Stage one
Once a sale is agreed upon, you will need to instruct us to act formally on your behalf. We will need to deal with necessary ID requirements to verify your ID and send you a welcome pack containing forms that you will need to complete and return to us. The estate agents will issue a memorandum of sale confirming the purchase price, the buyer's details, and their solicitors' details.
Stage two
You will need to provide the required ID information and return the welcome pack forms to us along with any deeds and documents relating to the property, and the seller's property information form, and the fixtures and contents form. This typically takes about a week.
Stage three
We will prepare the contract pack and forward it to the buyer's solicitors upon receipt of the required documents. Please note that if the buyers have a mortgage, the estate agents will contact you so that the surveyor can value the property.
Stage four
We will contact your lender (if you have an outstanding mortgage) to determine how much is outstanding on your mortgage for redemption on completion of the sale.
Stage five
The buyer's solicitors will review the contract pack, instigate searches (usually drainage, coal mining, environment and local) and, once they receive the searches, raise enquiries regarding the property.
Stage six
We will take your instructions regarding these enquiries and reply to the buyer's solicitors. Any adverse search results and potential issues with the legal title will have to be reported to the buyer's lender to establish whether they can proceed.
Stage seven
Once the buyer's solicitors are satisfied with the replies to enquiries, their search results, and the survey results, they can proceed. It is important to note that whilst your buyer may be ready, the timetable depends on the remainder of the chain and what stage they are at in their transaction.
Stage eight
We will obtain your signatures on the contract and the transfer deed in readiness for exchange and completion. We will also prepare a completion statement and your bill.
Stage nine
Once a date has been agreed for completion, we will seek your authority to exchange contracts. Please note that the rest of the chain will also need to be ready, and your buyer will usually have a 10% deposit available to exchange. We will hold this deposit until completion.
Stage ten
Once we have been able to effect the exchange of contracts, the parties become legally bound and must complete on the completion date stipulated in the contract.
Stage eleven
On the day of completion, as soon as we receive the funds from your buyer, this is treated as legal completion, and you will be required to move out of the property. Once you get a telephone call from us, you will need to arrange to drop the keys off at the estate agents.
Stage twelve
We will arrange to redeem your mortgage, pay the estate agents' fees, and send you the balance of the sale proceeds.
