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Selling Your Home

What is required when selling your home?

As we move towards Spring people often think about selling their house or moving home.  This article is designed to give you a brief overview of what is involved from a legal point of view in selling your house.

 

When you market your property (usually through an Estate Agent) then you will have an Energy Performance Certificate prepared.  This is required if you market your property at all.  These can be obtained from a number of Suppliers and most Estate Agents have an Energy Assessor they use.  Most Energy Performance Certificates are prepared at a relatively modest cost and last for ten years.

Once a Buyer for your property is found then your Solicitor will obtain copies of your title deeds either from HM Land Registry (the vast majority of properties are now registered) or will obtain your unregistered title deeds packet.  A Contract will then be prepared setting out the terms upon which you sell the property to include details of the Seller and the Buyer, a description of the property and of course the price.  Your Solicitor will also request that you complete a Property Information Form which is a general Questionnaire about your property and also a Fittings and Contents Form to detail which fixtures and fittings are included or excluded from the sale.  If your property is leasehold then there will be further Questionnaires to complete dealing with things such as service charges, buildings insurance and rent payments.

There are usually enquiries raised by your Buyer’s and their Solicitors which will be dealt with as received.  Once your Buyers are ready to proceed then you will usually meet with your Solicitor to sign the Contract before Contracts are exchanged so legally committing you to sell the property and complete on an agreed completion date thereafter.  

The completion date is the date upon which the sale price will be paid by the Buyer’s Solicitor to your Solicitor.  If there is a mortgage to be redeemed then your Solicitor will redeem that mortgage directly by way of electronic funds transfer with the Lender concerned.  Your Solicitor would also normally obtain your Estate Agents Account, approve it with you and then settle it on your behalf.  The funds that are due to you are then normally be transferred to your bank account by electronic funds transfer or if you prefer by way of cheque.

On the day of completion you must vacate the property.  You may have already vacated the property before the day of completion depending on your circumstances.  You will need to take meter readings and inform the Local Authority for Council Tax purposes and the Local Water Company for your Water Account.  You should also cancel your Buildings Insurance Policy on or by the day of completion.

I hope of that this gives you a brief outline and is of use to you when you are looking to sell your property.

Mark Shepherd

Director

 

 

 


Oldham Marsh Page Flavell are Solicitors in Melton Mowbray.



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