Fri 10 Feb 2017 View all news articles
Deciding to sell your home, particularly for the first time, can seem a little daunting. You may feel that an estate agent or mortgage adviser is talking another language when you start to hear about exchange of contracts and completions etc.
Our below guide offers bitesize details of the selling process. While it is difficult to be 100% prepared for all the measures involved with your house sale, this can help give you more of an understanding of what to expect along the way.
Stage 1: Preliminaries
You have accepted an offer on your property – congratulations! Once you have instructed your solicitor they will send you their standard documents for you to complete and return.
Stage 2: Before exchange of contracts
You will be provided with a draft Contract of Sale along with other regulatory paperwork. You would then need to provide your solicitor with your mortgage details; any deeds or documents relating to the property; and, the completed property forms. Your buyer’s solicitor will make additional enquiries during this time and a survey will be carried out on your property.
Stage 3: Exchange of contracts
Once your buyer’s solicitor is happy with the paperwork, you will sign the contract and a completion date will be agreed with all parties in the chain. Exchange of contracts is then effected. Upon exchange your buyer will offer a deposit which in most cases will be held until completion.
Stage 4: Preparing for completion
This is when you should make sure you have booked removals and informed your utility companies of your move. You should also ensure you notify other important companies of your change of address.
Stage 5: Completion day
This takes place when your solicitor receives the money from your buyer’s solicitor. This is when you must vacate the property and give the keys to the estate agent. Your solicitor will then transfer the balance due to you following the deductions for your lender, plus any fees and/or expenses due.
Would you like to more about the process? Contact you local branch, we will be delighted to help.
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