Selling your Home? What do you need to know.

So are you selling your home for the first time or you haven't been involved in the conveyancing process for a while? We are here to help demystify the process with clear, simple English! We will let you know what to expect from start to finish.

Stage 1 : Selecting a Conveyancer

Read our detailed article guide on choosing a conveyancer (insert link). Whether you're buying or selling, doing your research is essential-- the right conveyancer can make or break your stress levels.

Stage 2 : The Documents

Once you start the process, your conveyancer will provide you with a bundle of documents to complete. These forms give your conveyancer all the necessary information about your property.

.

The key forms which will be sent to your Buyer - known collectively as protocol forms - are the following:

• a) Property Information Form

• b) Fittings and Contents Form

• c) Leasehold Information Form (This is only required if your property is Leasehold)

If you would like more information on how to complete these forms, please check out our other article which provides you with guidance on each of the protocol forms.

Other key documents you will need:

• Property title deeds (or Land Registry details)- your conveyancer will obtain these

• EPC (Energy Performance Certificate)

• Leasehold or freehold details

• Any planning/building consent certificates

• Any Guarantee for work like damp proofing and double glazing

Once you’ve completed and returned the forms, your conveyancer will begin assembling the legal contract pack for the buyer's conveyancer.

Stage 3 : The Contract Pack

Your conveyancer will put together what is known as the contract pack. This will contain the Land Registry Official Copies, Contract and Transfer (which you will sign) and any of the documents which you have provided. This will be sent to your Buyer's solicitor for their review.

Stage 4 : Enquiries

Your buyer's conveyancer will review all the documents which your conveyancer has provided and they will then raise any relevant enquiries. Your solicitor will address the legal queries related to the title documents, but you will be responsible for answering any queries related to the property.

This is usually the longest stage of the process and there will most likely be a lot of back and forth with your solicitor and the Buyers solicitor.

Stage 5 : Contract exchange

This is the stage that contractually binds you to sell your Property. You will agree on a date for completion. You will have signed a contract which will be 'exchanged' between your Buyers' solicitor and your solicitor. At the point of contract exchange, your buyer will pay a deposit, usually 10% of the purchase price. This is either paid directly to your conveyancer or held by the buyer’s solicitor ‘to your order’—meaning the funds are set aside and cannot be used or refunded without your agreement.

The deposit is usually 10% however this can be negotiated between the parties. (There is a condition in the contract which stipulates that if either party fails to complete they will still be bound to pay the full 10% deposit to the other party). Once the conveyancers have exchanged contacts you and your Buyer will be contractually bound to complete on the date set. If you or your Buyer change your mind after this date you or your Buyer will need to pay the full 10% deposit to the other party.

Stage 6 : Completion Day - The Big Day!

Completion day, is the final day of the process. This is the day when everything needs to be completed you will leave your keys with your agent and you will be expected to vacate the property by either 1pm or 2pm. (Make sure you check this with your conveyancer/solicitor). On this day your Buyers solicitor will transfer the completion funds to your solicitor, who will then send the same to you. Once completion is confirmed, legal ownership of the property will transfer to the buyer.

Common reason for delays : and how to avoid them

a) Incomplete Paperwork

It is important to fully complete all your forms/paperwork as any incomplete paperwork will lead to further enquiries being raised by the Buyers solicitor and the more enquiries the longer the process will take.

b) Delay in replying to enquiries

When your solicitor sends you any enquiries it is important that you reply as soon as possible to avoid any delays.

c) Delays in the chain

When you are selling a property as part of a chain you can sometimes have to wait for all the people in the chain to agree a date as all parties will most likely need to complete on the same day.

We hope that the article has helped you through the process. It is important to make sure you have all the documents prepared and reply to the queries raised in a timely manner and be as transparent as possible with your solicitor.

Key Takeaways:

• Get your paperwork in order early

• Communicate regularly with your solicitor

• Respond to enquiries promptly

FAQ's

Can I stay in the house after completion?

No, once your solicitor confirms completion you will be required to leave the property as soon as possible.

Can I sell before I buy?

Yes, you can sell before you buy a new property, but you will need to find a rental accommodation or somewhere to stay in the interim.

What if I change my mind after exchange?

It is important that you are certain before you exchange contracts as you will be contractually bound and should you change your mind, you will be required to pay the 10% deposit to the Buyer.

We hope this guide has helped demystify the home-selling process. By preparing your paperwork early, communicating clearly, and staying informed, you’ll make the journey much smoother. Still have questions? — Contact Us - we’re here to help!”

Happy Home Selling from your HomeHelper!