Selling a property can be very complicated; at Lewes Smith we make sure we can guide you every step of the way so the process goes as smoothly as possible.
Selling property - step by step
When you decide to sell your property, tell us first before putting it on the market. This gives us time to obtain a copy of your title from the land registry, and prepare the Home Information Pack. Even if someone else has prepared the HIP we can do your conveyancing.
We will ask you to complete a property information questionnaire, and an inventory of the fixtures and fittings you intend to leave or remove. We keep all this on file awaiting sale instructions from you or your estate agent.
- Step 1 - Sale Agreed
- When we receive the details from your estate agents, we enter the information into your file. This will form the basis for all the work we do for you.
- When we have all the information we need, we write to the buyer's solicitors and estate agents, and write to you with our Terms of Engagement and/or an Estimate, if we have not already done so.
- Next, we will prepare a contract (or sale agreement) and send it to the buyer's solicitor.
- The buyer's solicitors may have additional questions which we will answer after consulting you.
- Once the buyer is happy with everything they will return the contract to us approved ready for the next stage, the exchange of contracts.
- At this point, a completion date (the date you will vacate the property by) is negotiated. It is common for there to be a pause while the buyer resolves the chain i.e. agrees a date on the sale of his/her own property (if one exists) and all parties are ready to proceed.
- Step 2 - Exchange Contracts
- At this point a contract between you, (as seller) and your buyer, becomes legally binding.
- A date that has been previously agreed by you will be inserted into the contracts and 'swapped' between you and the buyer. This is called the 'exchange'.
- The buyer will pay his deposit to us at this time.
- Step 3 - Pre-Completion
- You will be asked to sign a deed which transfers the property to the buyer.
- We will obtain a figure from your lender of the amount needed to pay your mortgage.
- We will send you a copy of the estate agent's account for approval. Unless you tell us otherwise we will settle this account from the sale proceeds.
- A completion statement and account will be sent to you before completion. This will tell you the deductions that will be made from the sale price.
- Step 4 - Completion
- The BIG DAY!
- When we receive the rest of the purchase money from the buyer (sale price less deposit) we will telephone you to confirm, and the estate agents to release the keys to the buyer.
- We will repay the mortgage, the estate agents, and then forward any money left over to you the same day, either by cheque or straight into your bank account.
- The transfer deed and title deeds are sent to the buyer's solicitor.