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How Do I Prepare My Home For Sale?
First impressions count and a potential buyer
will form an opinion as soon as they see your property. Taking a look at your neighbours’ homes and the best-kept homes in the nearby area will give you some ideas of what you can do to your property to add kerb appeal. Don’t forget we can always recommend tradesman to help with this.
When Does It All Become Legally Binding?
When you accept an offer, you do still have the ability to change your mind, however, please remember that this can be very upsetting for the buyer, especially if they have already paid for the survey and searches to be done on your property.
You may also have accrued costs yourself. Upon exchange of contracts, you are at this point legally bound to the transaction. In the event
of any party pulling out of the transaction, this will result in a loss of deposit.
What Happens At Exchange?
When you agree and exchange contracts, both you as the seller and the buyer of the property are now legally committed to the transaction. If the buyer pulls out they will forfeit their deposit.
If you decide to pull out of the transaction after exchanging contracts the buyer’s deposit will be returned to them and you might be sued. During the exchange of contracts you will agree with the buyer the completion date. You will need to vacate the property on this date. Completion usually happens 7-28 days after you have ex- changed contracts, but if both parties agree, completion can happen at the same time as the exchange.
What Happens At Completion?
When the transaction completes the ownership of the property changes from you to the buyer. The money is transferred via solicitors/conveyancers. Your solicitor/ conveyancer will confirm when the funds have entered their bank account, register the transfer of ownership with the Land Registry and pay off the redemption figure provided from your mortgage company (if you have one).If you are buying a property at the same time, your conveyancer will pay the stamp duty on the new property and present the bill for their fees and disbursements for both transactions (if applicable) and they will advise the estate agent to release the keys to the new owners. You must have vacated the property by the handover of keys.
To see our Sellers Guide in full, please visit our website lovelle.co.uk
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