Frequently Asked Questions when Selling a Property

Why have I been asked to provide proof of identification?

As a firm of solicitors, under the Money Laundering Regulations we must comply with the requirements for proof of identity and money laundering. This is a legal requirement, that means we require proof of identification and proof of address. If we are not provided with the documents unfortunately, we are unable to proceed with the transaction.

What is the difference between exchange of contracts and completion?

Exchange of contracts is when the buyer’s and seller’s solicitor swap the contract documentation to confirm an agreement has been made between each party for the sale of the property. It is important to note that exchange of contracts makes the contract for the sale of the property legally binding.  This means that the terms of the agreed contract become binding on all parties – including the completion date and amount of deposit.

What is an EPC and why do I need it?

An EPC stands for Energy Performance Certificate (EPC). This provides information on the energy efficiency of a property and details suggested improvements for the property’s energy efficiency in order to boost the rating. You cannot sell a property without an EPC.  Mortgage lenders have their own requirements as to the ratings that are acceptable and most lenders will only be happy to lend on a minimum energy efficiency rating of an E .   

What is a conveyancing chain?

A conveyancing chain is when there is number of linked transactions. This usually happens when multiple individuals are simultaneously selling and buying a property.  Generally, exchange of contracts takes place simultaneously on all the transactions. When a transaction has a chain there is the potential for delay as all parties need to be agreeable with the completion date. The longer a chain, the longer a transaction may take.

Can I stay in the property after completion?

No, you cannot stay in the property after completion. Once your solicitor has confirmed that legal completion has taken place, keys must be released to the buyers. All the relevant items must also be removed from the property.

Please get in touch with Johnson Astills today and we would be more than happy to discuss your requirements further. Please call us at our office in Leicester on 0116 255 4855 or our office in Loughborough on 01509 610 312 and ask to speak to a member of the Property Team. Alternatively, you may prefer to email us at legal@johnsonastills.com or fill in our enquiry form.