Guide to the sale of a property

(Based on a property sale in England)

Stage 1

Once you have made the decision to sell you should contact several local estate agents to provide a valuation and a description (and cost) of their services.

To maximise your valuation and to help with pictures and viewings, keep your house in a tidy order and if possible maximise space by moving items into storage.

Stage 2

After choosing your agent or agents for joint instruction you will have your property viewed by potential buyers.

You should instruct a conveyancer or solicitor to handle the sale of your property.

Stage 3

When a buyer makes an offer your estate agent will let you know and you can decide on whether to accept, and on any other terms or conditions.

At this point your sale is subject to contract and either party can walk away from the agreement.

Stage 4

Your conveyancer or solicitor will obtain copies of your Title Deeds and Land Registry documents. You will be asked to fill out a property information form and a fixtures, fittings and contents form. An additional form must be filled out if the property is leasehold.

You will be asked to provide any guarantees or other documents held with your tile deeds e.g. double glazing, timber and damp reports, planning consents for alterations and extensions etc.

The draft contract will be prepared and sent to the buyer's solicitors. The buyer's solicitors, mortgage lender (if appropriate) and the buyer (if they choose to) will carry various surveys on your property. If the surveys discover any issues then the buyer may wish to re-negotiate the price or some other arrangement. Once the surveys and any negotiations are complete and any questions have been answered you will be asked to sign the contract.

Stage 5

Once all the agreements have been made and a completion date has been set the conveyancer or solicitor will exchange contracts and make the sale legally binding. The buyer's conveyancer will send the deposit to your conveyancer.

Your conveyancer will then approve the transfer deed and get you to sign it. They will also apply for a mortgage redemption figure and prepare the final accounts.

Stage 6

On the completion date your conveyancer will receive the balance of the sale price in return for the Title Deeds which are sent to the buyers conveyancer. Your conveyancer will then redeem your mortgage out of the sale proceeds, collect any fees or disbursements owing to them and then forward any remaining monies to you or use it in your purchase of another property.

Take Note !

Changes are on the way :-

The 'home information pack' From the 1st of June 2007 government legislation will change the way we buy and sell homes in England and Wales. The responsibility for getting searches and surveys done will become the seller's, that way a buyer can make a more informed choice. Home information packs are now in use and apply to 4 bedroom plus houses only.