Selling a residential property
- Once you have accepted an offer on your property, and instructed Blaser Mills, we will provide you with an instruction pack for your completion and return.
The more information you are able to supply at this stage the better, so try to include all planning and building regulation consents and any other relevant documentation in your possession.
- We will obtain your deeds and collate and prepare the property information and legal title that the buyer’s solicitor will need to progress the transaction.
This can be confirmed through the provision of documents you may have in your possession as the seller, and by obtaining copies of documents held by the Land Registry if the land is registered. This will include any deeds or leases referred to in the title register if it is a leasehold property. If the land is unregistered, we will be required to investigate title through any deeds and/or documents transferring the land which may be in your possession, and prepare an epitome of title document to confirm your ownership.
- We will prepare a draft contract and contract pack to send to the buyer’s solicitors.
Our draft contract contains the relevant standard conditions in accordance with the Law Society’s Conveyancing Protocol. However, such conditions may be amended upon negotiation between the parties in order to accommodate the practicalities of both your needs and the buyer’s. A detailed report on the terms of the contract will be provided to you when the contract is sent to you for signature.
- We will respond to enquiries raised by the buyer’s solicitors.
The buyer’s solicitors will raise enquiries on the documentation provided by us in our contract pack, and on the results of their own searches and investigations. These enquiries should relate only to any issues relating to title in accordance with the Conveyancing Protocol. We will respond as fully and as expeditiously as possible to all legal enquiries raised. Where the property is a leasehold property, we will also need to obtain from the freeholder and/or management company information which will need to be provided to the buyer’s solicitors. They will usually charge for supplying this.
- The relevant documentation will be sent to you for signature.
The relevant documentation will include the contract and the transfer document which will transfer the property from your name into the buyer’s name upon completion. Such documents must be signed by both parties before exchange of contracts can take place.
- Once all enquiries have been responded to, and any outstanding issues have been dealt with, we will proceed to exchange of contracts.
In order to exchange, all parties in the chain must be ready and all parties must be in agreement with the proposed completion date. We will not proceed to exchange without your confirmed authority in this regard. Once exchange has taken place, you will be legally bound to sell the property to the buyer on the agreed completion date. You must therefore make arrangements to remove all of your possessions from the property, to ensure that it is vacated on or before the day of completion, and you must hand your keys to your estate agent. It is also advisable to read your meters and give your forwarding address to utility companies, and also to obtain insurance to protect your possessions while they are in transit with any removal company. You will not need to be present for the exchange, as most exchanges take place by telephone. Signed contracts are then exchanged simultaneously between solicitors.
It is at this stage that the buyer’s solicitors will transfer their client’s deposit to us.
- We will then proceed to completion, ensuring that any existing mortgage is repaid and that the proceeds of sale owed to you are forwarded to you promptly or are transferred to any related purchase matter.
Completion is considered to have taken place once the completion funds from the buyer’s solicitors are received by us and we have released the keys to them. The timing of this can vary, depending on your position in the chain and the speed of the banking system. We will contact you to confirm once your transaction has completed. The keys are usually provided by you to the estate agent on or before the day of completion, and they may then be collected by the buyer unless alternative arrangements are made between the parties prior to exchange.