Buying a house can be a complicated business. Selling a property can be equally stressful and confusing. Whether it’s a private sale or you are using an estate agent, you need a good solicitor to make the process as straightforward as possible. They will guide you every step of the way and ensure that all of your legal obligations are fulfilled. From mortgage obligations to searches and buyer enquiries there are many hurdles to clear before completion. Your solicitor will help you get your house sold quickly and efficiently.
Here, we go through the stages of selling a house and what you need to know:
Selling your home
When you’re selling a property, there are a lot of legal boxes to tick and important decisions you need to make. You need to make sure that that all your legal obligations, especially concerning your mortgage, are met. Searches and buyer enquiries can reveal problems that need to be overcome before completion.
- You can sell your home by private treaty or by auction. Which method you choose will depend on factors such as the type of house, the state of the property market, and the area. Notify your solicitor so that they can prepare the title documents and the contract for sale.
- If there is a mortgage on your home, you will need to authorise the solicitor to take up the title deeds from the lending institution to prepare the contract for sale.
- The solicitor will ensure that the planning documentation is in order.
- If you are selling your family home, the consent of both spouses is required.
- The contract process begins when your solicitor sends contracts and a copy of the title deed to the property to the purchaser’s solicitor for signing. Once the purchaser has signed the contract and paid a deposit, the contract is returned to your solicitor for you to sign the contract in duplicate. One part is then returned to the buyer’s solicitor, who will raise requisitions on the title for response by your solicitor. Your solicitor will prepare the documents for closing and obtain redemption figures for any mortgage from the lending institution.
- You will sign the closing documents and declaration, if necessary. On closing, your solicitor will meet the buyers and exchange the keys of the property for the purchase money.
Managing the transfer and sale of property after a person's death involves:
- Grant of Probate (required to sell the property)
- Deed of Assent (required to transfer the property)
Probate conveyancing is not the same as conventional conveyancing. Many people do not know that they need a Grant of Probate to sell the deceased's property. There may also be disputes over the will that need to be resolved, as well as outstanding debts that the sale is intended to cover. It can be a complicated process, so you need the right legal advice to guide you through it.