A SELLER'S GUIDE

Once you have chosen one of our property lawyers it their job is to make the legal side of your sale proceed as smoothly as possible.

The process begins when they write to you confirming their terms of business. They will also ask you to complete their client and property information forms - this will provide them with important information about you and your sale.

Please note without your completed forms the property lawyer will not be able to begin work on your sale.

What can you do to prepare?

• Ensure you provide your estate agent with our property lawyers full details so that they can let us know the terms of your sale, who the buyers are and who their lawyer is.
• Provide your property lawyer with any valid guarantees for your property, for example NHBC, damp and timber or window replacement. The buyer’s lawyer will request copies of these if applicable.
• Provide your property lawyer with any installation certificates, for example boiler installations, electrical work or window replacement.  The buyer’s lawyer will request copies of these if applicable.
• If you have carried out any building works such as extensions you will need to let your property lawyer have copies of the planning permission and building regulation approval.  The buyer’s lawyer will request copies of these if applicable.

This is when most of the legal work is done.

Preparing Contracts

Once we have completed Stage 1, your property lawyers are ready to prepare and issue contract papers to your buyer’s lawyer.

• Your property lawyers will obtain and check the Land Registry documents to the property, or if unregistered the original deeds.
• They will prepare the Contract and Transfer and send this to the buyer’s lawyer along with your  property information forms  and any other relevant information.
• They will also send you a contract report with the Contract and Transfer to sign together with a property plan so that you can confirm the boundaries are correct.

Mortgages

If you have a mortgage secured on your property your property lawyers are required to give a legal undertaking to the buyer’s lawyer to ensure the mortgage is repaid on completion.

• Your property lawyer will need to request an initial redemption statement from your lender which shows the amount owing.
• They will prepare a draft completion statement for you to check together with a copy of the lender’s statement.

Additional Enquiries

The buyer’s lawyer will review the Contract, Transfer and other documents your property lawyer would have sent to them and may raise enquiries.   This is a normal step in the selling process.   Your property will respond to enquiries if we are able, but they may refer some to you as we do not have personal knowledge of  your property.  The property lawyers will clearly explain what you need to do and be on hand if you need any help.

Buyers’ Lawyers

Before the buyer’s lawyer can exchange there are various steps they need to deal with such as:

• Raising additional enquiries.
• Reviewing our replies to their additional enquiries.
• Requesting searches, such as Local Authority search, water and drainage search, environmental search.
• Reviewing search results.
• If the buyer requires a mortgage they will need to receive a copy of the mortgage offer and comply with the lender’s requirements.
• Report on the property to the buyer and request contract and mortgage papers are signed.

If you are selling within a chain it is important to note that everyone in the chain must exchange contracts at the same time and complete on the same date.  This means that all lawyers in the chain must complete their parts of the legal process before they can exchange.  Your property lawyer will do thier best to ensure we reach exchange as quickly as possible.

Exchanging contracts is when the sale becomes legally binding for both buyer and seller – there is no turning back after contracts exchange!  Both buyer and seller must complete on the agreed completion date at the agreed price.  If the buyer decides not to proceed at this stage they risk forfeiting the deposit and possibly incurring other costs for damages.

• When your property lawyers are ready to exchange contracts they will telephone you on the day to expressly obtain your permission to proceed before committing you to the contract.
• Once they have exchanged contracts they will telephone you to confirm completion, inform your estate agents, request their invoice and request a final figure from your mortgage lender if applicable.

You can now safely make arrangements to vacate your property on the completion date.  Arrange removals, inform your utilities providers and remember to take meter readings on the completion date.

The completion date is the day you must vacate the property and your buyer can move in.  

Legal completion takes place once we receive the sale money from the buyer’s lawyer.  Your property lawyer will then authorise the estate agent (if applicable) to release the keys to your buyer.   

Your property lawyers will pay all sums due to your mortgage lender where applicable and send you the balance.  They can send monies by bank transfer to reach your account the same day.

Remember to leave all keys with the estate agents (unless you have made other arrangements direct with your buyer) and take final meter readings.