Selling a property can appear straightforward, but the numerous steps involved can present complexities, especially if the property is old or has extensive covenants on the title. Therefore, it is crucial to engage an experienced Conveyancing Solicitor who has the expertise and tools to identify potential issues and ensure your sale proceeds smoothly.

To help clarify the process, below is a step-by-step guide to selling a residential property.

Stage 1

1. An offer is accepted through an Estate Agent (or privately) from the Buyer for the property.
2. Both parties instruct their Solicitors.
3. The Estate Agents (or the parties if private) send a Memorandum of Sale to all parties involved, confirming the agreed price and details of the Buyer, Seller, and their respective Solicitors.
4. The Seller’s Solicitor applies for a copy of the Deeds, including the lease if the property is leasehold, from the Land Registry and requests additional information from the Seller, such as landlord details and rent/service charge payments.
5. Both Solicitors write to each other to confirm their instructions.

Stage 2

1. Once the Seller’s Solicitors receive the copy Deeds from the Land Registry and completed information forms from the Seller, they send the Contract package to the Buyer’s Solicitors.

Stage 3

1. The Buyer’s Solicitors review the Contract package.
2. The Buyer’s Solicitors submit local searches and any other required searches, such as a coal mining or environmental search.
3. The Buyer’s Solicitors may request additional information about the property, its legal title, or the surrounding area from the Seller’s Solicitors.
4. The Seller’s Solicitor addresses any legal enquiries they can answer but may need to forward some queries to the Seller.
5. If the property is leasehold, additional information may be required from the landlord or management company.

Stage 4

1. The Buyer’s Solicitors review replies to their enquiries and may raise further queries with the Seller’s Solicitors.
2. Once satisfied with the replies to all enquiries, the Buyer’s Solicitors arrange for the Buyer to sign the Contract and request a deposit (if applicable) from the Buyer. The Seller’s Solicitor will arrange for the Seller to sign the Contract at the appropriate stage.
3. When the Buyer’s Solicitors receive the signed Contract, mortgage offer, local search results, replies to all enquiries, and deposit funds, they are ready to exchange contracts.

Stage 5

1. The Buyer’s Solicitor contacts the Seller’s Solicitor to confirm they are ready to exchange contracts and propose a completion date.
2. The Seller’s Solicitor checks the proposed completion date with the Seller. If not agreed, they negotiate a mutually acceptable date with the Buyer’s Solicitor (or via the estate agents).
3. Once a completion date is agreed, the Buyer’s and Seller’s Solicitors exchange contracts.
4. Both parties are now legally bound to buy and sell the property for the agreed price on the agreed completion date.

Stage 6 – The Completion Date

1. On the completion date, the Buyer’s Solicitor transfers the purchase funds to the Seller’s Solicitor by same-day money transfer.
2. Upon receipt of the funds, the Seller’s Solicitor authorises the release of the keys to the Buyer, either through the estate agents or directly from the Seller.
3. The Seller’s Solicitor then pays off any existing mortgages on the property, the estate agent fees, and the net proceeds of the sale to the Seller.
4. The residential conveyancing process is then complete.

Cocks Lloyd Solicitors provides exceptional The Residential Sales Process and Residential Conveyancing services to clients. People choose and recommend us not just in Nuneaton, Tamworth, Atherstone, Hinckley and Leicester, but across Warwickshire, Staffordshire, Leicestershire and the West Midlands, and the whole of the UK, because we get results.

To receive expert advice and representation regarding The Residential Sales Process and Residential Conveyancing, please contact us using the form below, call us on (0247) 6641642, email via the Request a Callback form on this contact page.