Savas & Savage Personal Injury Solicitors
When Selling a Property, the conveyancing process involves three major stages.
Once you have accepted an offer, documents need to be prepared to transfer ownership to the buyer. As you are the seller, responsibility for drawing up the contract falls on you. We will send a draft contract to the buyer’s solicitors who may want to negotiate some of the contents.
The buyer’s solicitors will then carry out investigations, request property searches and raise any enquiries they may have with us.
In the meantime, we will ask your lender for a redemption statement to ensure the sale proceeds will be enough to pay off your mortgage.
Once both parties are satisfied with the contract and other paperwork, we will report back to you and ask you to sign the contract and related documents. We will then exchange contracts with the other solicitors which will make the transaction legally binding. This means that if either party pulls out of the deal, they can be sued for breach of contract and if the buyer pulls out, you can keep the deposit. The completion date will be set on exchange of contracts.
On completion day, the buyer’s solicitors will send us the sale monies. We will then redeem your mortgage and send you the remaining sale proceeds. You are required to move out whilst leaving behind items that are mentioned in the contract and the keys are handed over to the buyer. At this stage the property belongs to the buyer and the documents for transferring ownership will be handed over to the buyer’s solicitors.
At Savas and Savage, our conveyancing solicitors can take the pressure off your shoulders by carrying out all conveyancing tasks on your behalf. Read more about our conveyancing services here.