The selling journey – You’re selling a property! What now?
Now an offer has been accepted and you’re in the process of selling a property we will issue a Memorandum of Sale to you, your buyer, your solicitor and your buyers solicitor.
- You will now shortly receive a Client Care Letter from your solicitor. It is vital that this is returned as soon as possible to avoid any delays.
- You will then receive Protocol Forms and need to comply with Identity Checks. It is vital that this is returned and identification is provided as soon as possible to avoid delays.
- Once your solicitor has the Protocol Forms and has carried out the necessary identity checks they will issue the Contract Pack to your buyers’ solicitor.
- It is then the responsibility of your buyers’ solicitor to investigate the contract pack and raise any enquiries. They will also raise enquiries to the Local Authority, known as Searches.
- Your buyers solicitor will only submit the Searches once they have the contract pack (or at the very least the Title documentation).
- Your buyers’ solicitor will always rely on your solicitor to provide this to cover them in the event of being sued.
- It is important to remember that your buyers’ solicitor raises these enquiries to satisfy the buyer and also the buyers’ mortgage lender. The buyer may take a risk but their lender wont!
- Once all parties are happy with the replies to enquiries a new contract will be issued and dates for exchange and completion can be agreed.
- In order for contracts to Exchange your solicitor needs a signed contract and signed Property Transfer Deed from you. The buyers’ solicitor needs a signed contract, Property Transfer Deed and Mortgage Offer and if the buyer has a deposit, this needs lodging with their solicitor too. Typically the deposit is 10% but you can exchange on less, providing everyone agrees and depending on how much needs to move up the chain. Contracts can now exchange.
- In order for Completion to take place the buyers’ solicitor needs to receive any mortgage monies from the lender and any remaining funds from the buyer. The funds are then sent to your solicitor and once received your solicitor will confirm with us that keys can be released and the transaction has completed!
Conveyancing Terms explained
Memorandum of Sale
Client Care Letter
Property Transfer Deed (TR1)