This gives an overview of the SALE conveyancing process once you have found a buyer for your property.
This is a certificate which must be obtained by the seller (or their estate agent). It contains information about a property’s energy use and typical energy costs and recommendations about how to reduce energy use and save money. It is usually sent with the contract papers.
The day when the property changes ownership from the seller to the buyer.
The seller must vacate and leave the property on this day.
The buyer collects the keys.
The money is sent by the buyer’s solicitors to the seller’s solicitors.
The seller’s solicitors send sufficient funds to the lender to repay any existing mortgages of the seller.
The seller’s solicitors pay the Estate Agents’ fees.
The balance monies are sent to the seller
This is a sum of money which is payable by the buyer and is sent to the seller’s solicitors on exchange of contracts.
A maximum of 10% of the price is payable under the terms of the contract. However, depending on the amount of mortgage the buyer is obtaining, sometimes a small deposit is accepted.
One of the reasons the 10% deposit is paid is to deter the buyer from pulling out of the transaction after exchange of contracts. If the buyer does, then the deposit is lost.
The point in the process where the seller and buyer become legally bound into selling or buying the property.
Until Exchange of Contracts there is no legal requirement for either the buyer or the seller to proceed. Either one of them can withdraw without legal penalty.
Exchange is basically a telephone conversation between the seller’s solicitor and buyer’s solicitor in which the date of Completion is formally agreed.
A buyer should no proceed to Exchange until their solicitor is satisfied all legal matters relating to the property are in order and they have a satisfactory survey/valuation and search results and a mortgage offer.
You should not serve any notice in respect of any tenancy agreement or instruct a removal company until your solicitors has confirmed the completion date after exchange.
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