It’s well documented that selling a property is one of the most stressful things you can undertake. Whether you’re moving to a new home, downsizing, or selling an investment property, knowing the legal steps involved is important to ensure a smooth and successful sale.
Our team of experts are here to assist you every step of the way. We begin by taking your initial instructions, then provide the Buyer’s Solicitor with all the necessary information to investigate the legal title and address any enquiries.
With the right legal advice and support, we can guide you through the entire process from start to finish, and relieve you of the stress of dealing with property transactions. Putting your home on the market doesn’t have to be complicated when you have the right legal representation by your side.
For information on our residential property services and how our Solicitors can assist with selling a property, please do not hesitate to get in touch with us today.
Preparing to Sell Your Property
One of the first things you should do in preparation for selling your home is to gain a property valuation. You can do this by contacting several of your local estate agents to come round and view your property. Their opinions will help inform your decision as to what you would like your asking price to be. Property valuation websites such as Zoopla and Rightmove can also be helpful in assessing the housing market and house prices in your local area.
Coming up with a price that you feel accurately reflects your property is key to attracting serious Buyers and encouraging a successful sale. If the for-sale price is too high, you may risk deterring potential Buyers, while pricing too low could mean you don’t get the value you deserve.
Once you have chosen an estate agent to sell your property, you should also ensure you have essential documents ready, such as the title deed, energy performance certificate (EPC) and any previous surveys or planning permissions.
Choosing a Solicitor
Choosing the right Solicitor can make the process of selling your property much smoother. Our residential property Solicitors will always act in your best interests and advise you through any complications that may arise.
- Contract Preparation: Your Solicitor will prepare your home sale contract, outlining key terms such as the price, completion date, and specific agreements. They ensure the contract is legally sound and protects your interests.
- Negotiations: Your Solicitor will negotiate the terms of the sale with the Buyer’s Solicitor, addressing any concerns, such as repairs or modifications to the contract. They ensure that the terms are fair and favourable to you.
- Liaising with the Buyer’s Solicitor: Once an offer is accepted, your Solicitor will communicate with the Buyer’s Solicitor to exchange legal documents and respond to any queries.
- Ensuring Legal Compliance: Your Solicitor will ensure that all legal requirements are met.
Agreeing on the Sale
When you receive an offer on your property, you can either accept the offer, reject it, or negotiate a counteroffer. Once you agree on the price, the offer becomes an agreement in principle. However, it’s important to note that at this stage (in England and Wales), no legal obligations have been created yet. The sale is not legally binding until contracts are exchanged which means either party may back out of the sale at any point up until the exchanging of contracts. This can make the process quite uncertain for everyone involved.
Once an agreement in principle is reached, the Buyer’s Solicitor will begin conducting searches, such as checking the Land Registry, and your Solicitor will prepare the necessary documents.
During this phase, your Solicitor will engage in pre-contract negotiations to ensure that all terms of the sale are clear and agreeable to both parties. This includes addressing any specific requests, such as repairs, inclusions in the sale (like furniture or fixtures), and the completion date. Buyers may also undertake a home Buyers survey to assess the condition of the property.
Conveyancing Process
The conveyancing process is the legal side of transferring property ownership from the Seller to the Buyer.
Exchanging contracts is a critical point in the sale. Once you and your Buyer agree on the terms, including the completion date, your Solicitor will exchange signed contracts with the Buyer’s Solicitor. At this stage, the sale becomes legally binding, and neither party can back out without facing penalties for a breach of contract.
Completion is the final step, where the ownership of the property is transferred to the Buyer. On the completion date, your Solicitor will receive the remaining balance of the sale price from the Buyer’s Solicitor (requiring the Buyer and any mortgage provider to provide funds to the Buyer’s Solicitor), and once the funds are cleared, the property is officially sold. You will then hand over the keys, and the Buyer becomes the legal owner. Your Solicitor will also ensure that any remaining fees, such as estate agent fees are settled, before the balance of founds is transferred to your nominated bank account.
How can AFG Assist with Selling a Property?
AFG Law has a team of specialist Solicitors and conveyancers to assist clients with selling their property. Whether you are looking to buy or sell a property, our residential property team is here to help you.
We also have an experienced team that deals with commercial property transactions, and as independent legal experts, we can assist buyers or sellers of any type of property, in completing a related transaction.
We regularly assist clients throughout , and are not bound by location, so please do not hesitate to get in touch with us today if you are looking to buy or sell a property.
Contact on of our expert team at residentialproperty@afglaw.co.uk and 01204 377600.
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