Stages of a Sale

To help you understanding of the process of selling a property, below is our step by step guide to a typical sale transaction.

  • 1. The seller’s solicitor is instructed.
  • 2. The seller’s solicitor confirms instructions by letter and sends out a fittings and contents form and property information form for completion by the seller.
  • 3. The seller’s solicitor will obtain the title deeds and any other documents required and details of the amount outstanding on any existing mortgage.
  • 4. The seller’s solicitor will then prepare the draft contract and supporting contract documentation and will send this to the buyer’s solicitor.
  • 5. The buyer’s solicitor checks the contract and supporting contract documentation and raises pre-contract enquiries with the seller’s solicitor and also submits search requests.
  • 6. The seller’s solicitor will answer pre-contract enquiries with the seller.
  • 7. Once the seller’s solicitor confirms they have acceptable results from their searches, are happy with the answers to pre-contract enquiries and are in receipt of a mortgage offer (if any) the seller and buyer agree on a completion date and contracts are formally exchanged. At this stage both parties are legally committed to the transaction.
  • 8. The seller’s solicitor obtains a redemption statement to repay the outstanding amount on any existing mortgage.
  • 9. The buyer’s solicitor drafts a transfer deed and sends to the seller’s solicitor for approval who checks this and then both the seller and the buyer sign this in readiness for completion.
  • 10. On completion the seller must vacate the property at a time to be agreed and make arrangements to hand over the keys, usually through the estate agent. The buyer’s solicitor sends the proceeds of sale to the seller’s solicitor who will arrange for the keys to be released to the buyer.
  • 11. The seller’s solicitor sends the title deeds and transfer deed to the buyer’s solicitor. They also pay the estate agent, repay the existing mortgage (if any) and takes payment for their fees.
  • 12. Once all the payments have been made all the remaining money from the sale will be transferred to the seller, usually by bank transfer on the day of completion.

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Animated Guide to Buying a Property