Sale Property Fact Sheet
We recognise that selling a property can be a stressful time, but we aim to make the process as simple and as straightforward as possible. This guide will concentrate on the mechanics of the sale and will help you understand each step in detail.
Who can sell a property?
Anyone who is over the age of 18 and has a property to sell. If the property is in joint names the other owner has to agree for the property to be sold.
What do I do?
Once you have accepted an offer, you need to advise the Estate Agents that we will be acting for you. They will then send us a memorandum of sale.
What is the process?
Once you have instructed us to sell a property on your behalf, we will write to you to confirm your instructions, and you will need to send us 2 forms of identification from the enclosed list.
We will also require from you the sum of £600 on account to progress matters. This can be made by cheque payable to Dicksons Solicitors, bank transfer or card payment at our Reception.
We provide the property information form and fittings and contents list for you to complete, date, sign and return to us. If you have indicated on the property information form that you have any guarantees for any work undertaken to the property, then please provide us with them. If you hold any title deeds and documents, then please forward these to us. If you have a mortgage or any loans secured on the property, we will require your mortgage or loan account number. Once we have received your identification documents and the completed property information form and fittings and contents list, we will draft the contract and send out the contract package to the buyers’ solicitors.
At this stage we request a mortgage redemption figure (if applicable) for information purposes only so that we have an indication of the amount owing on your mortgage(s). We are required to redeem any mortgages secured on the property on the day of completion.
The buyer’s solicitors will usually raise some pre-contract enquiries at this stage which, in most cases, we will need to discuss with you so that we can fully respond.
The buyer’s solicitors should also submit the necessary searches, and when they receive the results, they may raise further queries.
Once the buyer’s solicitors have received the buyer’s mortgage offer (if applicable), the results of the searches and the response to any enquiries they may have raised with us, they will then send a transfer deed to us. This is the deed that needs to be signed by you and is sent to the land registry by the buyer’s solicitors after completion of your sale. We will approve or amend the transfer deed as necessary.
Shortly before the end of the transaction, we will ask you to make an appointment to come into the office to sign the documents. Alternatively, documentation can be sent to you by post if this is preferred. We will also deal with any outstanding queries that you may have.
Signing the documents does not commit you to the sale. It is only when a process known as ‘exchange of contracts’ takes place that you are committed. This is a procedure that we will deal with on your behalf once we are satisfied that all is in order and a completion date has been agreed upon. Once an exchange of contracts has taken place, you and the buyer are committed to the transaction and legally bound to complete the agreement. We are entitled to request a deposit of ten per cent of the purchase price from the buyer, which we will usually hold in our client account until completion of the sale. We will only exchange contracts when you have agreed a completion date.
When the exchange of contracts has taken place and we know the completion date, we will request your final mortgage redemption figure (if applicable). We will also ask the estate agents for their bill, as we will pay this on your behalf from the sale proceeds.
Once we have these figures, we can provide you with our final invoice and completion statement. If there is a balance of monies due from you, then we will ask you for it at this time. Please be aware that cheques and bankers’ drafts take nine working days to clear. Credit and debit card payments take three working days to clear. Alternatively, if a balance is due to you on completion, we will request your bank details in readiness for completion.
On the completion day the buyer’s solicitors will send the balance of the sale price to us by telegraphic transfer. Once the monies have been received by us, we will telephone you, and you can either hand the keys directly to the buyers or take them to the estate agents, and they will then release the keys to them. If you prefer, you can hand your keys to the estate agent before we receive the sale monies, as the estate agents will not release them until they have received a telephone call from us. Please be aware that the money can take some time to be processed by the bank, and it is often lunchtime before we receive it.
Please ensure that the gas, water and electricity meters are read on the completion date and that the utility companies are notified of the readings.
Vacant possession of the property must be provided on completion. This means that in addition to all occupiers moving out of the property, you should also remove any fixtures and fittings that you have not indicated will be left in the property in the fittings and contents list.
On the same day that we receive the balance of your sale price, we will redeem any mortgage or loans that are secured on your property by telegraphic transfer. Please continue to make mortgage payments every month as usual until the completion date. Once the mortgage has been redeemed, the mortgage lender will send us confirmation, and we will provide this evidence to your buyer’s solicitors.
On completion date we will account to you for any balance due to you. If you have opted to receive funds by cheque, this will be sent out in joint names unless you specifically request otherwise. If you prefer, we can telegraphically transfer the monies. We charge a fee (inclusive of VAT) of £36.00 for this. If you wish us to send the monies in this manner, please ensure we have the following bank details from you:
- The name on the account.
- The name of your bank.
- The sort code and account number
How long does it take?
From receiving your initial instructions to completion, it usually takes 8 – 12 weeks. This timescale can differ depending on your transaction, and if we believe it will take longer, we will let you know.
Note: The above is intended as a general overview for your information. It is NOT intended to replace proper legal advice. Each case is different, and advice cannot be given without a proper analysis of your own circumstances.
