Beginners Guide - Just Selling

Step 1. (of 6) Information Pack

Firstly an "information pack" about the property is prepared to provide to the buyer's solicitors. This consists of :-

Copy of the Title Deeds

Contract

Property Information Form*

Fixtures, Fittings & Contents Form

* Leasehold properties need an additional Property Information Form

Step 2. Enquiry Forms

The Property Information Form, and Fixtures, Fittings and Contents Form, are filled out by you, the seller. They are questions about the property that you should be able to answer quite easily. However, if you are unsure about any of the questions then simply contact your solicitor.

Step 3. Obtain deeds

If you have a mortgage, then the Title deeds will be held by your bank or building society; If you do not have a mortgage then you should know where the deeds are kept. Either way the solicitor obtains the deeds and lets the buyer's solicitor have a copy. This is to prove to them that you own the property, and to show them any rights of way or other conditions that exist.

Step 4. Prepare Contract

Once the deeds are obtained the Contract can be prepared. This sets out the main terms of what has been agreed - your names, the buyers' names, a description of the property and the price. You now just have to wait until the buyer is ready to proceed.

Step 5. Exchange Contracts

Once the buyer and the seller are ready, a Completion Date (the 'moving date') is agreed and Contracts are exchanged (this simply means swapping the contract signed by the seller for one signed by the buyers - together with a deposit provided by the buyers). After contracts are exchanged the contract is binding and neither party can withdraw without incurring massive expense.

Step 6. Completion day

On the day of completion your solicitor receives the balance of the sale price, in return for which they hand over the title deeds to the property. The money is used to repay the mortgage the seller had on the property, and to pay the costs of sale - the Estate Agent's account and legal fees. If there is money left over then this is sent to you on the day of completion, unless you are using this money on an onward purchase.

[End of guide]