When selling a property you need to make sure that you choose a law firm that can deal with a range of areas within property law. We deal with all aspects of residential Freehold and Leasehold conveyancing, including re-mortgaging, transfers of equity and equity release schemes.
Selling a property can sometimes be a daunting process particularly for people who are not familiar with the process. We pride ourselves on making your transaction run as smoothly and as stress free as possible.
Residential Property & Conveyancing Legal Advice
Our friendly conveyancing team are here to answer any questions that you may have throughout the selling process and beyond. Unlike some law firms, we believe in a personal approach and you will have a dedicated property Solicitor who will answer any questions about legal advice when selling your property. You should be able to speak to your Solicitor each time you contact us so that any questions you have can be answered straight away.
Legal Considerations when Selling a Property
A few things that you will have to consider:
- The Property Selling Process
- Exchanging Contracts
- Other Considerations
The Property Selling Process
On the "completion date" you should receive the money and sign over the property. The buyers are entitled to move into possession of the property they have bought free of you, your family, any claims on the property and any of the property's contents at all; apart from any they have agreed to buy, which must, of course, remain there.
The date, the price and the terms on which the property is taken are formally agreed and become binding from the date on which your Solicitor, "exchanges contracts" with the buyer's Solicitor. On this date a deposit is usually paid to us by the buyer. If the buyer fails to complete the purchase you will probably be entitled to retain the deposit and the property. If you fail to complete, the buyer will recover his deposit and you will also face a substantial claim for compensation.
It is clear then that exchange should only take place when you are confident that you can vacate the property and the buyer is confident he wants to buy the property that you are offering to him and he will be able to pay the price. It is therefore convenient to consider the following matters that must be dealt with before exchange from the perspective of what the buyer needs to know before he will give his solicitors instructions to proceed.
After exchange you have an obligation to ensure that so far as is reasonable the condition of the property remains the same. You should not cancel your insurance cover until completion unless we advise you to do so.
Other Things to Consider
Most sales of properties proceed smoothly, but you can see the risks involved and the possibility that the buyer will not be able to proceed and will therefore withdraw before exchange of contracts. For this reason you may decide you want to keep advertising the property until exchange of contracts in the hope of securing an alternative buyer if the present buyer drops out. However, the buyer may object to this in which case you and your agent will need to resolve this matter.
When you have sold your property this may be the perfect time to update some of other legal documents that have been affected such as your Will. We can also assist with tax planning which will make the most of your money.
Call our Residential Property Solicitors on freephone 0808 175 8000 or contact us online.
Slater and Gordon Lawyers is one of the UK's largest and well known law firms with offices in London, Manchester, Liverpool, Chester, Birmingham, Sheffield, Cardiff, Edinburgh, Cambridge, Milton Keynes, Preston, Wakefield, Watford and Wrexham.