There are various steps to selling a property, we summarise some of the main steps and what to expect at each stage.
Property goes on the market
At this stage your property is advertised by an agent and is on the market, they carry out viewings and ensure that your property attracts suitable interest and offers.
You accept an offer
When you accept an offer you will usually instruct a solicitor at this point also who will then progress the sale. You will need to complete their client care pack and provide them with your ID documents so that they can send the draft contract pack to the other side and get things progressing.
Buyer obtains survey
The buyer may choose to obtain a survey. There are a number of surveys that can be obtained. If a mortgage is being obtained then as a minimum their lender will insist upon a valuation survey. The buyer, for their own peace of mind, may also wish to obtain a more detailed survey such as a homebuyers survey or a structural survey. Occasionally at this point if some major issues are identified, then a buyer could look to renegotiate or pull out entirely if they are not happy with the results.
Title deeds obtained
Your solicitor will also obtain the title deeds to the property as well as any outstanding mortgage deeds as this will have to be settled on completion.
Buyers solicitor raises enquiries
The buyer’s solicitor upon receipt of the draft contact, is then able to request any necessary searches such as local authority searches and their solicitor may raise enquiries to your solicitor about things they need to clarify.
Solicitor sends contract for you to sign
The solicitor then sends the contract and transfer form to you to sign, once you have signed and sent it back the solicitor can then prepare for completion. If there is an outstanding mortgage, this will be confirmed by the solicitor obtaining a redemption figure from the mortgage company.
Completion date agreed
At this point the completion date is usually agreed and contracts can be formally exchanged. It is at this point when contracts are exchanged that both the buyer and seller are legally committed to the sale.