Your house is on the market and you’re open for viewings, when suddenly you’ve got interest. You’ve got a buyer. What do you do next?
Here’s a brief guide.
Firstly, you’ll need a solicitor. They will deal with the transfer of the ownership of your property in a legal process called conveyancing. The solicitor will only get involved when you have accepted an offer on your home. Often your estate agent will use a preferred conveyancer who might offer you a discounted rate. If you can, use the same solicitor when you’re buying and selling. It’s cheaper.
When you receive that offer, negotiate. Naturally, buyers will ask for a lower price than they have budgeted for. Consult your estate agent and renegotiate if necessary.
Now you’ve accepted an offer, you and the buyer will agree on the length of time allowed between exchange and completion. You will also discuss what fixtures and fittings will be included in the sale and any discounts that might be added if the buyer’s mortgage provider finds anything problematic in its survey that will need to be fixed before the buyer moves in.
Remember, the buyer may choose to walk away from the deal if you refuse the deduction. Neither party is committed legally until exchange.
Your buyer’s lawyer will now ask you to complete a questionnaire answering questions on the boundaries of the property, what fixtures and fittings are included in the sale, and whether you’ve had any disputes with, or complaints from the neighbours.
Once you’ve negotiated the terms of the contract, that’s it. The final contract will be finalised and ‘exchanged’. Any backing out at this stage and you will have to return the buyer’s deposit or the buyer will forfeit theirs should they pull out.
You have as long as was agreed to vacate the property.
Completion is when the property officially changes ownership. You will accept payment and hand over the keys. The bulk of the money and the deed will be transferred by each party’s respective solicitors and your solicitor will register the transfer of ownership with the land registry.
A redemption fee will need to be paid to your mortgage provider and once the solicitor receives payment from the buyer, your existing mortgage paid off. The solicitor will be paid at this stage too.
If you’re looking to move on and within the local area, come and talk with us about houses for sale in Swindon and don’t hesitate to ask if you need any more advice.