I’ve accepted an offer on my house – what’s the next step?
You need to instruct a trusted solicitor who will deal with the legalities of the sale of the property. You will need to give your solicitors details to the selling agent so that the agent can produce a memorandum of sale which provides information relating to the conditions of sale and who the parties are to the transaction, and who their solicitor is.
You will need to complete protocol forms (which your solicitor will give to you), providing information about your property. These forms will form part of the contract pack when your solicitor issues the draft contract to the buyer’s solicitor.
What happens if unexpected issues arise on the searches?
Your solicitor will provide you with the relevant advice to ensure that any issues are dealt with accordingly. There may be specific indemnity insurance policies which could be obtained and put on risk to resolve such issues.
What are the costs I am likely to incur?
Legal fees depend on the value of the property and the type of transaction e.g freehold, leasehold, unregistered land.
Costs of indemnity policies vary depending on the type of policy that is required and also the value of the property is taken into consideration. It will be a one-off fee payable on completion of the sale.
What other complications could arise when I’m selling?
- If there is a chain and one of the parties decides to pull out of their transaction, this could cause time delays
- Your buyer is unable to obtain a mortgage, causing time delays
- Your buyer’s surveyor’s report reveals faults in the property which require repair work
How will my solicitor help me in the sale process?
Your solicitor will guide you through the transaction from beginning to end, providing you with updates to ensure that you are kept fully up to date throughout.
Your solicitor will liaise with your selling agent to ensure that the transaction proceeds as smoothly as possible.
Content by Charlene Boyaram written for The Law Society’s #SolicitorChat on First-Time Sellers. For more information on any of the points covered, please contact Charlene.