Globe Residential has many clients on our books who are interested in buying properties in your area. They range from first-time buyers to seasoned investors. Contact Globe Residential to see whether there are any suitable buyers for your property. If not, we will market your property to help you reach the maximum value for your home.
You may wish to read the following guide on the legal process of selling your home.
Conveyancing: transferring the ownership of property
Conveyancing is the process of legally transferring ownership of a property from the seller to the buyer. Conveyancing also includes the various searches and inquiries and any final tasks following the sale. Contact Globe Residential to help you find a good solicitor.
There are three main stages of conveyancing for sellers, with tasks that need to be done at each point:
1. Pre-contractual stage
2. Exchange of contracts
Once you have accepted an offer for your property, legal documents need to be prepared to transfer ownership from you to the buyer. As the seller, you are responsible for drawing up a legal contract through a legal representative. If you have hired a solicitor or licensed conveyancer, they will do this work for you. The buyer then checks the draft contract and may wish to negotiate its contents.
The contract contains details including:
• what the boundaries of the property are
• which fixtures and fittings, like carpets and kitchen units, are included in the sale
• how much the property is being sold for
• any legal restrictions or rights on the property, like any public footpaths or rules about the use of the property
• any planning restrictions in place
• a description of the services to the property, e.g. drainage and gas
• the date for completing the sale (called completion)
Your solicitor or licensed conveyancer will do the following on your behalf:
• draft the initial contract
• answer questions from the buyer’s solicitor or licensed conveyancer – they will need your assistance for the answers
• negotiate the details of the contract if necessary
1. Providing an Energy Performance Certificate (EPC)
You will need to have an EPC ready for potential buyers from the first day your property is on the market.
2. Exchange of contracts
When the seller and buyer are happy with its contents, they sign final copies of the contract and send them to each other – this is the ‘exchange of contracts. Once contracts are exchanged, the agreement to sell and buy is legally binding and usually, neither party can pull out without paying compensation.
Your solicitor or conveyancer will answer any further queries from the buyer’s solicitor or a licensed conveyancer. The buyer’s solicitor or licensed conveyancer will prepare the legal documents to transfer ownership. You will need to check with the buyer who will be responsible for insurance of the property once contracts are exchanged.
Once contracts have been exchanged and any remaining checks by the buyer have been dealt with:
• the money is transferred from the buyer to you
• the legal documents needed to transfer ownership are handed over to the buyer
• you move out and leave the property in the state agreed in the contract
• you hand over the keys to the property to the buyer
• the property now belongs to the buyer
Contact us today!