Feb
2012
The Legal Process Of Selling A House – A Brief Rundown
February 4th, 2012 at 01:43 pm by FreshAire in Government & Non-profitSadly, selling a house usually takes more time than you would ideally wish. This isn’t due to obstruction on behalf of any particular party (though this is not unheard of) but is merely a result of the number of different parties involved.
There’s the buyer and seller of course, their respective lenders, their solicitors, estate agents, insurers, local council, Land Registry; all generating paperwork! If you’re new to the business of selling a house, it is sensible to take a moment to appraise yourself of how the process unfolds and your part in it.
The first and best bit of advice a house-seller could receive would be to engage the services of genuine professional property solicitors with an long-standing local practice. A well-established local solicitor will have the contacts on the ground as well, as the legal expertise, to push the sale through with the minimum of fuss.
Once you have instructed your solicitor to undertake your conveyancing they will obtain your Home Information Pack, as well as up-to-date title deeds from the Land Registry. After you have completed and returned Property Information And Fixtures and Fittings Forms, relevant documentation regarding your house will be made available to buyers and their representatives to enable checks on their side. Title contracts are drafted by your lawyer which you will sign, giving your preferred date for completion.
With a completion date fixed, you can then start on practicalities such as cancelling direct debits with your lenders and insurers, notifying the utilities of the handover and engaging a removals company if needed. Your solicitor will have approached your lenders for a final redemption figure on your mortgage and will then forward the transfer deeds for you to sign and witness. He or she will also receive the estate agents’ commission account, and will draft a financial statement.
Once buyers’ side has returned transfer documentation and sale monies been released, you must clear the property and give the keys to the estate agents. Your solicitor will release these to the buyer, send the deeds to their solicitors and pay the estate agents. He or she will then advance the relevant amount to your lender in order to discharge your mortgage, with evidence of discharge being obtained in return.
Finally your solicitor is able to dispense by far his or her most important task: accounting to you for any net proceeds from the sale!
- Getting The Best Deal When You Move: A Property Solicitor Smooths The Process
- The Beauty Of A Free Conveyancing Quote Is That There Are No Surprises When You Get Your Legal Bill For Buying And Selling UK Property
- Buying A House in the UK – What You Need To Know
- How To Select Best Solicitor To Help You To Sell House Fast
- What Are The Problems You Can Come Across With When Getting A House?
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