At Onions & Davies, we have extensive experience of advising clients on the buying and selling of properties. We understand the stresses involved and we will work closely with you, the estate agent and your mortgage adviser to achieve a smooth and efficient move.
Selling a property is less complicated than buying one but since the two transactions are often combined, it is crucial to ensure that the legal advice that you receive is accurate and relevant to your personal circumstances.
The most important thing for us to do when selling your property, is to respond quickly to the questions raised by the buyer’s solicitor. In order to do this, we need to have as much information about the title to the property and what you have agreed with the buyer as early as possible.
As soon as you know you are selling your property, you should let us know so that we can obtain the title deeds (or an up to date version of them from the Land Registry). We will also give you the property information form and a fixtures & fittings form for you to complete and sign. With the information obtained from these documents, we will be able to prepare the contract papers and send them to the buyer’s solicitor as soon as possible after you have accepted an offer.
The buyer’s solicitor will then go through the paperwork and raise their enquiries. Again, we will try to respond as quickly as possible by using information from the title deeds and your own knowledge of the property. You will need to sign the contract and agree completion arrangements before contracts are exchanged, as, at this point, the transaction becomes legally binding. If you are buying a property as well as selling, contracts have to be exchanged throughout the whole chain.
Between exchange and completion, if you have a mortgage, we will obtain a redemption figure from your lender so that this amount can be paid on completion. We will then calculate the amount to be received from the buyer, what needs to be paid out of this, including our fees, the estate agent’s fees and the mortgage and the resulting amount to be passed on to you or used for your associated purchase.
On completion, the buyer’s solicitor will transfer to us the balance of the purchase monies and once we have received it, we will inform you or your estate agent that you can release the keys. You can then move out, making sure that you have fully cleared the property (including the cellar, loft, shed, garage and other outbuildings), left the property safe and secure and read all the meters.
At Onions & Davies, our aim is to ensure that the whole sale transaction proceeds smoothly. Our highly skilled staff have many years’ experience of dealing with estate agents and mortgage lenders and responding to enquiries from buyers’ solicitors. We will also coordinate your sale with a related purchase if there is one, or recommend appropriate advice regarding your sale proceeds.
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This information refers to the law of England & Wales only, which from time to time changes. In particular, tax information changes annually. It is not a substitute for professional advice, which is up to date and specific to your needs. This information is a summary of the provisions relating to equity release and cannot cover every aspect of their operation. It represents our understanding of current legislation in England and Wales but should not be relied upon as an authoritative statement of law nor as constituting advice. We would advise that legal advice be sought in every circumstance.