
We will need to ascertain from you the whereabouts of your title deeds. If you have a mortgage secured against your property, we will have to write to the lender and request that they send them to us. If you hold them yourself, you need to let us have them as soon as possible.
The deeds are required to enable us to draw up the contract. The contract sets out the terms of the sale, including the price and the relevant parties involved. This is then sent to the buyer's solicitor for their approval. We also send them a copy of the title deeds to prove that you own the property and that the information given in the contract is correct.
We will then send a questionnaire to you relating to the property and a list setting out details of the fixtures, fittings and contents included in the sale. It is important that these forms are completed fully and as accurately as possible as any incorrect information could lead to the buyer claiming compensation for misrepresentation.
Once we have collected all the information that is required, copies of all the relevant documentation will be forwarded to your buyer's solicitor for him to investigate your legal title to the property. He may raise some additional enquiries, which we may need to refer to you if we require further information. At this stage we will ask you to sign the contract. We are merely getting it signed in readiness for an exchange of contracts, you will not be committing yourself to the sale at this stage.
After the buyer's solicitor has completed his investigations, you will need to agree with your buyer a date for completion, i.e. moving house. Once this has been agreed we will take your final instructions to ensure that you are happy to proceed with the sale and assuming that you are, we will then effect an exchange of contracts. It is at this point that you will be committed to the transaction and the terms of the contract cannot be changed. If after contracts have been exchanged, either party tries to cancel or delay the agreed arrangements, then the other party will have the right to sue for damages.
After exchange of contracts, the buyer's solicitors will forward the Transfer Deed to us. This is the document that formally passes ownership of the property from the seller to the buyer. This must be signed prior to completion. We will also be obtaining a repayment figure from your lender, in order that we can pay off your mortgage once we have received the purchase monies from the buyer's solicitor on the day of completion.
On the day of completion you should aim to vacate the property by noon. You should deliver the keys to your estate agent, who will then hold them until we can confirm that the purchase monies have been received and that the buyers now own the property. We will then account to you for the net proceeds of the sale, or forward the money on to your seller's solicitor if you are simultaneously buying another property.