I want to sell – What next?
Please can you tell me about the sale process?
Once you have agreed the sale of your property you should notify your estate agent of that AMS solicitors are acting on your behalf. AMS will then receive the details of the sale price, parties involved and purchasers’ solicitor from the agent. Alternatively, you can provide the instructions direct to AMS Solicitors.
At the start, AMS Solicitors will send you a client care letter confirming the terms of our instruction and the legal costs and disbursements.
You will have to fill in a Property Information Form and a Fixtures and Fittings Form. These are passed to the buyer and provide them with details on boundaries, alterations etc and also what will be included in the sale. You should provide any guarantees, consents for planning or alterations, reports or notices in respect of the property.
AMS Solicitors will obtain your title deeds and an up-to-date copy of your deeds (known as official copy entries) and then draft the Contract for Sale. The contract, information forms and supporting documentation is sent to the buyers’ solicitor, who then carry out their searches and may raise additional enquiries. This process takes about 4-6 weeks.
Once the buyer is happy to proceed you should sign the copy of the contract retained by AMS Solicitors. The buyer should sign their copy. These contracts are then formally exchanged between solicitors legally binding both parties to complete on the day that is agreed. The buyers’ solicitor will send a deposit on exchange.
Either shortly prior to, or between exchange and completion, you will be asked to sign the Transfer Deed (TR1), which is the document that formally transfers the property. We will also prepare a completion statement. This details all the financial transactions that will be carried out on your behalf on completion including the repayment of any mortgage, your estate agents fees and the deduction of your legal costs and disbursements.
On the completion day AMS Solicitors will receive the sale proceeds telegraphically through the bank system from the buyers’ solicitor. Once we receive the money the buyer is the legal owner and you should release the keys to them via the estate agents or directly.
The title deeds and your signed Transfer Deed will be sent to the buyers’ solicitor. Your mortgage will be repaid, legal fees deducted and any other payments will be made. The balance will then either be transferred to your purchase or paid to you.
AMS Solicitors – Local Staff, Local Knowledge for Local People.
Nick Thompson, Solicitor, is Head of Residential Conveyancing at AMS Solicitors, 1B Fairways Office Park, Pittman Way, Fulwood, Preston, PR2 9LF
Telephone 01772 653333 for further information.