Your solicitor or conveyancer will draw up a contract that outlines all the details of your property and it’s sale . It will include information on:
- The sale price
- The property boundaries
- Which fixtures and fittings (like carpets and kitchen units) are included
- Any legal restrictions or rights, like public footpaths or rules about using the property
- Any planning restrictions
- Services to the property, like drainage and gas
- When the sale will complete
Offer Accepted & Contract Reviewed
If a buyer makes an offer on your property, your estate agent will let you know. If you accept the offer, your conveyancer/solicitor can begin their work.
At this stage it’s all about the buyer’s team assessing the property and contract details. From conducting searches to sorting out mortgage offers, the buyer’s conveyancer will work through the terms and let you know when they’re happy and ready to proceed.
You and the buyer/seller will agree on a date and time to exchange contracts at any time on any given day. Your conveyancer will exchange contracts for you. Usually done by both solicitors/conveyancers reading out the contracts over the phone (which is recorded) to make sure they are identical. They are immediately sent to one another in the post.
If you do not complete the purchase, you will lose your deposit. If the deposit was less than 10% you will owe the seller more. The seller must sell or you can sue them
Any deeds are now transferred to your conveyancer/solicitor alongside a rundown of any charges such as your conveyancer’s fee, any outstanding loans or mortgage amounts to settle.
The completion date is also set in stone now so you can get busy with packing and start things moving.
Your solicitor/conveyancer will confirm that money has changed hands and that the property now legally belongs to your buyer.
Your conveyancer will oversee the funds transfer and take care of any final details. This includes:
- Registering ownership with the Land Registry
- Paying off any mortgages or expenses associated with the sale
- Transferring the title deeds
- Arranging for any keys to be delivered to your buyer.