor will ensure that the completion funds are in their client account before contacting the Agents to inform them that completion has taken place and to release the keys to the buyer.
7) The last stage will be for your solicitor to make payments to all parties such as the Estate Agents, redeeming your mortgage and taking their fees too. Once all completed, the remainder of the sales proceeds will be on their way to your designated account.
We cannot guarantee your sale would be as quick or as smooth as you wish it to be, as it would largely depend on the buyer and the buyer’s solicitors. However, we can at least guarantee that we would be proactive in dealing with your transaction and be communicative to ensure that you are well informed all the way from start to finish. We will take the stress away and be with you every step of the way.
This article was written by Dominic Coleman, who is a trainee solicitor specialising in Property Law.