SELLING A PROPERTY
When do I instruct a solicitor?
The sooner the better because if all initial paperwork is completed as soon as the property is marketed it will mean that contracts can be sent to the buyer’s solicitors as soon as a sale is agreed.
What documents and information will Hatchers need from me?
If you have any of the following these will be required:
- Deeds or copy title documentation
- Planning Permissions/Building Regulations for any alterations carried out at the property during or before your ownership
- Guarantees for any windows, damp course or other works done to the property.
- If you have had new windows installed after 1 April 2002 you should have received a FENSA certificate to confirm that the windows and doors were installed with the adequate building regulation approval.
- If your property was recently built then you should have an NHBC or Zurich Guarantee certificate.
- If you have had the central heating serviced please let us have a copy of the paperwork for the latest service which has been carried out.
- Mortgage lender’s name and account number if you have a mortgage.
What is the process of selling?
This document contains a useful diagram of the buying and selling process.
Can I change my mind about the fixtures & fittings to be left at the property?
If you change your mind on any of the items that you have stated will be left you must contact us before contracts are exchanged. The completed fixtures and fittings form becomes part of the contract and so once contracts are exchanged it cannot be amended unless the Buyer agrees.
When do I receive the deposit paid on exchange of contracts?
The deposit paid on exchange of contracts does not become payable to you until completion. The deposit is either transferred to our client account (where it will be held on your behalf until completion) or (if there is a short time between exchange of contracts and completion) the buyer’s solicitors may retain this in their client account pending completion.
What needs to remain at and be removed from the property on completion?
Any items mentioned in the estate agent’s particulars needs to be left at the property and any items marked as included on the fixtures & fittings list (which you will have filled in) need to be left at the property when you move out.
You should remove any items which you have not included in the sale on the fixtures & fittings list and also any rubbish at the property. This includes any garden rubbish and items in any sheds, garages or other outbuildings and all items in the loft of the property.
What happens if I have a mortgage or other loans which are secured against the property?
If you have a mortgage or loan which is secured against the property these will have to be repaid on completion of your sale. We will obtain redemption statements from the Lender and if necessary Loan Company.
What is a redemption statement?
This is the settlement figure received from your mortgage lender(s) and shows the balance outstanding. We obtain an initial figure at the start of your sale and will forward you a copy of this for approval. Please note however that should you not agree with the figure provided you will have to take this up with your lender directly. You should let us know if you dispute the figure and your lender agrees it is incorrect. We will then obtain another statement once the completion date is known.
When do I cancel my mortgage payments?
Your mortgage with your existing lender will be required to be paid right up to the agreed completion date. PLEASE DO NOT CANCEL YOUR MORTGAGE PAYMENTS UNTIL WE HAVE CONFIRMED THIS TO YOU.
When do I cancel my insurance payments?
Your insurance will be required to be paid right up to the agreed completion date so please do not cancel until this date.
What happens on the day of completion?
You will need to hand the keys into the estate agent, who will not release these to the buyer until we have received the sale money into our account from the buyer’s solicitors. Under the contract you usually have until 1pm to move out of the property. Alternatively, you can arrange to hand your keys directly to your buyer on completion but this should not be done until we have received the money. PLEASE DO NOT HAND OVER ANY KEYS DIRECT TO YOUR PURCHASER UNTIL YOU HAVE HEARD FROM US THAT ALL THE MONIES HAVE BEEN RECEIVED.
What happens after completion?
Once completion has taken place, we will forward any outstanding monies due to you by cheque. We can also transfer money electronically straight into your account so that the funds are cleared when they arrive but there will be an extra charge of £25 plus VAT for this. You will need to let us know how you want the money paid to you and, if necessary, provide us with your bank details. We will also pay your estate agent’s bill and repay your mortgage.
Anything else I need to do on completion?
More information on Completion
My property has a tenant in it do I need to do anything?
If the property you are selling is rented out, the tenants will need to move out before completion of the sale can take place unless you have agreed with your buyer that it will be sold subject to the existing tenancy. It is unlikely that the buyer’s solicitor will agree to exchange contracts, and so make the sale legally binding, until the property is empty. Under the tenancy agreement you have with the tenant there will be a specified period of notice which must be given by you to the tenant to bring the tenancy to an end. This is usually two months but may be longer. It is up to you whether you serve the notice on the tenant before a buyer is found (and risk the property being empty for some time until a sale completes) or wait until you have found a buyer (and risk delaying completion of the sale as you wait for the tenant to move out).
What if I am moving to a rented property on completion of the sale?
If you are intending to move into rented accommodation on completion of your sale we would recommend that you do not sign any tenancy agreement until exchange of contracts has taken place on your sale and a completion date is fixed. This will ensure that you are not paying for both rent and mortgage payments on your sale property.
