Sellers Guide to Conveyancing
Selling a property can be an exciting but nervous time with many complexities, which might not have been considered. This guide provides some brief background information for sellers involved in residential Conveyancing and how Foot Anstey can assist you in the process.
Things to consider when selling your property
• HOME INFORMATION PACK
Recent legal changes now require certain properties to have a Home Information Pack, which we are able to provide for you. The pack includes an energy performance certificate, and key information designed to speed up the Conveyancing process.
• THE CONTRACT
You will normally be required to fill in certain Law Society approved forms including a Seller’s Property Information Forms and Fixtures Fittings and Contents forms relating to your property and its contents. These will then be provided to your buyer at the same time as a sale contract is issued.
• EXCHANGE OF CONTRACTS
A transaction becomes legally binding when you sign one part of the Contract (which is drawn up in 2 identical parts), and it is sent off to the other party's solicitors after an exchange conversation with them. We receive the other part of the contract signed by the other party in exchange. This process is called exchange of contracts.
It is customary for a deposit of 10% of the purchase price to be paid by a buyer on exchange of contracts. In many cases a smaller deposit is agreed.
At this time you will also be consulted about a completion date on which date, under the terms of the contract, vacant possession of the property must be given by the seller to the buyer (i.e. you, your family and all your furniture etc must be out of the property by 1.00 p.m. at the very latest). If you are living at the property, this means in effect that you have made arrangements to move into other accommodation on completion, or into a new property.
• BEFORE COMPLETION
Once contracts are exchanged the document transferring the property into your buyer's name, called a transfer, is prepared and is provided to you for signature.
• LIFE INSURANCE
Your mortgage lender may require endowment or term assurance policies to be assigned to it as collateral security for your Mortgage and upon redemption of your mortgage.
• KEYS
You should lodge your keys with your estate agents who will only hand them over when authorised by Foot Anstey.
The services Foot Anstey can offer
We can assist with your sale to ensure a smooth transaction, working on areas such as preparing your contract pack, assisting with transfer on monies and agreeing completion of your sale. We will ensure all legal formalities are addressed on completion so you do not need to attend our office.
If you would like any more information on our remortgaging services please contact us
This guide is provided for information purposes only. Its contents do not constitute legal advice and should not be regarded as a substitute for specific legal advice. All details are subject to change. © Foot Anstey 2007. All rights reserved.
