On the face of it, selling/transferring a property to somebody appears to be an easy process as technically there are only two documents requiring signature before registering the transfer with the Land Registry. However, the typical steps involved in selling a property are as follows:
- Taking initial instructions from the client.
- Receiving a memorandum of sae from the estate agents.
- Creating a paper and electronic file and sending out our terms of business letter together with appropriate forms for completion and return by the client.
- Certifying client’s ID.
- Contacting the buyer’s solicitor to request confirmation of instructions.
- Obtaining official copy entries from the Land Registry (or obtaining the original title deeds from the client if the property is unregistered) in order to establish and confirm ownership of the property.
- Reviewing documents and paperwork provided by the client and preparing the draft contract pack.
- Sending the draft contract documents to the buyer’s solicitor.
- Dealing with and responding to any enquiries raised.
- Updating the estate agent throughout the process.
- Dealing with any further enquiries and obtaining any indemnity insurance policies if required.
- Agreeing a completion date and obtaining a redemption statement to redeem any mortgages (if applicable).
- Meeting with client to sign the contract, Transfer and completion statement, or posting these out to the client if they are unable to attend in person.
- Exchanging contracts.
- Completing the sale / receiving funds.
- Discharging any mortgages secured against the property.
- Paying estate agent fees and any other fees.
- Sending to the client the net proceeds of the sale.
- Sending deeds/documents to the buyer’s solicitors.
It is difficult to estimate how long this process will take as it depends on a number of factors, including number of people in a chain, if the buyer is having searches and of course how quickly the other solicitor responds. However, typically, we estimate it will take 4 to 12 weeks to complete the sale of your property. We will always keep you updated and so if this changes significantly during the course of the transaction, then we will of course advise you accordingly.
To review our fees for selling your property, please use the calculator on our fees page.