Selling a Property

NOTE: You should also look at the buying a ppoperty page, so that you understand what is happening in your move. The information set out on that sheet is of great importance in that the speed at which we can sell a property is usually determined by the pace/ability of the buyer and the speed at which they are ready to offer an exchange of contracts.

The stages involved with a sale of a property are, to some extent, more straight forward and can be set out as follows:-

Stage 1

This is an information gathering exercise, whereby we will ask you details of your property, and ask you for certain information about the property on standard information forms. You need to return the information forms to us as quickly as possible so we may prepare and send the contract package to the buyer’s solicitor. For this reason it is often preferable to instruct us even before you have a buyer so we may have everything ready pending a buyer being found.

If there are any unusual aspects that we identify as regards the title details or the information that you have given to us, we would hope to identify and resolve those issues early on. Some properties do need additional information e.g. where the property is leasehold we will need full details of rent payments, maintenance payments, insurance details etc.

To ensure that you are aware of the amount of any outstanding loans on the property we will request provisional redemption figures from your Lender and send copies to you to make sure that you agree with that information before we proceed to exchange contracts.

Once we hold the contract signed by you, we will be ready to exchange but will need to wait for the buyer to obtain their searches and mortgage offer. Once they, and the rest of any chain are ready also, we can then discuss the moving dates with you and once we have a date that the rest of the chain will agree we can then move to exchange contracts and bind everyone to the moving date.

Stage 2 – Exchanging Contracts

The process is exactly the same as if you were Buying a Property. The exchange of contracts is, of course, of equal importance.

If you are buying a property as well as selling, we would go through the same process as set out in information sheet 1. Contracts are generally exchanged over the telephone by us.

On exchange of contracts you are legally bound to vacate the property and leave it clean and empty of any rubbish or belongings, generally by 1pm on the completion date.

Stage 3 – Completion

Again, the process is the same as if you were Buying a Property.

You will need to make removal arrangements and contact all the relevant public utilities such as gas, water, electricity, telephone and post office etc.

During this time we will prepare a financial statement showing the monies which ordinarily will be sent to you on the day of completion, or to your bank or building society whichever you prefer. Remember not to forget to provide us with your forwarding address. Also, if you have not already done so, we will arrange for you to sign the transfer document.

On the completion date you will vacate the property and we deal with the repayment of any mortgage and the settlement of the estate agents fees on your behalf.

NOTE: The above is only a general guide, please feel free to ask us if you have any queries on the above. Our aim is to make the process of moving as hassle free as possible. It is after all a very stressful time, and paying attention to your concerns is one way of us helping to reduce that stress.

For more information please click the right hand links, or take a look at our suggestions about how to secure a buyer ….

Email us at conveyancingquote@warnergoodman.co.uk or phone us on:

Fareham: 01329 222097

Portsmouth: 02392 776549

Southampton: 02380 717439