The process of selling a property is quite complex and takes time. It helps if you understand where you are in that process at any given time, so an outline of the entire process follows.
Before you take the decision to put your property on the market, you would be well advised to instruct a Solicitor or Conveyancer to handle your conveyancing.
The majority of people will not speak to a Solicitor until they have received an offer, however this can hold up the entire process. When you have received and accepted an offer on your property, the buyer’s solicitor will send a letter confirming that your buyer has mortgage approval in principle.
As part of the conveyancing process, you or your Solicitor may be asked questions about your property or you may be asked to produce documentation supporting any information you provide. Your buyer’s Solicitor will also commence the legal and local authority searches legally required for a sale.
These will confirm your legal right to sell the property which is called ‘Evidence of Title’ and will also confirm the boundaries of the property.
Once all the searches and other details have been agreed, a contract for the sale will be put together and will be exchanged, this is known as ‘the exchange contracts.’
This is also the point at which a completion date will be arranged with the buyer.
On the agreed completion date, the appropriate funds will be transferred from the buyer’s Solicitor to your Solicitor and when this has been confirmed you will pass over the property keys to your buyer.
Never hand over the keys until your Solicitor has told you that the transfer of funds has been completed.
You should never at any time attempt to conceal information and should answer any questions honestly and to the best of your knowledge.
Any communication must be through your Solicitor and your estate agent. Never communicate with your buyer’s Solicitor or with your prospective buyer.
The process is involved and is necessary to safeguard your best interests. MGY is here to help every step of the way.