Selling your property- What is involved? What do you need to do?

Energy Performance Certificate

If you're planning on selling your home, it is a legal requirement to provide the Buyers with an Energy Performance Certificate (EPC) with a minimum rate of ‘E’. An EPC contains information about a property’s energy use and typical energy costs and recommendations about how to reduce energy use and save money. You must try to obtain this within seven days of the property being put on the market. The certificate is valid for ten years and can be used multiple times during this period.

Client Care Pack

Once you have instructed us, you will receive an Initial Instructions letter and confirmation of Terms of Business.   You should sign and return this as soon as possible so that work can commence on your file. We may request payment on account to cover initial expenditure.

The pack will also include the ‘Property Information Form’ (TA6) and ‘Fittings and Contents form’ (TA10). These forms must be filled out accurately and you must make full disclosure of any relevant facts about your property. All planning documentation and building regulations certificates in relation to any works undertaken to the property must be sent to us.

If your property is leasehold, you will be required to complete additional forms. You will also need to pay the managing agent a fee to obtain the management pack. Please make sure that ground rent and service charge payments are up to date.

Issuing draft contract paperwork & Additional Enquiries  

If the property is registered, we will obtain the title documentation from the Land Registry. If your property is unregistered, we will ask you to supply the original deeds so that we can prepare the title.

We will forward the contract pack to the buyer’s solicitor who will investigate the title. The buyer’s solicitor/buyer may seek clarification on certain points and they are entitled to raise relevant enquiries. We will liaise with you to obtain the information requested. Depending on the nature of the transaction, this is usually the longest part of the transaction.

Signing your Contract & Exchanging

Once all enquiries are satisfied, you will need to sign the contract and transfer document. Nothing is legally binding at this stage, but signatures must be obtained in readiness for exchange of contracts. It is usually at this point that completion dates are agreed.

You do not need to be present for exchange of contracts, but will need to authorise us to exchange contracts.  Practically, this is most commonly done over the telephone, with both solicitors going through and agreeing the terms of the contract. At this point the transaction becomes legally binding and you are committed to the sale.

Mortgage Redemption

If you have an existing mortgage on the property you must provide us with details of your mortgage account number and the amount approximately outstanding. Your lender will supply an up to date statement to us detailing the amount which is required to repay your mortgage as at the completion date. Please be aware that we cannot exchange contracts until a redemption statement is obtained.

Completion

This is the day that keys will be handed over to the buyer. The keys are usually left with the estate agent, although alternative arrangements can be made. Formal completion takes place as soon as the sale monies have arrived in our client’s account so please do not hand over keys until we have spoken to you to confirm that funds have arrived.

We will arrange for any mortgages to be redeemed and, if requested, settle any other outstanding payments.

If you are a selling your property and require assistance or further information, please contact our Johnson Astills Conveyancing Team on 0116 2554855.