The process of selling your home is something that should be managed by a reputable and professional conveyance solicitor.
The home selling transaction process entails a number of separate procedures. In this article I will be discussing some of these procedures and then in the next article, I will be looking at the remaining procedures.
As a note; in each stage that I explain, I will be passing reference to both the buyer's perspective and the seller's perspective.
Initial stages
Buyer - Any buyer of a property must first provide their conveyance solicitor with you instructions. It is also the obligation of your solicitor to carry out necessary money laundering checks, so that you fully comply with the set Government legislation.
Seller - A seller should first order their Home Information Pack (if this is managed by your solicitor, then they will normally ensure that it is on your agents desk ready for them to market your property).
Note; if you use a reputable conveyance solicitor, they should issue your contract on the same day that you are to start the property marketing campaign. They should additionally take care of any money laundering checks, so that you can ensure that Government legislation is complied with.
Dealing with the Contract
Buyer - your solicitor will receive contracts and other papers from the seller's solicitors and will ensure that any additional enquiries are dealt with promptly. They will ask the seller about possible defects in your proposed title, planning permissions and applications, road usage, water supply and main/electricity supply, which could affect your purchase. The Land Registry should also be contacted by your solicitor and any other additional agencies such as the coal board, water authority and environmental agency (etc); they will ask about the legal title to sell to you. After all of the necessary searches have been performed and the appropriate agencies contacted, your conveyance solicitor should make appropriate amendments to the draft contract submitted by the seller with the pre-contract papers, bearing in mind the searches that have been done.
Seller - Once the buyer has received the contract, your conveyance solicitor should contact them for their formal approval of the contract and the transfer deed. Instructions will also be taken from you regarding the proposed completion date (move date).
Pre-Exchange Preparations
Buyer - Your solicitor should check all of the papers and if they are satisfied that you are legally protected on your purchase of good title for the property, they will prepare a full report to you with contract for a signature and also request that your deposit is paid.
Exchange of Contracts
Buyer - The exchange of contracts is when a legally binding contract has been reached and will thereafter prevent you from losing the deal! It will be at this point that you agree on when your completion date will occur and thus ensure a synchronised exchange of contracts; the completion date must be agreed on before you commit yourself to the exchange. The contract and any deposits will then be sent to the seller's solicitors. Your solicitor will also prepare the Purchase Transfer Deed. The Purchase Transfer Deed is required so that the property is legally transferred from the seller to yourself; with this said, the deed will first be sent to yourself to sign and return, after which it will be sent to the seller for approval.
Seller - Your solicitor will maintain a synchronised exchange of contracts is met. The seller solicitor will also ensure that the completion date has been agreed upon before committal of the exchange is made. Your solicitor will consider and approve the transfer deed, asking you to sign it. This will only be done if your solicitor believes it is acceptable, so that your legal rights are protected.
In my next article I will be discussing the remaining stages to the transaction process.
James Blue is an experienced property developer that has helped many individuals, achieve a jamesblue.co.uk quick home sale for their property at many locations throughout the United Kingdom.
James is based in Hertfordshire and has been writing articles and information on the subject of property for many years. His website URL is: jamesblue.co.uk jamesblue.co.uk if you would like more information and tips.
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