Moving
House - What Happens?
This guide contains some useful information on the procedures and implications of selling so please read it thoroughly.
Deeds
In order to begin, I will need to obtain your deeds. If you have a mortgage these will be with your lender. Please make sure that you let me have straight away the mortgage account number. Without this I cannot start the legal paperwork.
Estate Agent
It will save time if you let them know I am acting as early as possible.
Mortgage
If you have more than one mortgage or any loans secured on the house you are selling you must give me full details straight away.
If your loans exceed the sale price please inform me.
The Mechanics
You will be receiving with this leaflet two forms:
* Seller's Property Information Form
* Fixtures Fittings and Contents List
Fill these in taking great care. Please read the warning on the first page of the Seller's Property Information Form. We are always happy to help you fill these forms in if you get into difficulties. Please return them to me straight away with your letter of engagement.
Please ensure you make a note of the items that are included in the sale price. All other items, not required by the buyers, must be removed before completion.
Stages of Sale
There are two stages:
Stage One "Exchange of Contracts" this is the point when you are legally committed to sell the property. You will be able to rely on your completion date (moving date), at this time, but not before.
Stage Two "Completion" this is the day when the property must be vacated by you, and the day the buyer moves in.
The Contract
This will need signing by you before exchange of contracts. Any other adults residing in the property may also need to sign. Please let me know if there are any occupants as soon as possible.
If you are going away for any length of time I will also need to be informed and if necessary, prepare a power of attorney. In any event please let me know any contact numbers whilst you are away.
Tenanted Properties
If you have let out your property I must be told at the outset and will need a copy of any current tenancy agreements. It is unwise to commit yourself to exchange of contracts until the property is empty.
Capital Gains Tax
Remember there may be capital gains tax implications when selling a house which is not your main residence or which has in the past been let out. In those circumstances please let me know so that I may arrange a meeting with our Tax Partner Louis Browne.
Extensions and Alterations
If you have altered or extended the house you are selling please let me have all the necessary planning permissions and building regulation approvals. Particularly note the removal of an internal wall, if it were load bearing, does require building regulation approval. This can be obtained retrospectively but we need to know at an early stage.
Deposit
Your buyer will be asked to produce a deposit part payment of the sale price at exchange of contracts. The amount varies depending upon the amount of mortgage your buyer needs. It is usually between 5% and 10% of the sale price. Please note the standard contracts state that you will not be able to have use of this money until completion.
Leasehold
If the property you are selling is leasehold you should complete the other
form sent with this leaflet called Seller's Leasehold Information Form.
Please note I will need:
* A receipt for ground rent payment
* A receipt for service charge payment
* A copy of the up to date buildings insurance schedule
* The name and address of the collector of ground rent and service charge
Completion Date
This is the day when you must move out of the property. The date is set by agreement between all parties. Generally speaking there are two weeks between exchange of contracts and completion, but this does vary. Completion can only take place on a week day ie Monday - Friday. Completion cannot take place at weekends or bank holidays, since the banks are not open then (and neither are we!). In the gap between exchange of contracts and completion I will approve the buyer's solicitors deeds, obtain a final statement on your mortgage, obtain the estate agents' account, do my bill and send you a statement. You will need to sign a deed called a Transfer in this gap. I will tell you when this is ready for signature.
UNTIL I CONFIRM TO YOU THAT ALL MATTERS IN STAGE ONE HAVE BEEN DEALT WITH DO NOT DISCUSS OR AGREE ANY DATES TO MOVE. PREMATURE DISCUSSION OF DATES CAN CAUSE ANXIETY AND MISUNDERSTANDINGS AS THE LEGAL PAPERWORK MAY NOT BE READY TO FIT IN WITH ANY DATES YOU HAVE DISCUSSED.
IT IS IMPORTANT THAT YOU NOTE THAT IS NOT UNTIL YOU HAVE EXCHANGED CONTRACTS THAT YOUR COMPLETION DATE IS FIXED. YOU ARE ADVISED THEREFORE NOT TO MAKE ANY ARRANGEMENTS SUCH AS BOOKING REMOVAL VANS, HANDING IN NOTICES ETC BEFORE EXCHANGE OF CONTRACTS.
From the Sale Proceeds
I shall deduct any mortgage, estate agents' fees and our costs. Any balance will be paid to you. If you have any specific requirements where, or how the money is to be sent please let me know.
Insurance
Although the buyer is responsible for buildings insurance from exchange of contracts it is my advice not to cancel your insurance until completion.
Wills
Now is a very good time to consider making a Will if you do not already have one. You will to come into the office to sign the contract anyway so why not make a back to back appointment with Louis Browne and kill two birds with one stone! You will find our fees very competitive and we offer special rates for conveyancing clients.
AND finally, remember I am here to help you and should always keep you well informed. If at any time you feel you are not receiving a quality service please let me know immediately.