The Residential Sales Process
The process of selling a property is theoretically straightforward; however, the many steps involved can each involve complexity, especially if the property is old and/or has extensive covenants on the title. For this reason, it is essential to instruct an experienced Conveyancing Solicitor who has the knowledge and technical tools required to spot potential problems and anomalies to ensure your sale goes through as smoothly as possible.
To help make it easier to understand below is a Step by Step guide to the selling of a residential property.
- An offer is accepted via Estate Agents (or privately) from the Buyer for the sale of the property.
- All parties instruct Solicitors.
- Estate agents (or if private the parties themselves) send a Memorandum of Sale to all parties concerned confirming the agreed price and details of the Buyer, Seller and their respective Solicitors.
- Seller’s Solicitor applies for a copy of the Deeds, including the lease, if the property is leasehold, from the Land Registry and sends the Seller a request for additional information regarding such as details of the landlord, rent and service charge payments.
- Both Solicitors write to each other to confirm their instructions.
- Once the Seller’s Solicitors have received the copy Deeds from the Land Registry and completed information forms/questionnaires from the Seller, they send to the Buyer’s Solicitors the Contract package.
- Buyer’s Solicitors review the Contract package.
- Buyer’s Solicitors submit local search and will also submit any other required searches e.g. a coal mining search or an environmental search.
- Buyer’s Solicitors may request additional information about the property, the legal title or the surrounding area from the Seller’s Solicitors.
- Seller’s Solicitor will deal with any legal enquiries they can answer but may need to forward some enquiries to the Seller to answer.
- If the property is leasehold, additional information may be required from the landlord and/or management company.
- Buyer’s Solicitors will review replies to their enquiries and may raise further enquiries with the Seller’s Solicitors.
- Once the Buyer’s Solicitors are satisfied with the replies to all their enquiries they will arrange for the Buyer to sign the Contract and at that stage will request a deposit (if applicable) from the Buyer. We will arrange for you to sign the Contract at an appropriate stage, usually when the Buyer’s Solicitors have approved the contract.
- Once the Buyer’s Solicitors have received a copy of the Buyer’s mortgage offer, local search results, replies to all their enquiries, signed Contract and cleared funds in respect of the deposit (if any) the Buyer’s Solicitor is then READY TO EXCHANGE CONTRACTS.
- The Buyer’s Solicitor contacts the Seller’s Solicitor to advise they are ready to Exchange contracts and will suggest a Completion date.
- The Seller’s Solicitor then contacts the Seller to check if the proposed Completion date is agreed upon. If not agreed the Seller’s Solicitor will negotiate with the Buyer’s Solicitors (or via the estate agents) for a Completion date acceptable to all parties.
- Once a Completion date is agreed the Buyer’s Solicitor and Seller’s Solicitor EXCHANGE CONTRACTS.
- BOTH PARTIES ARE NOW LEGALLY BOUND TO BUY AND SELL THE PROPERTY FOR THE AGREED PRICE ON THE AGREED COMPLETION DATE.
STAGE 6 – THE COMPLETION DATE
- On the Completion date, the Buyer’s Solicitor will send by same-day money transfer to the Seller’s Solicitor the monies required to purchase the Property.
- Once the money is received the Seller’s Solicitor will authorize the release of the keys to the Buyer either via the estate agents or via the Seller direct.
- The Seller’s Solicitors will then pay off any existing mortgages secured on the property, the estate agent fees and the net proceeds of sale to the Buyer.
THE RESIDENTIAL CONVEYANCING IS THEN COMPLETE.
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Depending upon the complexity we are able to offer fixed fees in some cases. In other cases our solicitors chargethe following hourly rate:
- Partner/Member SolicitorHourly rate of £250 + VAT
- Senior Solicitor or Head of Dept: (PQE 8yr+)Hourly rate of £225 + VAT
- Assistant Solicitor/Fee Earner (PQE 3/7yr)Hourly rate of £200 + VAT
- Newly Qualified Fee Earner (PQE 1/3yr)Hourly rate of £170 + VAT
- Paralegals/TraineesHourly rate of £120 + VAT
- Support ParalegalsHourly rate of £100 + VAT