House Selling – Sale Agreed
Once you have accepted an offer to purchase your house you need to instruct a conveyancer and give the contact details to your estate agents (if there is one) otherwise to your buyer direct to pass on to their own conveyancer.
When you instruct Latimer Lee Solicitors Limited we will send you a ‘Welcome Pack’ of information and questionnaires about the property to complete and return, together with any Certificates or Guarantees you hold.
Upon receipt of the completed forms, we will obtain your title deeds and up to date Land Registry copies of the title in order to prepare the draft contract.
We will send the draft contract with supporting copy documents to the buyer’s conveyancer, who will then carry out a title check, apply for searches and raise any enquiries with us. Some enquiries we will deal with on your behalf, but there may be other enquiries that we will need to refer back to you for instructions.
Once the enquiries have been satisfied and the buyer’s conveyancer has approved the draft contract, we will forward a copy of the contract to you for signature. The contract must be signed by all legal owners of the property, and any adult occupiers (ie over 17) will also need to sign consenting to the sale and agreeing to vacate on completion.
Where the property is mortgaged, we will obtain redemption statements from all lenders with a secured charge registered against the property to ensure there is sufficient monies to repay all monies due. If there is likely to be any shortfall, arrangements must be in place to make up the balance before we commit you to the sale.
Exchange of Contracts
Once the buyer is ready to proceed, has paid their conveyancer the deposit monies, and agreed a moving (“completion”) date with you we can proceed to an exchange of contracts. This is when the sale becomes legally binding and you must sell and the buyer buy the property on the completion date agreed.
There is a further document to be signed before completion, the transfer deed, which is usually prepared by the buyer’s conveyancer. We will forward the approved transfer deed to you to sign and return to us to hold until completion, when it
will be passed on to the buyer’s conveyancer.
We will obtain closing mortgage redemption statement(s), and prepare the final accounts, in readiness for completion.
On the day of completion we will receive the balance of purchase monies from the buyer’s conveyancer, and send them the title deeds in return.
We will redeem any mortgage out of the sale proceeds, pay the estate agent fees, deduct our agreed legal fees and disbursements, and then forward any left over money to you, unless you are using it for a related purchase.
You should be ready to hand over the keys by 12 noon on the completion date agreed, and we will inform you as soon as these can be released to the buyer.