A Brief Overview of the Selling Process
We recommend appointing a solicitor or conveyancer as soon as you want to market your property. We also suggest you complete a “Fixtures, Fittings and Contents” declaration and a “Sellers Property Information Form” and lodge these with your HIP provider/conveyancer or estate agent as they are very useful documents which can speed up your sale once a buyer is found.If you do not have a solicitor Edison Ford would be happy to recommend one whom we know to be efficient and approachable. We also recommend you discuss your borrowing requirements with your lender prior to finding a property to buy. Again, we can put you in touch with various lending sources.
STEP 1 – Seller commissions Home Information Pack (HIP) with HIP provider or estate agent.
STEP 2 – Domestic Energy Assessor (DEA) inspects property and submits an Energy Performance Certificate (EPC) to Landmark solutions, the registration body who supplies it to the HIP provider.
STEP 3 – Marketing may commence as soon as a HIP has been commissioned.
STEP 4 – Genuine buyers are given access to the seller’s Home Information Pack.
STEP 5 – Terms are agreed between the seller and the buyer (usually via an estate agent) and the seller and the buyer instruct their conveyancers.
STEP 6 – The buyer’s conveyancer checks the mortgage offer and the readiness of any dependent sale.
STEP 7 – Contracts are signed and exchanged, at which time a completion date is fixed.
STEP 8 – The Transfer Deed/Document is prepared by the buyer’s conveyancer and approved by the seller’s conveyancer. It is then signed in readiness for the completion date.
STEP 9 – The buyer’s conveyancer obtains the funds for the purchase from the buyer/the buyer’s sale (if any) and the lender (if there is a mortgage).
STEP 10 – On the completion date, the buyer’s conveyancer sends the funds to the seller’s conveyancer and when this is received by the seller’s conveyancer, the purchase is completed and the buyer can take occupation.
STEP 11 – The buyer’s conveyancer pays any Stamp Duty and registers the buyer as owner of the property at the Land Registry.
The time it takes to progress through the system depends on several factors, most of which depend on planning in advance. Make sure that you are not the weakest link in the chain by choosing a proactive solicitor with whom you liaise early on in the process.