We recommend appointing a solicitor or conveyancer as soon as you want to market your property. We also suggest you complete a “Fixtures, Fittings and Contents” declaration and a Sellers Property Information Form” (available upon request) and lodge these with your Hip provider/ conveyancer or Estate Agent as they are very useful documents which can speed up your sale once a buyer is found.
STEP 1
Seller commissions an Energy Performance Certificate (EPC) with provider or estate agent.
STEP 2
Domestic Energy Assessor (DEA) inspects property and submits an Energy Performance Certificate (EPC).
STEP 3
Marketing may commence as soon as a EPC has been commissioned.
STEP 4
The EPC graph showing the energy ratings are available to all buyers.
STEP 5
Terms are agreed between the seller and the buyer (usually via an estate agent), and the seller and buyer instruct their conveyancers..
STEP 6
The Contract of Sale is prepared by the seller’s conveyancer and either approved by the buyer’s conveyancer, or any queries raised.
STEP 7
The buyer’s conveyancer checks the mortgage offer and the readiness of any dependent sale to proceed.
STEP 8
Contracts are signed and exchanged, at which time a completion date is fixed.
STEP 9
The Transfer Deed/Document is prepared by the buyer’s conveyancer and approved by the seller’s conveyancer. It is then signed in readiness for the completion date.
STEP 10
The buyer’s conveyancer obtains the funds for the purchase from the buyer/buyer’s sale (if any) and the lender (if there is a mortgage).
STEP 11
On the completion date the buyer’s conveyancer send the funds to the seller’s conveyancer and when this is received by the seller’s conveyancer the purchase is completed and the buyer can take occupation.
STEP 12
The buyer’s conveyancer pays any Stamp Duty and registers the buyer as the new owner of the property at Land Registry.
The time it takes to progress through the system depends on several factors, most of which depend on planning in advance. You can choose not to be the weakest link in the chain by ensuring that you choose a proactive solicitor, and then liaise with him/her early in the process.
We recommend that you discuss your maximum borrowing capability with your lender prior to finding a property to buy. We can put you in touch with our mortgage advisors at Mortgage Choice Direct Services. See our mortgage page for more info.
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